It is time Wall Street is held accountable, same as they demand from their account holders. The recently released report of the Financial Crisis Inquiry Commission demonstrates that Citigroup attempted to offset their multi-billion dollar losses through such practices like increasing interest rates, while attempting to hide the losses in a scheme, in the FCIC’s own words, “to manipulate its financial statements.” If they were consciously willing to do that unchecked, what else were they willing to do? No doubt, they began raising interest rates and fees in their Citibank credit card division to cover losses of the parent company.
In spite of this, Citibank continues to strong-arm account holders into egregious terms and rates in the face of legislation to curb such practices. By finding in favor of them in any legitimately disputed lawsuit – 1,757 lawsuits filed in St. Louis County alone over the last two years, a 400% increase from the previous nine-year period – courts reinforce the corporate greed and policies that continue to plague the American economy. Instead, they should be, and need, to protect the consumer rights of hardworking American taxpayers who bailed-out corporations, like Citigroup and Bank of America, and still feel the burden.
©2011 Steve Sagarra