Citigroup and the National Question
Default author
March 22, 2009, 07:35 PM
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In the past we`ve noted at, Citigroup has a tendency to make extensive use of foreign labor. Citigroup is also traditionally an enormously politically active organization. In 2008, Citigroup employees made $3.5 Million in federal campaign donations. I looked up the Americans For Better Immigration voting records for the top recipients(those that got more than $10,000) and did a weighted average. Their GPA was 1.19—or a D+. This was mostly driven I think by a cluster of Republican immigration patriots like Chambliss that got substantial money from Citigroup employees.

Four banks have about 40% of all deposits in the US. They all make extensive use of H-1b labor. These banks are all largely creatures of bank regulations-and I would suggest that reader may want to see bank regulation as one tool to defend themselves.

For example, It would be perfectly reasonable for overseas accounts in US banks to be regulated like domestic ones-since Citigroup is expecting the equivalent of FDIC protection in hard times. It might also be appropriate to expand FDIC protections in smaller banks so they could better compete with the larger banks-and I suspect smaller banks don`t have quite the immigration bias we see among Citigroup employees.

As we move forward with handling the mess in the banking system, I think we should be open to dismantling entities like Citigroup-and making sure no such monstrosity ever arises again.