Citibank Bailout: An Open Letter to the Government and Citibank
Dear Citibank,
I've been a customer of yours for over ten years now. I have a credit card with you all - at exorbitantly high interest rates, I might add - that I have paid my bills on time each month, even when times were tight. Well, I used to have one, but we'll get to that.
I've been paying down a balance I accumulated from Christmas shopping, nights out with the family, trips and vacations. I've built up balances and I've paid down balances. I've used my card responsibly; never built up a balance I couldn't pay off. Didn't buy anything I couldn't afford and am generally a good customer with your company.
Now I hear that the government will be bailing you out because of your poor financial decisions. That your executives didn't factor in certain risks when investing their money. And now you go asking government for money. What would happen if I did this? What would happen if i called up Citi and said, "I didn't spend my money wisely this month. Would it be okay if I didn't pay my bills for a while; till i had the cash?" Would that receive a positive response from you or not? Just asking.
Also, I make enough money so that I owe income taxes every April. Enclosed, please find a copy of my tax return for 2007 as proof of this. Because I paid taxes to the federal government; part of that money will now be going to you, as I understand it.
So, in addition to paying my credit card bills, I will also be paying the credit card bills for other customers of yours. Does that seem fair? Did I eat their meals? Did I wear their clothes? Did I go on their vacation? You can see how I might be a little upset about this.
So, Citi has already received $25 billion from the feds already. My portion of this, assuming there are 150 million Americans paying taxes is approximately $160. We know there aren't 150 million tax paying Americans. Half of Americans do not pay income taxes at all. So, really, my share is closer to $300.
So, in return for your bailout, please deduct $300 from my current credit card balance to repay me for the loss I am incurring because of your poor management skills. Also find enclosed a cut-up credit card that I will be of use, I like to deal with companies who are at least as fiscally responsible as I am - If I had known I'd have the honor of giving you money without using your service, I would have never applied for a card in the first place.
Thanks for your attention,
Former Customer.
November 24th, 2008 - 03:49
It may not be a popular view, but I stand by it: If these jerks ran their firms into the dirt, we should hand them shovels to dig their graves, not cash.
November 24th, 2008 - 22:31
my initial thought upon hearing about Citibank’s potential bankrupcy was, Yipee! this will cancel out the small fortune’s worth of debt I have stored up on my trusty Citi-card… right?
November 26th, 2008 - 17:27
I might borrow this letter, send it off to Citi with my next payment. I called them to ask them to drop my interest rate…got nowhere. I can’t describe the depth of my anger that these yahoos can do what they did and walk…if I declare bankruptcy to escape my debt, I’m toast for the next seven years.
Screw them and the horse they rode in on.
January 20th, 2009 - 23:26
Citibank jacking up credit card interest rates! I received a blanket notice (not just my account) that my Home Depot Mastercard will go from 12% to 19%
I pay on time. I can close my account and freeze the current rate. How nice of them!
Maybe something will be done with a new administration.
January 27th, 2009 - 02:44
If you go to the Citibank website, you can pull up a list of the Directors. They were just reported to purchase a private jet from France with the bailout money that our Congress gave them—-a 12-seater, as I recall. It was so easy to locate the names of these individuals on their website. While these fine felows are joy riding in their new toy, many Americans are losing their homes. I am sure that many other corporations who abuse their bailout funds also post the names of their executives on their websites. Perhaps it is time to stop talking about “corporations” and start naming names along with specific deeds. “Pin the tail on the donkey” is an old game, but it does serve a valuable purpose.
April 3rd, 2009 - 09:39
I let my fiancee charge a business expense on my accout which was defaulted for he quite paying on it. He was offered a one time payoff with the deferred amount I would receive a 1099C form.I received the 1099 in Jan. for the full amount which is not correct and have been trying since Jan to get a corrected 1099. Does citibank do this to try and show that they have lost more than is accurate? The differece on my account shows they wrote off a bad debt of almost $7,000.00 instead of $2,600.00. Makes your debt look to your advantage in this bailout which you have falsified. I make at least three calls a week and on the phone at least 2-3 hours each time. I am forwarding this to our states goverment office which is against this bailout. You should be more honest.
May 3rd, 2009 - 19:42
I just called Citibank and was connected to guess where?? India! Shocker there. Well, I really don’t like that their bailout money (ie our taxes) are going to pay saleries in another country. I am cancelling my account with them this week. If anyone knows a country that keeps the jobs in the USA I would love to hear which ones!
May 6th, 2009 - 10:50
Citibank got a bailout, and still has
increased the interest rates on my credit
card to 29%. It’s a closed acct. and I
have paid extra most (not lately though)
months; now I can barely pay the high
monthly payment. I think it’s a White
Collar Crime, and it should be stopped.
We the taxpayers got screwed coming and
going with this bailout crap! I wish I
could stop paying them, as they don’t need my money….