Big Banks Use YOUR Tax Money to Lobby Against You

Not too long ago I was harping week after week about Bank of America screwing you over in every possible way and urging my readers to switch to more reasonable, responsible banks. I think I was harping on it a bit too much and I promised I'd lay off the banks for awhile. But I just can't do it. These guys are just too awful for words. I think one of the worst is that these bozos didn't even pay their FDIC premiums (that's the money that protects them AND YOU from economic disaster) for ten years. A whole decade of irresponsibility while they were raking in the profits from predatory loans.

So, you can go back and read what I wrote about Bank of America in particular here. And you can read about them not paying their FDIC insurance premiums on Daily Kos. But let me add this that came from the Working Assets focusing more on Citibank:

FW: Citigroup used your taxes to lobby for Wal-Mart.

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David Michaelson
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------ Forwarded Message
From: "Kate Stayman-London, CREDO Action"
Date: Fri, 13 Mar 2009 10:40:53 -0500
To: David Michaelson
Subject: Citigroup used your taxes to lobby for Wal-Mart.



Banks like Citigroup are spending your tax dollars to lobby for Wal-Mart.

Not one more dime.

The middle class is in crisis. We can't have banks spending our tax dollars to suppress wages and benefits for American families.

Last fall, Congress authorized a massive bailout for the financial industry — $750 billion to be distributed without restrictions on how it could be spent. Congress ignored pleas from CREDO activists like you to impose some guidelines, any guidelines. And now we're paying the price.

This week the Huffington Post reports Citigroup spent some of its $50 billion in bailout money to organize big corporations to defeat the Employee Free Choice Act — a bill that would make it easier for workers to form unions and bargain for better wages and benefits. Citigroup is actively working to scare politicians and the public into thinking what's best for Wal-Mart is best for America.

We know that's not true. And fortunately, there are two people in our government who might be able to help: Neil M. Barofsky, who is the Special Inspector General for the Troubled Assets Relief Program (TARP), and Elizabeth Warren, who is the Chair of the Congressional Oversight Panel to review TARP. Barofsky and Warren are both smart, level-headed leaders, and we believe that they will do the right thing if we ask them to.

Click here to tell Barofsky and Warren to order banks like Citigroup and Bank of America to stop spending our tax dollars to lobby for big business at the expense of hardworking American families. If they don't stop, they should not receive another dime of TARP money.

Thank you for working to build a better world.

I should note that even Working Assets does their credit card through Bank of America. They originally were independent, but then issued their credit card through B of A. I have to admit that I have now stopped using my Working Assets credit card for that reason even though Working Assets itself is great (I still use them for my long distance service).

Remember, Citibank and Bank of America, along with AIG, have really been the worst offenders. Predatory lending which hurt the working and middle class...and led to the economic collapse. Then they begged for a bailout from us, the very people they hurt. THEN they used bailout money for Superbowl parties and for lobbying Congress AGAINST the interests of middle class and working class taxpayers. The layers of awfulness keep building up.

There is no reason for you to be their customer. They screw you as a customer. They screw you as a taxpayer. And they use YOUR tax money to lobby against you...when they aren't partying it up on your money. Do not patronize Citibank, Bank of America or AIG.