Vikram Pandit

Citigroup’s Eric Eve Resigns From ACORN Advisory Committee

Submitted by Peter Flaherty on Tue, 11/03/2009 - 10:01

Citi logoCitigroup has advised NLPC that Senior Vice President Eric Eve has resigned for ACORN’s Advisory Committee. In a September 28 letter to Citigroup CEO Vikram Pandit, I asked that the bank sever its relationship with ACORN, including Eve’s membership on the Committee.

In an October 29 reply, Citigroup also stated that it has “suspended our charitable financial support and program relationship with ACORN, and we are awaiting the results of the independent audit of ACORN activities now underway.”

This is ominous, and certainly leaves open the possibility of continued Citigroup support for ACORN. The “independent audit” is no such thing. It is an investigation of ACORN by itself, under the direction of ACORN ally Scott Harshbarger.

Taxpayer-Owned Citigroup Still Bankrolling ACORN

Submitted by Peter Flaherty on Sun, 09/27/2009 - 18:59

Citigroup logoNow that taxpayers are Citigroup’s biggest shareholder, owning 36% of common stock, it is time for the company and its foundation to end its relationship with ACORN and its affiliates.

Citigroup has received $45 billion in taxpayer TARP funds. In addition, taxpayers are on the hook for the lion’s share of losses on the company’s $335 billion loan portfolio.

According to the 2008 annual tax return of the Citi Foundation, it provided the ACORN Institute, Inc. with grants of $500,000 for each of the years 2006, 2007 and 2008, for a total of $1.5 million.

Citigroup Proxy Lauds Robert Rubin; No Gratitude to Taxpayers

Submitted by Peter Flaherty on Wed, 04/08/2009 - 09:29

Rubin photoOn the first page of Citigroup’s just-issued 139-page proxy statement, Chairman Richard Parsons writes,

The Board would also like to recognize our retiring directors, Sir Win Bischoff, Kenneth Derr, Roberto Hernandez, Robert Rubin, and Franklin Thomas for their many contributions to Citi. The collective wisdom and insight of these directors have been an invaluable source of strength for Citi.

Oh, really? I guess there was no reason for taxpayers to pour $45 billion into the company and prevent a meltdown of the entire financial system. You’d certainly get that impression from the proxy. Nowhere in this thick document is a word of thanks for taxpayers.

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