TONIGHT! CitiGroup — Unrelenting Concealment and UN Accountability

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Citi companies, as Elizabeth Warren has pointed out a number of times, deserves to be broken up into little tiny inconsequential pieces. The presence of the name “CitiMortgage”) without any entity directly tied to it, has led to direct malfeasance and corruption even in Florida courts. “CitiMortgage” is named by foreclosure mill attorneys as the “Plaintiff.” And Citi subsidiaries pass around the mortgage as though it was a plate of hors d’oeuvres. As one perceptive reader just pointed out to me, “Do you really think that those companies each paid for the debt every time there was a paper transfer?” No I don’t. And the skulduggery perpetrated by Citi that I have personally witnessed is maddening — especially in counties that are corrupt.

Here is some of what I will be talking about this evening on the radio show:

Amongst all of the reported names associated with Citi, one name that travels under the banner of the Citi logo does not appear — CitiMortgage. I invite anyone to update me with me information. The oddity here is that “CitiMortgage” is the name asserted by lawyers (foreclosure mills) in Florida and elsewhere as the Plaintiff.
Citibank is the consumer division of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, later First National City Bank of New York. The United States is the largest single market with approximately 26% of branches, generating 51% of revenues. Citibank’s 983 North American branches are concentrated in major metropolitan areas including New York CityChicagoLos AngelesSan FranciscoWashington, D.C., and Miami. Latin America markets make up 25% of revenues, Asia 20%, and Europe / Middle East / Africa 4%.[1]
In addition to standard banking transactions, Citibank markets insurance, credit cards, and investment products. Their online services division is among the most successful in the field,[2] claiming about 15 million users.
As a result of the global financial crisis of 2008–2009 and huge losses in the value of its subprime mortgage assets, Citibank was bailed out by aid from the U.S. government. On November 23, 2008, in addition to initial aid of $25 billion, a further $25 billion was invested in the corporation together with guarantees for risky assets amounting to $306 billion.[3] Since this time, Citibank has repaid its government loans in full,[4] resulting in a net profit for the U.S. government.
{If they really lost so much money how  did they pay all that back so soon? My opinion is that the claimed losses by the largest banks (Citi, Chase, Wells, and BofA) were overstated in order to divert attention from the fact that they had converted the wealth of investors to their pockets and had suffered no real losses.}
According to the Citigroup website, until October 2006, Citibank ran the following subsidiaries:
  • Citibank, N.A.(National Association) – The “original” Citibank, primarily doing business in New York State and the tri-state New York metropolitan area. Also the parent company of the other subsidiaries.[27]
  • Citibank Canada – One of Canada’s longest-serving foreign banks, currently with 3,400 employees from coast to coast.
  • Citibank Texas, N.A. – The former First American bank.[27]
  • Citibank (West), F.S.B. – The former Citicorp Savings (a savings and loan operating in California), as well as the former California Federal Bank and Golden State Bank.[27]
  • Citibank, F.S.B. – The primary Citibank subsidiary serving all other states, based in Chicago.[27]
  • Citibank Banamex USA – Formally California Commerce Bank, Banamex’s U.S. banking division.
  • Citibank (South Dakota), N.A. – A credit card and lending-only bank based in Sioux Falls, South Dakota, including the former Associates National Bank.
  • Universal Financial Corp. – A credit card bank, purchased in 1997, that manages the AT&T Universal Card.
On October 1, 2006, a massive re-structuring designed to streamline the various Citibank banking charters occurred. Citibank, N.A. absorbed the following divisions, with its headquarters for FDIC purposes being its Paradise Road Las Vegas, Nevadabranch.
  • Citibank, FSB
  • Citibank (West), FSB
  • Citibank, Texas, N.A.
  • Citibank Delaware
  • Citibank Banamex USA
  • Citicorp Trust, N.A. (California)
The following divisions were consolidated into Citibank (South Dakota), N.A., with its headquarters for FDIC purposes being in Sioux Falls, South Dakota.
  • Citibank, Nevada, N.A.
  • Citibank USA, N.A.
  • Universal Financial Corp.
  • Citibank South Dakota, FSB
On March 29, 2011, Citibank, N.A. and Citibank (South Dakota), N.A. announced their intentions to further consolidate their banking charters by announcing a merger[28] which was finalized on July 1, 2011.[29] The surviving FDIC charter was that of Citibank, N.A. which, as part of the merger, moved its headquarters to that of Citibank (South Dakota), N.A.’s in Sioux Falls.

2 Responses

  1. just go to FDIC BankSearch

  2. Got this kind of detail for PHH Mortgage Corporation? Thanks.

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