By Pam Martens and Russ Martens: July 2, 2020 ~
The first thing you need to know about Citibank and its parent, Citigroup, is that they have an extensive rap sheet. (See here). The second thing you need to know is that Citigroup is a serial predator that perpetually promises its regulators that it’s going to reform, but never does.
The third thing you need to know is that Citigroup has made a sap out of the Federal Reserve – not once, but twice. During the last financial crisis of 2007 to 2010, Citigroup somehow induced the Fed to secretly give it $2.5 trillion cumulatively in below-market rate loans for 2-1/2 years to prop up its sinking carcass. Citi got the cheap loans (often at below one-half of one percent) and then went right on charging its struggling credit card customers high double-digit interest rates.
Citi played a major role in creating the financial crisis, according to the official report from the Financial Crisis Inquiry Commission (FCIC). Three of Citigroup’s executives were referred by the FCIC to the Justice Department for potential criminal prosecution but zero criminal action was taken against them.
Today, the Fed has quietly reimbursed Citibank $3.077 billion under its Paycheck Protection Program Liquidity Facility, a program that reimburses banks for the loans they made under the CARES Act PPP program, which are guaranteed by the Small Business Administration. The Fed accepts the PPP loan as collateral and charges the bank a paltry interest on the loan of 0.35 percent.
Continue reading: https://wallstreetonparade.com/2020/07/citigroup-has-made-a-sap-of-the-fed-its-borrowing-at-0-35-from-the-fed-while-charging-struggling-consumers-27-4-on-credit-cards/
_____________________________________
The Leviticus 25 Plan will re-balance these types of liquidity distribution injustices.
The Leviticus 25 Plan is a dynamic economic initiative providing direct liquidity benefits for American families, while at the same time scaling back the role of government in managing and controlling the affairs of citizens. It is a comprehensive plan with long-term economic and social benefits for citizens and government.
The inspiration for this plan is based upon Biblical principles set forth in the Book of Leviticus, principles tendering direct economic liberties to the people.
The Leviticus 25 Plan – An Economic Acceleration Plan for America
$90,000 per U.S. citizen – Leviticus 25 Plan 2023 (4122 downloads)
____________________________________________________
July 2022 quote: “The safety and prosperity of nations ultimately and essentially depend on the protection and blessing of Almighty God; and the national acknowledgement of this truth is not only an indispensable duty, which the people owe to him, but a duty whose natural influence is favorable to the promotion of that morality and piety, without which social happiness cannot exist, nor the blessings of a free government be enjoyed.” -John Adams, “Proclamation for a National Fast” 1798