Giant United States bank Citigroup announced a $3.1 billion third-quarter income and record year-to-date earnings on October 17. But its wealth couldn't help it avoid protests in 50 cities across the US and around the world, which demanded that Citigroup stop reaping financial gain at the expense of local communities and the environment.
"The record $9.7 billion year-to-date income Citigroup announced today came at the unacceptably high cost of environmental devastation and economic injustice", said Ilyse Hogue of the Rainforest Action Network. "Citigroup continues to operate without basic environmental or social standards despite the American public's demand for responsible financial services."
Across the US and in South Africa, Canada and Brazil, groups proclaimed Citigroup "the World's Most Destructive Bank". In New York City, students cut up a giant Citibank credit card to represent the thousands of students across the country who have refused to do business with Citi until the company cleans up its act.
In New Haven, Connecticut, students announced the divestment of $100,000 by Yale professors and staff from their Citigroup accounts in protest at the bank's funding practices. Demonstrations were also held in Seattle, San Francisco, Las Vegas, Boston and Washington DC, and on campuses across the country.
"Students are outraged that Citigroup is using our money in an irresponsible fashion. When I agreed to pay back my student loan from Citigroup, I did not agree to fund oil pipelines through African rainforest and mining in the Amazon basin", said Katherine Legomsky of Yale University.
Demonstrators drew attention to Citigroup's connection to projects such as the controversial Chad-Cameroon oil pipeline, China's Three Gorges Dam which will displace 2 million people, and the destruction of orangutan habitat in Indonesia for palm plantations. The banking group also sells World Bank bonds, used to fund many other such projects.
For more information on the campaign, visit the Rainforest Action Network's web site at <http://www.ran.org>.
BY SEAN HEALY