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In early October, NPA demanded a meeting with Robert Rubin, a top Citigroup executive and former U.S. Secretary of the Treasury.

In his place, Rubin sent out other Citigroup officials over a two-week period in November. In two meetings, nine NPA leaders from seven cities demanded three main things from Citigroup: (1) Ban all predatory lending practices which have been widely used by The Associates and Citigroup's existing subprime lending affiliates; (2) review and repair past subprime loans made by Citigroup and The Associates and repair the loans if they are predatory; (3) make good, prime-rate loans across the country through CitiFinancial (which, today, only pushes high-interest, subprime loans).

Despite all of the evidence that Citigroup and The Associates will continue to target neighborhoods with predatory loans, federal banking regulators including the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation approved Citigroup's acquisition of The Associates on November 30.

However, NPA does not approve of Citigroup becoming the world's biggest and baddest predatory lender. NPA does not approve of a former public servant, Robert Rubin, who is being pimped to make Citigroup look good.

Citigroup officials have refused to meet NPA's demands and Rubin has refused to meet with NPA leadership. Robert Rubin makes about $50 million a year. What Rubin and Citigroup must not know is that NPA always gets their man.

Related Article: Groups Take on World's Largest Loanshark
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Last Updated on Wednesday, July 31, 2002 19:42

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