Congress authorized a $750 billion bailout so banks could keep lending money to struggling Americans and fix our economy.
Citigroup took $45 billion in bailout money. Without that money, they'd be bankrupt. But like AIG, Citigroup has no shame. Instead of making loans to Americans who desperately need them, they're spreading lies about the Employee Free Choice Act.
Tell Congress to put an end to bailout waste – and demand Citigroup stop using taxpayer money to lobby against the middle class.
How is Citigroup using bailout funds against working families? Last week, Citigroup hosted a conference call in which the U.S. Chamber of Commerce attacked the Employee Free Choice Act. And a Citigroup analyst recently lowered expectations for Wal-Mart stock. They claim that the retail giant's employees could form more unions if the bill passes.1 And they think that's bad for Wal-Mart's future earnings.
But we know the Employee Free Choice Act will help rebuild the middle class and grow our economy. This economic collapse has proven that low wages and corporate excess are the road to ruin.
So why is Citigroup really fighting this bill so hard? Simple. Companies like Citigroup and AIG have already proven they'll suck as much money as they can from the rest of us, even if it destroys our entire economic system and America's middle class.
After all, if more money went to workers, how could Citigroup pay out $10 million in bonuses to its CEO,2 spend $13 million to "compensate" employees for cancelled trips to tropical resorts,3 or give $68 million in severance to its former CEO who oversaw the subprime mortgage deals that helped create this recession?4
Tell Congress: A majority of Americans want the Employee Free Choice Act – don't let Citigroup use bailout funds to lobby against us!
This makes me just furious! I hope you'll join me by taking action today and sending this to all your friends.
Sincerely,
Liz Cattaneo
American Rights at Work
www.AmericanRightsatWork.org
P.S. Just to be crystal clear on the timeline here:
- Citigroup helps decimate our economy by gambling on shady subprime mortgage deals.
- Citigroup comes to the government for a $45 billion bailout from OUR tax dollars.
- Citigroup – which would be bankrupt without taxpayer money – engages in scare tactics and lobbying against the Employee Free Choice Act.
Click here to tell Congress that is unacceptable!
P.P.S. Today, actions against corporate excess are happening all around the country. You can find an event near you here:
http://action.seiu.org/page/content/march-19-actions/
1Associated Press, 3/10 – Note that research shows unions organized under the Employee Free Choice Act's system have a positive effect on stock price.
2Reuters, 3/16/09
3Associated Press, 3/10/09
4Crain's New York, 2/26/09
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