Citigroup announced today it would be repaying their 20 Billion dollar bailout. In a letter addressed to the Treasury, they said the following:
Thank you so much for the use of 20 billion in taxpayer dollars. We used this money to hire lawyers to help us rewrite our cardholders’ agreements. Through the clever use of legaleze, we were able to hike the rates of credit card consumers from 12% to 27% on average. Of course, we partly did this to earn enough to repay our bailout, but we also felt our hand was forced by your recent consumer’s bill of rights. Naturally, we had to hike the rates before that legislation kicked in!
We have now bilked our customers out of massive amounts of interest and fees, and we’re happy to announce that this has earned enough to repay our loan. We know it may seem unethical to use taxpayer money to stay in business while at the same time hiking up those same taxpayers’ interest rates to repay the loan, but frankly, you left us no choice.
We are sure that the wonderful services we provide more than offset the pain our customers may have felt by having to give us a loan and then repay the loan with their money, too.
Too Big To Fail Since 1998