*Note: Further content will be added online shortly. Most stories are currently in print version only.
Citigroup, Wall Street, and the Fleecing of the South
Vol. 31, No. 2 Summer 2003
Front Porch: Letter from the Editor
Stop the Profiteers by Chris Kromm
Introduction:
The New Loan Sharks by Michael Hudson
PART I. BANKING ON MISERY
Citigroup, Wall Street, and the Fleecing of the South by Michael Hudson
Millions of Southerners have been ensnared by "subprime" lenders who target consumers made vulnerable by discrimination and financial need. Citigroup subsidiaries have led the way in demonstrating how easy it is to make money off people desperate for cash.
Trace the rise to power of Sanford Weill, Citigroup's CEO, as he carved out a subprime lending empire.
WEB EXCLUSIVE - MAPPING MISERY:
How CitiFinancial's subprime lending units target minority and low-income areas in your city:
Atlanta
Charlotte
Miami
Jacksonville
Knoxville
Memphis
San Antonio
Montgomery
Nashville
Richmond
WEB EXCLUSIVE - "WE NEEDED MONEY, AND THEY KNEW WE NEEDED MONEY"
Read profiles of borrowers from around the country victimized by the manipulative practices of CitiFinancial and its predecessor, Commercial Credit.
Springfield, Ill.
Syracuse, N.Y.
Westfield, N.Y.
Frederick, Md.
Plus sidebars from the print edition:
* Who's targeted: Numbers tell the story
* Reinventing redlining: Citi's prime lenders set bad marks for serving poor, minorities
* Unsettled issue: Lawsuit alleges harassment continued even after settlement, Citigroup purchase
* Citi and credit insurance: Profits and price
* Household name: Citi's chief rival has a rocky history, too
* Spirit and letter: Ex-employee said Citi takeover increased rather than solved problems
* Reforming foreclosures: How well did Citi keep its promise?
* Collecting trouble: Lawsuits claim harassment of borrowers
* Upfront costs: "Single-premium" insurance disavowal only goes so far
* Citi's reforms: Real or imagined?
* Access denied: Citi's arbitration clauses head off threat of jury verdicts
* Special child: For mentally retarded borrower, arbitration a losing proposition
* Citi responds
PART II. THE POVERTY INDUSTRY
(all pieces print edition only)
Perpetual Debt, Predatory Plastic by Robert D. Manning
From the company store to the world of late fees and overlimit penalties: credit cards go predatory.
From Pawnshops to "Financial Supermarkets" by Mary Kane
Fringe banking gains a foothold in the mainstream.
Simple Courtesy by Taylor Loyal
Banks have discovered overdraft fees to be fertile ground for innovations in profit-making.
PART III. FIGHTING BACK
Journey for Justice by Michael Hudson
Citigroup shareholders confront an unfamiliar sight: the orange t-shirts of a borrowers' group determined to get fair treatment.
Battling the Odds by Bill Barrow
Consumer advocates fight for a voice in Alabama's legislature.
"You Can't Pass It On If It Belongs to Someone Else" by Kenneth A. Harris
A South Carolina woman speaks out against the people who took her home.
Predatory Lending and the Law by Keith Ernst
The dos and don'ts of legislative reform.
Seven Signs of Predatory Lending
How to know you're being cheated.
The Most Important Financial Advice You'll Ever Get plus What Loan Officers Say -- And What They Really Mean
Resources
For the fight against predatory lending.
Citigroup, Wall Street, and the Fleecing of the South
Vol. 31, No. 2 Summer 2003
Front Porch: Letter from the Editor
Stop the Profiteers by Chris Kromm
Introduction:
The New Loan Sharks by Michael Hudson
PART I. BANKING ON MISERY
Citigroup, Wall Street, and the Fleecing of the South by Michael Hudson
Millions of Southerners have been ensnared by "subprime" lenders who target consumers made vulnerable by discrimination and financial need. Citigroup subsidiaries have led the way in demonstrating how easy it is to make money off people desperate for cash.
Trace the rise to power of Sanford Weill, Citigroup's CEO, as he carved out a subprime lending empire.
WEB EXCLUSIVE - MAPPING MISERY:
How CitiFinancial's subprime lending units target minority and low-income areas in your city:
Atlanta
Charlotte
Miami
Jacksonville
Knoxville
Memphis
San Antonio
Montgomery
Nashville
Richmond
WEB EXCLUSIVE - "WE NEEDED MONEY, AND THEY KNEW WE NEEDED MONEY"
Read profiles of borrowers from around the country victimized by the manipulative practices of CitiFinancial and its predecessor, Commercial Credit.
Springfield, Ill.
Syracuse, N.Y.
Westfield, N.Y.
Frederick, Md.
Plus sidebars from the print edition:
* Who's targeted: Numbers tell the story
* Reinventing redlining: Citi's prime lenders set bad marks for serving poor, minorities
* Unsettled issue: Lawsuit alleges harassment continued even after settlement, Citigroup purchase
* Citi and credit insurance: Profits and price
* Household name: Citi's chief rival has a rocky history, too
* Spirit and letter: Ex-employee said Citi takeover increased rather than solved problems
* Reforming foreclosures: How well did Citi keep its promise?
* Collecting trouble: Lawsuits claim harassment of borrowers
* Upfront costs: "Single-premium" insurance disavowal only goes so far
* Citi's reforms: Real or imagined?
* Access denied: Citi's arbitration clauses head off threat of jury verdicts
* Special child: For mentally retarded borrower, arbitration a losing proposition
* Citi responds
PART II. THE POVERTY INDUSTRY
(all pieces print edition only)
Perpetual Debt, Predatory Plastic by Robert D. Manning
From the company store to the world of late fees and overlimit penalties: credit cards go predatory.
From Pawnshops to "Financial Supermarkets" by Mary Kane
Fringe banking gains a foothold in the mainstream.
Simple Courtesy by Taylor Loyal
Banks have discovered overdraft fees to be fertile ground for innovations in profit-making.
PART III. FIGHTING BACK
Journey for Justice by Michael Hudson
Citigroup shareholders confront an unfamiliar sight: the orange t-shirts of a borrowers' group determined to get fair treatment.
Battling the Odds by Bill Barrow
Consumer advocates fight for a voice in Alabama's legislature.
"You Can't Pass It On If It Belongs to Someone Else" by Kenneth A. Harris
A South Carolina woman speaks out against the people who took her home.
Predatory Lending and the Law by Keith Ernst
The dos and don'ts of legislative reform.
Seven Signs of Predatory Lending
How to know you're being cheated.
The Most Important Financial Advice You'll Ever Get plus What Loan Officers Say -- And What They Really Mean
Resources
For the fight against predatory lending.
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