More Wall Street Welfare Planned for Citigroup

Businesses aren’t being allowed to fail in America today, and the bigger they are, the more help they get from the government. So it’s not much of a surprise that yet another bailout package is in the works, this time for Citigroup.

Citigroup is a Big Government-lovers’ bank. In tax year 2003, its foundation gave $1,109,000 to groups on the left and just $55,000 to groups on the right, according to our 2006 study of Fortune 100 foundation giving. Its giving broke down this way:

To the Left:
ACORN $9,000
Aspen Institute $37,500
Citizen Policy and Education Fund of New jersey $15,000
Conservation International $250,000
Council on Foreign Relations $50,000
Council on Foundations $10,000
National Center on Poverty Law $15,000
Rainbow Push Coalition $250,000
Rainforest Alliance $50,000
League of Women Voters $20,000
Nature Conservancy $50,000
World Resources Institute $337,500
World Wildlife Fund $15,000

To the right:
Foundation for Teaching Economics $50,000
Washington Legal Foundation $5,000

Visions of fat underwriting fees and commissions in its head, Citigroup is also keeping its fingers crossed that economy-killing carbon emissions controls are enacted. The company wholeheartedly buys into Al Gore’s global warming myth.

Citigroup put out this self-serving report*, “Carbon Trading: The Sky’s the Limit,” last year. Of course, big investment firms favor carbon emissions trading because they can’t make a buck if a direct carbon tax is imposed on emitters.

*UPDATED August 18, 2011: Kilpatrick Townsend & Stockton LLP, attorneys for Citigroup Inc., sent Capital Research Center a letter demanding we remove the report “Carbon Trading: The Sky’s the Limit,” which we found online, from our blog. As of today, we have complied with the request. -MV

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