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:
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