Democracy Now noted today, "Banking regulators are warning that the number of banks at risk of failure has reached a fifteen-year high. The Federal Deposit Insurance Corporation said the number of 'problem banks' had risen from 305 to 416 during the second quarter. The FDIC has already shut down eighty-one banks this year. This comes at a time when the nation's largest banks are getting even bigger due to a series of federally arranged mergers and taxpayer bailouts. JPMorgan Chase, Bank of America, Wells Fargo and Citigroup now issue one of every two mortgages and about two of every three credit cards. JPMorgan Chase, Bank of America and Wells Fargo now each hold more than ten percent of the nation's deposits, despite a rule barring such a practice."
I have just returned from the Philippines, a country overwhelmingly dominated by CITIBANK credit cards and loans. There, I was able to share with Filipino nationals how Citibank has made life incredibly difficult for me for three decades. I also noted in various interviews that most Americans and foreign states (depending on Citibank's predatory lending practices over the last half century) have not been happy with the growing debt and dependence.
A quick websearch shows that Americans are upset with Citibank. Whether it is in its student lending (i.e. often buying up student loans behind the backs of the borrowers), credit card swindles, or bad mortgages, CITIBANK leaves a bad taste in American users mouths.
Citibank has even been targeted in many smaller U.S. government investigations on fraud related to government credit cards. However, in the Philippines (where cozy capitalism and banking reign in an unholy alliance) little is done to get Citibank and other banks to behave better.
NOTE: Interestingly, Dubai investors have noted that although Citibank soaks the American taxpayers, it has helped the UAE state to survive the economic collapse of these past two years.
Meanwhile, Citibank Philippines is the largest foreign bank in the country. As well, hundreds of thousands of Filipinos worldwide also depend on Citibank credit cards and accounts to send monies homes to their families.