OK

This is a breaking post more information and video will be added throughout the day and into the weeks ahead. So please be patient we will find out the story.

Washington, DC - A group of 40 protesters marched to the Citibank, a subsidiary of Citigroup,  at 14th and G Streets NW this morning to protest the announcement of the seventh consecutive quarter of massive profits by Citigroup while the economy continues to collapse. Upon the arrival of the protesters, the bank shut down. Six protesters including a video team remained inside the building. Video will be available soon. Police have been called to the scene.

Citigroup, one of the nation’s largest banking and investment firms, reported yesterday that their quarterly earnings are up $3.8 billion, 74% higher than a year ago.  Citigroup continues to foreclose on mortgages.  They hold back loans to small businesses and consumers.  They choke the economy while they are profiting massively.
This is a slap in the face to the average American who earns miniscule interest rates on the money they have in Citigroup banks, are unable to obtain loans and mortgages, and are being forced to pay all sorts of fees and charges just to access their own money.

Since I'm not finding any new information here is some background on the impetus for such actions, most of which as a Dkos reader you should know:

Citigroup’s profits are typical of the banking industry in general who accepted billions in bailout loans from the American people, yet now seem to think that the money belongs to them personally.

Members of the occupation of Freedom Plaza in Washington DC (www.october2011.org) are calling on people across the United States to express their outrage with Citigroup and the banking industry that is making record profits off the backs of the working people, by demonstrating at Citibank locations everywhere on XX October 2011.  We are asking people to express their outrage in a very visible and audible way in order to shut these banks down for an hour, for a day—and to continue to put pressure on the banking industry indefinitely.  

Here are some talking points:

1.  Citigroup has paid ZERO corporate taxes for the last four years.

2.  Citigroup has 427 subsidiaries in foreign tax havens to hide their profits.

3.  Citigroup was the LARGEST recipient of federal bailout money-- $476 billion.

4.  CEO John Havens receives $9.5 million annually, while paying their tellers $12.65 an hour.

5.  Citigroup just posted a 3rd quarter net profit of $3.8 billion, a 74% increase over last year.

6.  Their largest stockholder is the nephew of Saudi King Abdullah.

Occupy D.C. Live feed:

Watch live streaming video from occupykst at livestream.com
Participants Needed for Thursday Action Against Banking Industry
Posted on October 19th, 2011 in Announcements, Events 4 Comments

Thursday, October 20th 2011, OccupyDC will conduct an action against one of the major bailed-out banks.

This action will be carried out in the early afternoon and we will meet at noon in McPherson Square prior to this action.

We are looking for holders of accounts at the major banks that have been bailed out and other participants for this action and future actions against these institutions.

If you are an account holder – particularly an unhappy account holder at a major bank which has accepted tax-payer bailout and would like to participate in this action or any future action please contact : rlehnerii@hotmail.com and let your fellow occupier know.

In Solidarity,

OccupyDC

Looking for more reasons why this is happening?

Tasini's post here.

1:43 PM PT: H/T to DRo for the video link.

Originally posted to Horace Boothroyd III on Thu Oct 20, 2011 at 10:17 AM PDT.

Also republished by ClassWarfare Newsletter: WallStreet VS Working Class Global Occupy movement and Progressive Hippie.

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