Sep 28 2009

Report: Taxpayer-Owned Citigroup Still Bankrolling ACORN

Posted by Jacquita in All Post
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Now that taxpayers are Citigroup’s biggest shareholder, owning 36% of common stock, isn’t it time for the company and its foundation to end its relationship with ACORN and its affiliates?

[...] Citigroup has received $45 billion in taxpayer TARP funds. In addition, taxpayers are on the hook for the lion’s share of losses on the company’s $335 billion loan portfolio.

According to the 2008 annual tax return of the Citi Foundation, it provided the ACORN Institute, Inc. with grants of $500,000 for each of the years 2006, 2007 and 2008, for a total of $1.5 million.

And incredibly, as pointed out in the above article, Citigroup is currently marketing a mortgage product through ACORN targeted at illegal aliens.

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