Oil, War, and International Finance: Behind the scenes at Citigroup

 Many corporations stand to make large profits as a result of the current
war on Iraq.  But besides the oil companies, construction firms, and weapons
manufacturers, another industry is operating behind the scenes of the war
machine.   Citigroup, the largest financial institution in the world, is set
to earn billions as a result of the war because of their investments in both
the oil and defense industry.  Oil, militarism and international finance are
symbiotic entities, each being extremely dependent on the others to survive.
Citigroup is the world's number one funder of the fossil fuel industry with
a client list that includes Chevron, Exxon and BP.  It has a board roster
that reads like a who's who of the global economic and political system,
including a former CEO of Chevron, a former Director of the CIA and a member
of Raytheon's Board, the CEO of defense contractor United Technologies and
the CEO AOL-Time Warner.  Citigroup holds an ever-expanding grip on global
financial markets, and as a consequence, on local communities and the
environment.  Throughout the world, Citigroup wields this money and
influence with a utter disregard for the environmental, social or political
costs incurred.

 U.S. oil companies will reap billions from of a war with Iraq, but
Citigroup may be an even greater beneficiary, playing a key role in funding
not only the current war machine, but the "reconstruction" efforts as well.
On Wednesday April 2 during a speech at Cornell University, Citigroup CEO
Sandy Weill said, "We need to win the war, but we also need to win the
peace... Two years ago I would have never thought of doing business in Iraq,
but now Iraq looks like it may be a good place to be in the future.  This is
a country rich in natural resources, with an educated middle class, and if
we can play a role in the country's development, we would like to do that."

 How it Works:

 Corporations need capital to fund projects. Citigroup provides that
capital.  It does this in several ways, including direct financing; the
underwriting of stocks and bonds; debt-for-nature and debt-equity swaps;
direct shareholding; and interlocking directorships. Most of the money that
Citigroup uses for these projects comes from consumers in the form of mutual
and pension funds, credit card debts, personal banking accounts, and
retirement funds such as IRAs. If you have a bank account or credit card
with Citibank, or a portfolio with Salomon Smith Barney, Citigroup may be
using your money to finance destructive projects.

 With Friends Like These...

Citi has been continually investigated for shady dealings at their
so-called "private bank" which caters to customers worth over $1 million.
Among these clients are known heads of drug cartels (the Salinas family in
Mexico) and dictators raiding their national treasuries in order to fill
their personal bank accounts (General Abacha of Nigeria). Also on this list
is Asif Ali Zadari, the husband of former Pakistani Prime Minister Benazir
Bhutto, who is now serving time in prison for corruption.  The largest
single shareholder of Citigroup stock is Saudi Prince Alwaleed bin Talal,
nephew of King Fahd.
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