PrintFebruary 25, 2010
Citigroup's withdrawal warning: S.O.P. or financial harbinger?
Depending on your perspective, it was either Citigroup executing due diligence, or it was a "financial collapse is imminent" kind of thing.
Last week, Citigroup sent out notification that they, "reserve the right to require seven days advance notice before permitting a withdrawal from all checking accounts."
Not exactly what already skittish account holders want to hear in light of current economic uncertainties. Kind of like an unexpected gust of wind hitting you broadside as you're negotiating a tightrope over the looming monetary abyss.
Of course, like so many other statements released by entities under the control of this administration, it included the obligatory disclaimer:
"While we do not currently exercise this right and have not exercised it in the past, we are required by law to notify you of this change."
Well that should be a load off all Citigroup customers' minds.
Now, couple that bit of mid-winter gloom with the equally unsettling news that Citigroup's head of North American banking abruptly "resigned" just this past month and voila', instant anxiety.
Please excuse me for my skepticism, but I'm not sure if Ben, Timmy and all the geniuses over at the Senate Banking Committee really understand how badly they are mucking this all up. Or then again, maybe they do.
Either way, does anyone have a spare mattress I can borrow?
