Word: citibanker
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Some matters were painstakingly negotiated. Nader Lieutenant David Leinsdorf, a 28-year-old former antitrust-trial assistant in the Justice Department, originally asked to interview no fewer than 750 Citibank officials and employees; the list was finally arbitrated to 53. Each interview was taped and conducted in the presence of a senior bank officer, an attorney and a public relations man-a team that usually outnumbered the two or three student interviewers...
...anyone in the Nader group knew enough about banking to make valid judgments on the more complex issues. Says Thomas C. Theobald, a senior vice president: "It was like two college students looking for term-paper material." He was surprised that the interviewers overlooked several obviously controversial topics, including Citibank-managed investments in South Africa and in companies that are polluters...
...loan customers who had been judged in default and interviewed dozens of them. They also conferred with ex-employees, banking scholars and Government regulators. Somehow, the investigators got hold of three secret studies, which the bank itself had commissioned, on the subjects of employee and customer attitudes about Citibank. Nader estimates that only 10% to 15% of the report was drawn from official interviews within the bank...
...Nader's stern standards, a fairly non-vengeful indictment. Leinsdorf declared that the bank was "innovative, aggressive, growing and profitable." Even Nader smilingly admitted that "we got the impression that there were real human beings in this corporation, unlike others." Nevertheless, the investigators made serious charges against Citibank, most of which were promptly disputed by Wriston. Samples: - The sharpest accusation was that the bank has aggravated New York City's housing crisis by not putting back into neighborhoods, in the form of mortgage loans, nearly as much as it takes out of them in the form of savings...
...report noted that for each loan it makes, Citibank is twice as likely as any other New York bank to go to court for a default judgment against borrowers who fall behind in their payments. As a result, it ranks as the city's "No. 1 plaintiff." Bank officers do not dispute the Raiders' figures, but they point out that the bank makes more non-collateral loans, which require court action in the event of a default, than its four nearest competitors combined. >Other allegations focused on the bank's Master Charge credit-card service. While Citibank...