CEO Vikram Oandit says Citibank is looking outside US for growth

Citibank announces today that it is looking outside the US for its growth. That's interesting in that it received by far the biggest support from the US taxpayer. It would not exist without taxpayer support. Hey Citi how about you lower the rates on your consumer credit cards and payback the people that bailed your ass out.

Here is a summary of his statement:

Citigroup Chief Executive Vikram Pandit is pinning his hopes for an economic recovery on the developing markets where his company already has a firm foothold.

"The world needs new growth drivers besides U.S. consumption and credit creation. Emerging markets offer one potentially powerful source," Pandit said in a speech on Monday at the Global Financial Forum, a conference organized by BritishAmerican Business, Chatham House and the Foreign Policy Association.

That strategy for economic recovery would work especially well for Citigroup [C 4.61 -0.25 (-5.14%) ], which Pandit called "a pervasive force in the more than 100 countries where we have a local presence."

Citigroup may be strong abroad, but at home it is still trying to clean up the effects of the last two years. It suffered huge losses and was forced to accept three government rescues in 2008 and 2009.

Also on Monday, the U.S. Treasury began selling off its 7.7 share stake in Citigroup.

He acknowledged the possibility of a "double-dip" recession but said he believed that the U.S. economy is "likely to avoid slipping backward." Pandit also reiterated recent calls for "responsible finance," urging "strong and clear regulatory reform," including a "level playing field for the global financial industry" and "a clear regulatory authority to resolve the fate of systemically important institutions that become endangered."

You have got to be kidding me Mr. Bandit...errrr....Pandit you and you company has flat stolen from the US taxpayer. You do not deserve to exist and now you want "responsible finance," and strong and clear regulatory reform. How about you lower your rates to the US consumer instead of "looking new growth drivers besides U.S. consumption and credit creation."

You can plainly see by these statements that this is not acting like a US corporation and the statements made by this CEO are being made by every bank and large corporation. They are willing to take money from the US treasury but are looking to expand outside of the US. All I can say is the the rest of the world is or will be in just as much trouble dealing with these thieves as the US is.

I don't think I am going out on a limb by saying that Citi is going to screw up in the developing world too. I would hope that they don't come back to the US taxpayer looking to be bailed out again because we are tapped out.