Washington, DC--Today, the Service Employees International Union released a statement from Secretary-Treasurer Anna Burger on news that Citigroup is raising interest rates on as many as 15 million credit card holders. According to the Financial Times, "People close to the situation said that Citi, which is about to cede a 34 percent stake to the US government as part of its latest rescue, had upped rates on between 13 and 15 million credit cards it co-brands with retailers such as Sears." This comes a week after the bank announced it would raise salaries by as much as 50 percent for investment bankers and other top executives, to accommodate for smaller annual bonuses.

Said Burger, "It's shameful that Citigroup would raise interest rates on millions of Americans during a time when record unemployment and home foreclosures are forcing families to rely more and more on their credit cards just to get by.

"After three taxpayer-funded bailout packages worth $45 billion and a new rescue plan giving the government a 34 percent stake in the company, Citigroup continues to hold onto the failed policies of the past that enrich the very few at top while indebting the rest of America.

"Taxpayers and the government are the largest stakeholders of the failed bank. We need to rebuild our financial industry from the ground up and end these practices that crashed our economy in the first place.

"That's why yesterday , front-line bank workers, consumer groups, and Rep. Ellison joined together to call for passage of the Employee Free Choice Act and other reforms that ensure front-line bank workers can sound the alarm on these practices, protect consumers, and help build an economy that works for everyone again."