Student groups gather to protest Citigroup

A protest spurred by the spark of student activism — and prompting a student to dress as an orangutan — was held Friday on McCosh Walk.

The event was organized by members of Students for Progressive Education and Action, Princeton Environmental Action and the Princeton Conservation Society, all of whom are attempting to raise public awareness of the investment projects of the financial giant Citigroup.

Protesters said Friday that because of Citigroup's investments, rainforest is being destroyed and wildlife habitat is being lost.

Michael Geoghegan, of the Green Corps, was one of the protesters present. Standing under a banner painted with the slogan "Spank the Bank," he asked students to sign a letter to be faxed to Sandy Weill, Citigroup CEO.

"This will be the first time that we send the message to Citigroup that people are learning about their record of destruction," he said.

The fax message begins with the words, "I was outraged to learn that Citigroup uses my money to fund environmentally and socially destructive projects." It goes on to demand that Citigroup "begin supporting a sane and sustainable economy."

Lizzie Bailey '03 was one of the about 175 people who signed the message.

"Citibank is my bank so I think it might make even more of a difference because their customers are alert to what they're doing," Bailey said.

Rebecca Jones '02, president of Princeton Environmental Action, said she is optimistic that this protest will get its message across to Citigroup.

"I think if they get enough bad publicity, they would respond more carefully and make better environmental decisions," she said.

Geoghegan and Jones listed several of Citigroup's investment projects that they believe are harmful to the environment.

"In Indonesia, Citigroup is funding the expansion of palm-oil plantations that are cutting into the habitat of the orangutan," Jones said.

Get the best of ‘the Prince’ delivered straight to your inbox. Subscribe now »

Mary Voorhees '03 made her own contribution to the protest, dressing as an orangutan to draw attention to the endangered animal's plight.

According to the protesters, Citigroup is also investing in an oil pipeline in Africa that will run through thousands of acres of rainforest.

Citigroup officials could not be reached for comment Friday.

While the environmentalists criticize Citigroup, the organization is involved in funding education and community development in the United States, according to its Webpage. Citigroup lists a variety of community service projects in which it is involved.

According to the site, "Citigroup takes a leadership role in helping build communities and emerging markets around the world." Specifically, the company's Citigroup Foundation organizes charitable donations, volunteers and grants. Education is listed as one of the company's funding priorities, along with arts, culture, health and human services.

Sixty students attended a meeting held last Wednesday to show their support for "Spank the Bank" and to organize the protest. According to Geoghegan and Jones, there will be an international day of action against Citigroup on Oct. 17. Students on campuses across the world are planning to participate.