On the heels of last week’s ruling that Citigroup, Inc. pay $18 million in refunds to customers who had balances ‘swept’ from their accounts, California’s attorney general has issued further orders that the company include a note of apology to each of the more than 53,000 customers affected.
“They’re a bank, they’ve got money,” said the attorney general. “But writing those notes will really teach them a lesson.” The apology notes must be handwritten and include a sentiment of remorse as well as an affirmative statement of plans for future behavior, ie. not stealing customer funds.
Sources inside Citigroup said they are shopping for stationery and hiring an army of temporary help to accomplish the mammoth task. While others may compose the notes, the ruling requires Citigroup CEO Vikram Pandit to sign each note in his own handwriting – no facsimile, no stamp.
When asked for comment Pandit replied, “No fair!”