I actually broke this story on DAILY-PROTEST.com but that blog is only four days old and I don't think it was picked up by many PUMA's.
Here is how the AMEX and CITIBANK CUSTOMER STEAL BACK FREQUENT FLYER MILES PROGRAM works. AMEX has been closing accounts of their best credit card customers who had already accumulated 100,000 FREQUENT FLYER MILES all the way up to 7 MILLION FREQUENT FLYER MILES, and perhaps even higher! When these credit card accounts are closed, ALL OF THOSE FREQUENT FLYER MILES ARE ELIMINATED AS WELL!
In the meantime, CITIBANK is negotiating loans and other financial deals with American Airlines and US Airways IN WHICH CITIBANK ACCEPTS FREQUENT FLYER MILES AS COLLATERAL FOR LOANS!
It appears that AMEX and CITIBANK have teamed up. AMEX terminates what could amount to a billion miles of CONSUMER FREQUENT FLYER MILES or more by canceling the accounts of their best customers, then CITIBANK receives those miles in exchange for loans to American Airlines and US Airways! If you have been following Daily-Protest.com we can see a pattern emerging in which the credit card companies are doing their utmost to create financial hardships to their best customers.
Who is allowing this credit card consumer swindle to happen? Who among our leaders has become so rotten to the core that these banks can continue to openly eat their very own customers? This is now two instances in which banks have attacked and devastated their best customers for instant profit, gain, and possibly a bump in Wall Street Share Share Prices once the next quarterly earnings report come out.
This is huge.
I'd like to thank KCBS and Joel Grover for breaking the frequent flyer rip off story. When I combined that news with my own research that Citibank is accepting frequent flyer miles as loan collateral, it becomes pretty evident that a quid pro quo involving the theft of millions of dollars worth of frequent flyer miles from good, on time paying customers is going on even as we speak.