Despite Healy's argument that the Liberty Fund would go to worthwhile causes, many felt the Red Cross had deliberately misled donors by using September 11th in a bait-and-switch ploy.
Seereeram and other critics say it was a sort of bait and switch. Citibank met with Trintomar three times in the spring of 1992 to pitch its original $66 million refinancing proposal, and in a letter dated Sept. 9, Trintomar asked for a formal proposal. The next day, Citibank sent a letter outlining the extra $96.5 million loan in several pages of eye-glazing detail.