Fabulis.com is a social networking thingie for gay men and does its banking at Citibank. Apparently, someone at Citibank decided that the contents of the Fabulis blog was not fabulous, and violated Citibank rules of conduct whereby you must do things a certain way or they will close your accounts.
There is an article in the Wall Street Journal about it here.
The fabulous fabulis web site and blog is here, and that is probably the best place to get the current details. The last word on that site so far is:
We want to turn the page on Citibank and fabulis. But we believe there is a bigger question about the way Citi conducts its business and why it feels it can determine what is inappropriate or offensive. And that question is not just for we here at fabulis, but for a much broader audience.