Citi Goes Ahead With Buying $50 Million Wings

Citigroup, which was bailed out by the government last fall to the tune of $45 billion, is continuing on with its purchase of a new, $50 million corporate jet, according to the Post, which calls it "JUST PLANE DESPICABLE." Sure, the banking giant announced it would cut up to 50,000 jobs and posted a staggering $8.29 billion loss last quarter, but executives need to get places faster, you know? But only up to 12 executives, because that's all the Dassault Falcon 7X seats. A source tells the Post that "It's not uncommon for large companies to pay a deposit on a new plane then cancel the order before delivery," so when the Post asked the head of CitiFlight about the 7X, he said, "Why should I help you when what you write will be used to the detriment of our company?" Citi is trying to sell its older Dassault jets.

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By Jen Chung in News on January 26, 2009 8:20 AM

Comments [rss]

longacre

Update: Sen. Levin of Michigan is demanding the Treasury Dept. prevent this purchase from going through, citing the auto makers being forced to sell their jets.

snoopydog

When were the Japanese auto makers forced to sell their jets?

NannyState

Didn't Gen. Mac Arthur decree that no japanese automaker could ever have jets? I think it's still in their constitution...

longacre

How are Citi execs supposed to bang Maria Bartiromo if they don't have a hot jet with which to turn her on?

NannyState

She only gives it up on yachts but the plane will get her all moist on the flight to Monaco.

abcohen

PLEASE WILL THE FBI start to look at the books!!!!

its my tax dollars at work and we're seemingly making life better for people that already have to much!

snoopydog

The Internal Revenue Service, not the FBI.

matty

Just tacky. Totally totally tacky. I don't believe these people.

JacqueMehoff

so much for the free market system.

I say it's time for a revolt, gangs of NY Style.

Tower18

Where is the nationwide outrage like when auto CEOs flew to Washington for their bailout hearings? Oh, the furor when that happened. But when banks that are operating solely because they were already bailed out purchase brand new private jets, there is only mild grumbling.

rcltrh

Either nationalize or just pull the damned plug and let them fail. Enough already. At this point tar, feathers, and pitchforks really does sound appealing again or maybe heads on spikes around Trinity church. When are we as Americans going to stand up to this royal screwing and say enough is enough. I for one am at that point.

Felix Hoenikker

I concur.

'Change we can believe in' as long as it keeps the obscenely wealthy and connected, wealthy and connected.

Guest

If we nationalized Citigroup, us taxpayer who ponied up the bailout $$$ would now own that jet and be able to sell it off. The way it stands now, Citigroup’s shareholders own the jet, and Citigroup’s managers get to use it.

Guest

Just another reason to temporarily nationalize the companies that agree to huge gov't bailouts, as a number of respected economists have recommended.

MrManhattan

I was thinkin' they might wanna try sellin' in on E Bay, ya know?

Worked for me, you betcha!

Guest

Just another reason to temporarily nationalize the companies that agree to huge gov't bailouts, as a number of respected economists have recommended.

Dirk

Amazing. Are the head honchos of Citi out of touch with the mood of the country? Or are they just plain stupid?

Steven

They have huge egos. They don't care about anything, but themselves.

Mill76

I'd be okay with it if they offered a trip on the Dassault to anyone who signed up for a Citibank Platinum Select Visa - "If your credit score is 780 or above, earn 1% cash back, and a trip on our private jet!!"

tingo

Shareholders should demand Citi execs take greyhound.

freddynyc

Ha, so now they'll have less to spend for their luxury yacht...

ides_of_march

Remember: both parties pushed this bail-out (robbery).

Whether you're a liberal or a conservative, if you work and pay taxes, you're screwed.