Chastised Citigroup grounds plans for plane

[Dr.Phool]

Source: MSNBC.com

Chastised Citigroup grounds plans for plane
Announcement comes after President Obama frowns on purchase

msnbc.com news services
updated 27 minutes ago

NEW YORK - Citigroup Inc , which received a massive taxpayer-funded rescue last year, canceled plans to buy a $50 million executive jet after news of the new plane drew rebukes from politicians.

The bank is under heavy pressure from regulators and elected officials after receiving $45 billion of capital from the U.S. government last year, including a $20 billion emergency infusion in November.

On Monday, Citigroup said it was going through with plans to buy a $50 million jet, which a person familiar with the matter said was a Dassault Falcon 7X. The bank said the new plane would cut its costs and it was financing the purchase by selling older jets

(snip)

Read more: http://www.msnbc.msn.com/id/28872167/

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From too big to fail, to too arrogant and stupid to survive.

[onehandle]

1. Buying a plane from the cursed French.

Don't they know there's a War on France?

oh, wait...

[dbackjon]

15. American Tax Dollars should be spent in America

[Ichingcarpenter]

2. President Obama's office called Citigroup and voiced displeasure

By CHARLES HERMAN and JAKE TAPPER
Jan. 27, 2009

The high-flying execs at Citigroup caved under pressure from President Obama and decided today to abandon plans for a luxurious new $50 million corporate jet from France.
The bank used TARP funds to purchase a new corporate jet for executives.

The decision came 24 hours after the banking giant, which was rescued by a $45 billion taxpayer lifeline, defended buying the state-of-the-art Dassault Falcon 7-X -- one of nine to be flying in U.S. skies -- as a smart business deal.

The jet, the epitome of corporate prestige and privilege, can carry 12 passengers in elegant comfort.

ABC News has learned that Monday officials of the Obama administration called Citigroup about the company's new $50 million corporate jet and told execs to "fix it."

Earlier on Monday, White House spokesman Robert Gibbs said made it clear that the president disapproved of the deal.

http://abcnews.go.com/Business/Politics/story?id=674001...

[Pirate Smile]

3. Pressure from what politicians? The President.

"The high-flying execs at Citigroup caved under pressure from President Obama and decided today to abandon plans for a luxurious new $50 million corporate jet from France.

The high-flying execs at Citigroup caved under pressure from President Obama and decided today to abandon plans for a luxurious new $50 million corporate jet from France.

http://abcnews.go.com/Business/Politics/story?id=6740011&page=1

[AngryOldDem]

4. Erin Burnett on CNBC: "How do we know they spent bailout money on that plane?"

Corporate apologist to the bitter end.

Whether they did, or didn't, is beside the point. You don't plead poverty and then go out and buy a Rolls. Doesn't do too much for consumer confidence. Nor, dare I say, Congress's confidence in approving any more money for bailouts.

[BrklynLiberal]

10. Wow. That is by far the dumbest thing I have ever one of those bimbos say.

At this point, ALL their money is bailout money.

[hamsterjill]

13. That's exactly right!!!

Every thing that they do should be scrutinized. It's the price they (should) have paid (at least) to obtain the bailout funds.

I am glad to see a small smidgen of these stories hitting the media. I wish the reporters would dig a little deeper, too!

[saigon68]

14. THAT'S SOME BIMBETTE

[Frustratedlady]

5. Can we call that a slam dunk by Obama?

I hope the rest of them are listening and will also back off their silliness.

[shanti]

7. they'll just hide it better

but it's good that O is holding their feet to the fire.

[yellowcanine]

6. Their stupid explanations beg the question of why they need corporate jets at all.

There are plenty of commercial flights available for their execs to fly when they really have to - and with web conferencing, etc they don't need to fly as much anymore.

[L0oniX]

8. Every credit card app I get from them gets sent back with a nice little note...

GO FUCK YOUR SELVES!

[Dr.Phool]

9. My wife and I were getting over 20 CC offers a week from them.

I signed up for the opt-out thingy on the FTC website and it stopped.

The 20 per week was from Citi alone. Probably got another 20-25 from other companies.

[global1]

11. I Too Get Tons Of Credit Card Apps .........

I always wondered how much money they are spending on these things and how much that really costs us in interest, fees and late charges. I didn't know there was an 'opt-out thingy'. If you still have a link to that site - please post.

[Dr.Phool]

16. Here it is.

https://www.optoutprescreen.com/?rf=t

It takes about 30-45 days to kick in, but I don't get any anymore.

I burnt out 3 shredders on that crap before.

[AndyTiedye]

17. We Feed Those CC Offers to Our Wood Stove

They're OK for getting the fire started.

[acmavm]

12. Hey hey hey, where are the two clowns who accused everyone

who was against this of 'class warfare'? You know, the guys that said this jet was already paid for (like they knew).

Come on back boys, let's talk.

[Eugene]

18. K & Rec #5

Pure arrogance.