Citigroup about to complete purchase of brand new $50 million corporate jet.
Citigroup about to complete purchase of brand new $50 million corporate jet.
The New York Post reports today that Citgroup — the recent recipient of a $45 billion government bailout — is about to receive a brand new $50 million corporate jet:
The French-made luxury jet seats up to 12 in a plush interior with leather seats, sofas and a customizable entertainment center, according to Dassault’s sales literature. … There are just nine of these top-of-the-line models in the United States, with Dassault’s European factory churning out three to four 7Xs a month.
“Why should I help you when what you write will be used to the detriment of our company?” replied Bill McNamee, head of CitiFlight Inc., the subsidiary that manages Citigroup’s corporate fleet, when asked to comment about the new 7X.
Earlier this month, a provision requiring the recipients of TARP funds to give up their corporate jets was stripped from the legislation.
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Corporate welfare in action.
January 26th, 2009 at 11:18 amThe haves, the have mores, and the have to have even more.
January 26th, 2009 at 11:20 amThis is the kind of economic stimulus that repubilcans like boenher and mccain can get behind.
January 26th, 2009 at 11:21 amSo how many tickets does my share of the $50 billion buy?
January 26th, 2009 at 11:21 am‘Cause I could really use a vacation…
Ok congress, get to work, and pass legislation saying any jets bought while a company is receiving TARP funds cannot be licensed to fly, until the funds have been repaid. Ground them. Now. The leash needs to be tightened, if they think we’re kidding around.
January 26th, 2009 at 11:23 amAmend that: any jets owned by a company that receives TARP funds cannot be licensed to fly, until taxpayers have been repaid.
January 26th, 2009 at 11:27 amThe BEST corporate perks the American taxpayer can subsidize. Isn’t this a GREAT country?
sarc ON!
January 26th, 2009 at 11:28 amThey pay cash or take a subprime loan?
January 26th, 2009 at 11:36 amWhat he really said, “Well, it’s none of your damn business. We got tax payer money with no strings attached and we plan to use it to make our lives better. Isn’t that the American way?”
January 26th, 2009 at 11:36 amLegalized Grand Larceny.
And they gave one guy in California 25 years for stealing one slice of pizza!!
January 26th, 2009 at 11:37 amThis kind of opulent and lavish lifestyle is not what the money was distributed to them for. There should be some kind of sanctions or re-payment to the government for any purchases that are not strictly needed to help them maintain their business and not their lifestyle. This is no better than cheating and stealing and they should not get away with it.
January 26th, 2009 at 11:45 amThese corporate welfare queens couldn’t even buy American with our money. And by the way Bill, reporting on the purchase does no harm to your company. Making the purchase does.
January 26th, 2009 at 11:45 amObama should nationalize the banks, and throw the CEOs in prison.
January 26th, 2009 at 11:49 amThat’s America’s jet now. Let’s go confiscate it, pronto.
January 26th, 2009 at 11:54 amCitigroup gives middle finger to taxpayers…
January 26th, 2009 at 12:00 pmGod help us. How the hell can they get away with this?
January 26th, 2009 at 12:02 pmLets send it to the Smithsonian as an exhibit of the kind of corporate greed which drug us into recession, and possible depression.
With wax likenesses of the execs, crystal gobblets held high in exalted, mutual-congratulation, while their companies crater.
January 26th, 2009 at 12:04 pmbarfly Says:
Ok congress, get to work, and pass legislation saying any jets bought while a company is receiving TARP funds cannot be licensed to fly, until the funds have been repaid. Ground them. Now. The leash needs to be tightened, if they think we’re kidding around.
Big time. Citi takes the money and laughs at the taxpayer. Congress cannot tolerate this type of thing.
January 26th, 2009 at 12:07 pmWhy couldn’t they at least have bought a Gulfstream?
January 26th, 2009 at 12:08 pmThere is a way to express disgruntlement over the avarice and arrogance of these clowns. Don’t do business with them. There are still locally owned banks. Cut up their credit cards.
It might be a small way to protest but lots of small efforts would have an effect.
January 26th, 2009 at 12:12 pmFrench made, even. Lovely.
January 26th, 2009 at 12:16 pmOnly “We The People” can stop them!These Pigs own all the Politicians….
Where do they live?
Where to they work?
Where do they dine?
Where do they walk?
These Pigs can’t possibly have 24/7 protection!
When are these Pigs most vunerable?
Where are these Pigs most vunerable?
Again,
January 26th, 2009 at 12:19 pmOnly “We The People” can stop them!
Oh, I believe that they do. They dare not walk among us. Not even kenny boy lay was that dumb.
January 26th, 2009 at 12:24 pmAnd the news today: Tens of thousands more layoffs are announced. Of course the totally clueless drone/troll Tracy_5 will show up shortly to blame those being laid off for not taking jobs at a lower salary.
January 26th, 2009 at 12:25 pm“why should I held you when what you write…”
So in other words, they know that the voters aren’t gonna like seeing the TARP used for this, and they’re doing it anyway.
Willful action. Not an oversight.
January 26th, 2009 at 12:27 pmYou can put lipstick on a pig … need I say more?
Yes, I should; it is not Made In America – it’s imported from France.
hahahahahaha … we are truly suckers!
January 26th, 2009 at 12:29 pmNow we’re seeing where the bailout money is going. Eric Cantor got his kick back for his vote and 40,000 dollars isn’t bad payment from one back. Other Banks also gave money for cooperation. John Boehner’s State of Ohio is crying for help as he says one thing but votes to give banks the money so he to can get his kick back bucks. You really can’t blame the Republicans and some Democrats as it’s so easy to steal from the US taxpayers it’s like takeing candy from a bady and they are laughing all the way to the off shore banks.
January 26th, 2009 at 12:32 pmCongressional Democrats really need to grow a pair and go after this type of thing. They have the votes. And if this becomes a media-frenzy type of story, which side of the story would you rather be on: Those opposing this sort of waste, or those who want to allow the loophole for ongoing corporate excess?
January 26th, 2009 at 12:41 pmThat is not a “French” jet, it’s a “Freedom” jet. Therefore, it passes the smell test for the obstructionist conservative minority members of Congress. They will undoubtedly filibuster any attempt to pass TARP rules against such purchases. I’ll bet that they’ve already contacted their lobbyist friends to try and wangle a free ride.
January 26th, 2009 at 12:47 pmNeither. You paid cash.
January 26th, 2009 at 12:51 pmI know why they can afford it – the month after I was laid off they bumped the interest rate on the credit card from 9.99% to 29.99%. Easy money for these crooks.
January 26th, 2009 at 12:58 pmThere’s been some discussion about nationalizing banks, even on a temporary basis. Citibank should be seized immediately, the executives all fired, and that damn jet sent back to France with a demand for a full refund. Infuriating!!!
January 26th, 2009 at 1:02 pmI remember back when I was just getting into the age of playing the credit game that there were finance companies that got into trouble over ‘usurious’ interest rates.
And I remember when there were penalties when loan sharking was used. The good news is the credit companies haven’t bought into the ‘broken leg’ incentive program.
How can anyone in a company sleep at night when charging interest rates in the double digits when the Fed is at the bottom?
January 26th, 2009 at 1:29 pmThis makes me sick! Any company that comes to the US government with a hand out for help should not be allowed to continue to pamper top execs with a luxury 12 person jet! Do we have any competent people in our government that think this is insame? Pisses me off to see our tax money wasted on things like this!
The icing on the cake is that some idiot took the “jet Clause” out of the TARP! I wonder how much money he got for that deal! Sickning and embarrasing!
January 26th, 2009 at 1:44 pm“Why should I help you when what you write will be used to the detriment of our company?” replied Bill McNamee, head of CitiFlight Inc., the subsidiary that manages Citigroup’s corporate fleet, when asked to comment about the new 7X.
I say PHUCK YOU Citibank even if you do own my mortgage, you should all go to prison for stealing from us the real tax payers of this country.
January 26th, 2009 at 1:58 pm“Member since 1988″ on my card I just canceled with these fcukwits.
They should all go into a closet and suck eggs.
January 26th, 2009 at 2:01 pmThis is TAX PAYERS MONEY!!!!! Peopel should surround Congress and demand acountability and their money back!
January 26th, 2009 at 2:04 pmSo here we go again. The bank that i too big to fail is right in the middle of another of their serial failures, and they want a jet. The stock price for Citigroup is south of $3 per share now and they have proposed to split into two entities.
They want to take the profitable banking business, and some other divisions, to the side as a separate entity that they will christen with the Citicorp moniker they abandoned in the 1990’s in one of their whale swallowing another whale mergers.
Much of the rest of the business will be known as CitiHoldings. What will they be holding? Why, the bag, of course, but only for as long as is required to foist it off on American taxpayers.
The executive suite of Citicorp will need a brand new jet though. For one thing, they’re getting a great deal. It’s not going to cost them $50,000,000.00. It’s going to cost American taxpayers $50,000,000.00. It will cost Citicorp nothing more than the nod they give us suckers by way of thanks.
And of course, we’ll get everything in CitiHoldings that’s about to plunge into the abyss. Thank you Vikram Pandit, nobody can slither like you.
January 26th, 2009 at 2:11 pmRep. Todd Tiahrt (R-Kansas) gets the “no corporate jet” provision tossed because he doesn’t want to risk layoffs at the Canadian-owned Bombardier Business Aircraft factory in his district. Citigroup turns around and blows $50 mill on a French jet. Do you feel used now Todd?
Because if you had bothered to check before you did this Rep. Tiahrt, you’d know Citi had a history of buying French.
-AF
January 26th, 2009 at 2:19 pmAndrew Sullivan Is A Fraud
I actually have no argument per se. I was a senior executive with a company that had a prop-jet and it was fully cost justified (by a very wide margin).
Keep in mind that corporate aircraft are usually leased out when not flying for their owner. The extravagant cabin MIGHT pay for itself in higher leasing revenues.
January 26th, 2009 at 2:26 pmDavidHart says:
For my part, I say that when the jet is leased, those skulking around Citicorp’s executive suite should bear that jet on their shoulders and walk it around like the world’s fanciest rickshaw
January 26th, 2009 at 2:33 pmAnd the company you were a senior executive at had their hand out asking for welfare because they were brilliant miscreants?
January 26th, 2009 at 2:34 pmBetter yet let the French bail them out!
January 26th, 2009 at 2:49 pm“Let them eat cake”
January 26th, 2009 at 2:50 pmIf our tax dollars paid for this private jet, then we are part owners and should be able to use this jet. Where’s the reservation sheet?
January 26th, 2009 at 4:07 pmI believe it is time for a black-mask revolution.
January 26th, 2009 at 4:09 pmCouldn’t they have bought an American private jet? Trickle down economics!
(joke)
January 26th, 2009 at 4:17 pmDon’t blame citibank, blame your congress person for allowing this farce to pass. Blaming citibank for buying a jet is like blaming a Citizen for spending their $600 2008 bailout money on hookers and blackjack. We know they’re going to waste the money, let’s stop giving it away… in fact, let’s stop taxing people to pay for this crap. At least by lowering taxes and stopping the bailouts, the person “wasting” the money is the one who “earned” it.
January 26th, 2009 at 5:08 pmWhat was that…a famous lady…oh yes, “Then let them fly coach!”
January 26th, 2009 at 10:48 pmOuch, I dont care how you justify it. This kind of sh*t churns my stomach. What can we do, can I please have my money back? Wait, can I please have my unborn grandchildrens’ money back?
January 26th, 2009 at 11:35 pmBY ANY OTHER NAME, THIS IS DISRESPECT AND ABUSE, OF TAXPAYERS AND SHAREHOLDERS
January 27th, 2009 at 11:45 pm–
http://pacificgatepost.blogspot.com/2009/01/disrespecting-taxpayers-shareholders.html
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The White House and Congress continue with misguided policies, and incompetent distribution of taxpayer money.