Flying in coach is about to get a lot more crowded…
Those corporate suits at Citigroup, the very ones who got a $45 billion handout from you, me, the guy down the street…you get the picture…just got a major reality check from the new guy in town – President Obama.
Following reports that Citigroup planned on using TARP monies to purchase a $50 million luxury jet, White House officials apparently picked up the phone and delivered a bombshell to Citigroup, “Not with our money, you don’t! Fix it!”
This follows on the heels of the $35,000 commode and other associated luxuries charged by Merrill Lynch‘s John Thain for redecorating his office to the tune of $1 million plus! Now that he’s been given the boot – he claims he’ll reimburse the monies spent, but who’s investigating what, if any financial package he’s walking away with in his pocket?
Let’s hope Citigroup’s cold dose of reality signals the start of accountability for the banks and financial institutions who think that economically stretched taxpayers should be footing the bill for their executive bonuses, office redecorating, and frivilous corporate jets!!!
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 7X — 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 on Monday officials of the Obama administration called Citigroup about the company’s new $50 million corporate jet and told execs to “fix it.”
– ABC News
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