Tuesday, January 27, 2009
Citigroup, which received a massive taxpayer-funded rescue last year, cancelled plans to buy a $50 million executive jet after news of the new plane drew rebukes from politicians including from the Obama Treasury Department.
The bank is under heavy pressure from regulators and elected officials after receiving $45 billion of capital from the U.S. government (READ: American taxpayers) last year, including a $20 billion emergency infusion in November.
Yesterday, 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.
But today, Citigroup issued a spokesman said Citigroup has no intention of taking delivery of the new aircraft.