Obama Treasury Dept. to Citi: Don’t Pimp Your $50 Million Ride

Tuesday, January 27, 2009

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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.

This entry was posted in Bailout, President Barack Obama, U.S. Economy, Wall Street and tagged , , , , , . Bookmark the permalink.

9 Responses to Obama Treasury Dept. to Citi: Don’t Pimp Your $50 Million Ride

  1. stradella says:

    Damn, “O”-Man! Damn!

    You really are tuning out to be the Magic Negro. I am so glad Obama’s in the White House and not McCain. So glad.

  2. DMason says:

    The bailout was a sham. People were lied to by the Bush administration and Pelosi and Frank were swept away by the tide of lies. The bailout money was NOT intended for CEOs to buy duplexes in Manhattan or corporate jets. The bailout language was written to exclude transparency. No one even knows where the money has gone.

  3. Arizona Leatherneck says:

    These f**king parasite in corporate America should be lined up against a wall and shot with a machine gun.

    They’re responsible for destroying the economy of this country.

    Cockroaches, that’s what they are.

  4. Gleneagle says:

    The arrogance of the corporate suits is beyond simple comprehension. These fat cats really think the American people owe them. Unbelievable. Well, there’s a new sheriff in town and his name is Barack Obama and he’s not going to let these crooks get away with perpetrating their greed on us.

  5. Matteo says:

    Don’t forget this little $37 million dollar gem.

    Banker Buys $37 Million Apartment After Getting $25 Million Buyout — for Doing Virtually Nothing

    http://www.foxnews.com/story/0,2933,473967,00.html

    A former top executive at Merrill Lynch who received a $25 million golden parachute after just three months of work has purchased a $37 million Park Avenue palace.

    Peter Kraus, 55, paid the staggering sum for a five-bedroom co-op on New York’s posh Park Avenue after getting a $25 million buyout from Merrill Lynch when the company was sold to Bank of America in September, the New York Post reported.

  6. Brigadoon says:

    The American people are fools. What is it going to take to awaken this country from its slumber? Are we really so medicated by sports scores and gossip that we’re just going to stand idly by and let the elites rape us anytime the economy takes a hit? When are we going to storm the Bastille?

  7. feminazi says:

    Matteo – If memory serves, this is the same CEO who reportedly remodeled his new, luxury condo to the tune of $1.8 million. Who paid for this? Since the bailout scheme orchestrated by Paulson and Bernanke and approved by Pelosi and Frank had no transparency in it, we will probably never know who footed the bill.

  8. Fran says:

    Check out the design on that fancy corporate jet– Looks like there are strings attached!

    LOL!

    WTF were they thinking???
    These wall Street Douchebags need heavy regulating.
    They can buy the jet AFTER they repay the bailout $$$, with interest.

  9. libhomo says:

    Citigroup should be nationalized. We certainly have paid enough for it.

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