Citigroup Takes Bailout Money, Buys New $50 Million Corporate Jet
Your tax dollars hard at work:
Citigroup decided to get its new wings two years ago, when the financial-services giant was flush with cash, but it still intends to take possession of the jet this year despite its current woes, the source said.
“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.
“What relevance does it have but to hurt my company?”
It’s not uncommon for large companies to pay a deposit on a new plane then cancel the order before delivery, according to a source in the corporate aviation business.
Citigroup execs are also quietly trying to unload two of their older Dassault 900EXs.
Because the elite executives at Citi can’t be expected to fly in commercial jets like the rest of the plebes.
I once heard from someone who would know that Wal-Mart’s executives routinely flew in commercial jets. Sam Walton himself was a pilot and owned his own plane and used that to travel from place to place, but outside of that Wal Mart kept costs low by eschewing the corporate jet stereotype.
Maybe some of these other companies should take a cue from them and cut costs in a similar fashion. But then, why should they as long as the government has we taxpayers footing the bill for these insolvent corporations’ extravagances?
I’d settle for Cessna 150!
Zsa Zsa: I have a nice little Tom Paxton video over at Proof Positive. That should help chase it out of your head!
BY ANY OTHER NAME, THIS IS DISRESPECT AND ABUSE, OF TAXPAYERS AND SHAREHOLDERS
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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.
but you couldnt afford the gas……
I could let you have my old Yugo, once I get my Lear Jet!
Congratulations to Citigroup for supporting our business aviation industry!
Proof, I have not been able to get that Tarp song out of my head! I want some Tarp!
..shit… I’ll take a good used car.
I wish I could get some bailout money so I could have a new jet.
No more money for Citigroup. Do these idiots ever learn?
Doesn’t the pilot pay for the gas?
Time is money and these executives should spend their time working instead of waiting in an airport security line.
As far as Sam Walton is concerned, how many of the locations Sam traveled to even had jet runways?
This is just another red herring being used to foment envy, which is one of Barry’s favorite weapons.