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?