What does $45 billion in taxpayer funds get you? A whole ‘lotta corporate luxury jet. $50 million worth, in fact.
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.
Yes, why should a company executive have to answer to the American taxpayers who just bailed out the company? What business of yours is it that Citigroup was so hard-up for your $45 billion that it could still afford a $50 million luxury jet for its executives? Shame on the NYPost for even asking.
By the way, via Hot Air, the same company is slashing 50,000 jobs in order to “cut expenses”. You know what might help in “cut(ting) expenses”? Not purchasing $50 million luxury jets so that Vikram Pandit has more leg room.
by Stephan Tawney on Mon, Jan 26, 2009