Citigroup about to complete purchase of brand new $50 million corporate jet.»

[babylonsister]

http://thinkprogress.org/2009/01/26/citigroups-new-jet/


Citigroup about to complete purchase of brand new $50 million corporate jet.»



The New York Post reports today that Citgroup — the recent recipient of a $45 billion government bailout — is about to receive a brand new $50 million corporate jet:

The French-made luxury jet seats up to 12 in a plush interior with leather seats, sofas and a customizable entertainment center, according to Dassault’s sales literature. … There are just nine of these top-of-the-line models in the United States, with Dassault’s European factory churning out three to four 7Xs a month.

“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.

Earlier this month, a provision requiring the recipients of TARP funds to give up their corporate jets was stripped from the legislation.

[Mnemosyne]

1. Well, we did ask where the money has gone.... n/t

[Romulox]

2. Remember when DU's labor "experts" where going through GM's budget line by line?

Where are they now? Hiding? :shrug:

[Winterblues]

3. Tax Payer money at work, ....Ain't it nice?

:shrug: What really gets me is that this is really typical Republican behavior yet it is Democrats that are pushing for these bailouts.

[Mz Pip]

4. And more layoffs are coming

I wonder how many lower level jobs could have been saved with this $50 million. My son's partner works for Citi and is worried about losing her job. She is going to work this week scared it may be her last.

What's wrong with the rest of the jets in their damn "corporate fleet?"

[liberal N proud]

5. It's mind boggling

They can continue to justify this bullshit while asking for help.

Our company ditched the corporate jet and we are not even in trouble.

[Dreamer Tatum]

6. I'll ask it: if a bank gets TARP funds, what should it do with them?

I'm serious. I'm not defending the purchase of the plane. I just want to know what people think Citi ought to be doing with the money.

[robinlynne]

9. The entire point of the money was to lend to small businesses and citizens, remember?

[Dreamer Tatum]

12. Well, sure, but suppose the plane was 100% American built

Then you could argue that the money is supporting American businesses, who employ Americans.

My concern is that one year from now, that TARP money will have gone to bolster balance sheets, at which point I think
BHO should say, "Ok, a-holes, you didn't understand the exercise, did you? Now we're going to nationalize you to get the
cash out."

[robinlynne]

16. to start with,it aint 100% american built. second of all , the obvious, people are losing their

homes, food, not to mention health.....
I am against the TARP anyway.
the money should have gone directly to building homes for homeless, or directly to workers, unemployment, food.... trickle down does NOT work! trickle up works immediately.
Remember GM put in writing its plan to use TRAP money for it's new factory in Brazil...

[Romulox]

33. They're supposed to be lending it to consumers. It's taxpayer money, remember? nt

[OhioChick]

7. This just pisses me off.....

K&R

[Azlady]

8. ENOUGH!

[HCE SuiGeneris]

28. It will never be enough,

ever... for these greedy, corrupt criminals. Shackles and incarceration are necessary... and yet that would still be a far cry from the true destiny they deserve.

[Bozita]

10. Outfuckingrageous!

[Blue Dog Dominion]

29. I say let the Exec's fly on this jet

as long as they are in a casket in the baggage compartment.

[blue_onyx]

11. The provision requiring companies to give up jets

was stripped from the legislation because of lobbying of Kansas lawmakers.

"Kansas is a hub of aircraft manufacturing, particularly the making of corporate jets. One of Frank's fellow Democrat congressmen, Rep. Dennis Moore of Kansas, sent the powerful chairman a note that delicately suggested he re-think the tough talk."

http://politicalticker.blogs.cnn.com/2009/01/21/siu-frank-talk-on-corporate-jets-gets-a-good-grounding-in-congress/

I bet if one of the car companies purchased a new jet, they would still be chastised by everyone. I guess the double standard continues...

[Rosa Luxemburg]

13. can we have a refund

maybe we can all take a ride in it? After all it belongs to us.

[guitar man]

14. cool, where are we going to take it?

It's our jet, right? We're paying for it, I think we should get to take it somewhere, how 'bout we have a big DU meetup in the Bahamas? ;)

[closeupready]

22. Yes, as far as I'm concerned, that jet belongs to US taxpayers.

Period.

[valerief]

15. When money is given to greedy elites, they spend it like greedy elites.

And Congress members, which are no more than lobbyists for greedy elites, understood that when they gave it to them.

I think we should call them Congrobbyists from now on.

[Earth_First]

17. WOOT!

So when do I get my timeshare?

I believe I'll be requesting the jet the weekend of Feb. 27th 2009.

Myself and one single traveler are requesting roundtrip accomodations originating in Rochester, NY direct to San Jose, Costa Rica.

Wait!?

...this isn't how the taxpayer bailout works?

So please forgive me if I am PISSED THE FU*K OFF!

[anonymous171]

18. We need wage a little class warfare to remind them just who they are dealing with.

[lifesbeautifulmagic]

19. Jeebus H Christ, these republicans and their "entitlements".

they just want the government to take care of them silver spoon to corp jet.

[Igel]

20. But the info is incomplete for understanding.

More than enough info for emoting.

When was it ordered? Could they get out of the contract? Was it paid for before it became obvious Citi would need money? Taking delivery is one thing, but will Citi be selling it or holding on to it for a while until they think they can get a decent price? Or will they be using it?

Seems that these are important bits of info, unless we just dislike the idea of corporate jets in general or enjoy being outraged ... but those are rather different matters. I, for one, have had people outraged at me a sufficient number of times based on partial information that I have trouble bringing myself to being outraged at others ... based on partial information. “Why should I help you when what you write will be used to the detriment of our company?” seems like a completely reasonable response. It's the kind of response I wished I'd used a few times in my life.

I think the more important words in that particular paragraph, however, are "CitiFlight, Inc., the subsidiary that manages Citigroup's corporate fleet." Makes me wonder what else it does, how big the fleet is, etc., etc.

[bdamomma]

21. oh crap they love their toys don't they?

what jerks they are.

[spanone]

23. i'm proud that my tax dollars are going to such a worthy cause

:sarcasm:

[malaise]

24. Hmmmmmmmmmmmm

Well no one asked them why they didn't drive to Congressional hearings. :sarcasm:

[taught_me_patience]

25. FTS

Fuck This Shit. These greedy fucks are thumbing their noses at us and it's time we strike back. Cut off tarp funds and let these bastards die.

[BrightKnight]

26. U.S. designed, manufactured, and maintained civil aviation jets are second to none.

This is an industry where we can compete with anyone anywhere in the world and win. The industry provides many, many very good jobs. Aerospace exports are a bright spot in our gloomy economy. Trash-talking this industry will do more harm than good.

[DCKit]

27. The company that just sent me a notice that they're raising their rates....

from base% + ~7% to base% + 17.99% (I'm currently paying ~12.5%, total)? The company that just announced they're raising their highest rates from 23.99% to 29.99% ("whichever is greater") if you screw up? I'd have posted the full details as an OP, but I'm already on outrage overload.

Anyone who doesn't cancel their Citi cards immediately needs serious financial counseling.

Oh, and the jet? Time for Congress to get off their asses and do their damn jobs.

[sfpcjock]

30. This pisses me off

Maybe they can get the old Bushit Airforce One plane :rofl:

[Vinca]

31. At least they could blow our money on an American-made jet. nt

[Romulox]

32. Remember Reid and Pelosi scolding Rick Wagoner over his jet ride to DC? Where are they now?

Corporate masters got their tongues? :wtf:

[leftchick]

34. check out the web site of the Falcon

http://www.dassaultfalcon.com/aircraft/7x/cabin.jsp

nice to know our tax dollars are paying for this beauty! :puke: