Citi Gets Baillout, Buys $50M Jet

Posted: Jan 26, 2009 8:31 AM
"Just Plane Despicable" is the headline from the New York Post this morning about the $50 million jet the recently bailed out bank Citigroup is purchasing.

Citigroup recieved nearly $45 billion from taxpayers in the financial rescue last year.

From the Post:
Beleaguered Citigroup is upgrading its mile-high club with a brand-new $50 million corporate jet - only this time, it's the taxpayers who are getting screwed.

Even though the bank's stock is as cheap as a gallon of gas and it's burning through a $45 billion taxpayer-funded rescue, the airhead execs pushed through the purchase of a new Dassault Falcon 7X, according to a source familiar with the deal.

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. It can cruise 5,950 miles before refueling and has a top speed of 559 mph.

Post reporters Jennifer Keil and Chuck Bennett attempted to get comment from Citigroup officials about the jet with little success.
"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?"