After receiving $45 billion bailout, Citi buys a $50 million jet

[quantumleap]

Let them fail. No more money.

http://www.huffingtonpost.com/2009/01/26/citi-jet-purchase-50-mill_n_160807.html

The New York Post's Jennifer Keil and Chuck Bennett reported in Monday's paper that Citigroup, which has received $45 billion in government bailout funds, is about to upgrade to a new $50 million, twelve-seat corporate jet.

The plane, the Dassault Falcon 7X, is a luxurious jet with a range of 5,950 nautical miles (meaning it can fly from New York to all of Europe and South America, as far east as Riyadh, and as far west as Honolulu or Petropavlovsk, Russia). The Post reports it has "plush interior with leather seats, sofas and a customizable entertainment center."

The Dassault website describes the wide, generously appointed cabin, but says the "the airplane's most welcome feature may be Dassault's breakthrough environmental system." It touts "quieting acoustics" and advanced temperature monitoring that contribute to a more comfortable passenger experience.

 

[billbeater]

even citi workers hate citi.........

http://www.topix.com/forum/com/c/TRP6VHS3VVGDVN73U/p228

 

[whalewager]

How in the fuck can they get away with this shit.

 

[roadreeler57]

Yeah what a bad dream

 

[rolltide]

and how about fannie and freddie looking for another $40B too? of course they will get it since Obama's financial advisors are ex-Fannie and Freddie's. Let's not forget Citi was Obama's #1 $$ sponsor of his inauguration, nearly 10x the next donor.

change you can believe in

 

[roadreeler57]

Are these bailout grants or Loans the Govt is handing out with borrowed money that we don't have?....GM & Chrysler are going to pay theirs back with interest so I was wondering about these banks.

 

[rolltide]

of course they won't take it now that it's been exposed...

Citigroup denies report of new jet acquisition

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Citigroup Inc. on Tuesday denied a previous day's report in the New York Post that it plans to take possession of a brand-new $50 million jet.
"Citi has no intent to take delivery of any new aircraft," the New York-based bank said in a statement

 

[quantumleap]

of course they won't take it now that it's been exposed...

Citigroup denies report of new jet acquisition

<!-- HEADLINE --><cite>By STEPHEN BERNARD </cite><!-- BYLINE -->, 01.27.09, 08:56 AM EST<!-- DATE -->
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Citigroup Inc. on Tuesday denied a previous day's report in the New York Post that it plans to take possession of a brand-new $50 million jet.
"Citi has no intent to take delivery of any new aircraft," the New York-based bank said in a statement

It seems they ordered the jet back in 2005. It will cost them millions to cancel the order.

:nohead:

http://finance.yahoo.com/news/Citigroup-says-no-plans-to-rb-14165095.html

NEW YORK (Reuters) - Citigroup Inc (NYSE:C - News), which received a massive taxpayer-funded rescue last year, canceled plans to buy a $50 million executive jet after news of the new plane drew rebukes from politicians.

The bank is under heavy pressure from regulators and elected officials after receiving $45 billion of capital from the U.S. government last year, including a $20 billion emergency infusion in November.

On Monday, Citigroup said it was going through with plans to buy a $50 million jet, which a person familiar with the matter said was a Dassault Falcon 7X. The bank said the new plane would cut its costs and it was financing the purchase by selling older jets.

But on Tuesday, a spokesman said Citigroup has no intention of taking delivery of any new aircraft.

Citigroup had ordered the executive jet in 2005, and was scheduled to receive it later this year. The bank said on Monday that canceling the deal would force it to pay millions of dollars of penalties.

 

[quantumleap]

even citi workers hate citi.........

http://www.topix.com/forum/com/c/TRP6VHS3VVGDVN73U/p228

I used to work for Citi. You have no idea of the politics that go on in such a large organization. The working climate is toxic.

 

[roadreeler57]

http://www.dassaultfalcon.com/7x/ French Plane anyhow..Fuck the French

 

[punter]

and how about fannie and freddie looking for another $40B too? of course they will get it since Obama's financial advisors are ex-Fannie and Freddie's. Let's not forget Citi was Obama's #1 $$ sponsor of his inauguration, nearly 10x the next donor.

change you can believe in

How can that be true when his donors were limited to 50k max?

 

[rolltide]

punter go back to the article that was posted two weeks ago. citi employees contributed nearly 600k to this inauguration with the main guys maxing out. seriously i could care less but if you don't think special interest groups are pulling his strings, you're nuts

 

[punter]

punter go back to the article that was posted two weeks ago. citi employees contributed nearly 600k to this inauguration with the main guys maxing out. seriously i could care less but if you don't think special interest groups are pulling his strings, you're nuts

So you are saying that at least 12 Citi employees contributed the 50K max. Ok since the 45billion in question was given to citi during the last administration, what does the inauguration contributions have to do with this story?

 

[rolltide]

ok, i'll keep playing "pin the tail on the idiot"

I give punter massive amounts of money in the same time period I am praying punter will release another 40b my way, even though I'm probably the closest of any large bank is to failing. Any logical person would run away from me, but, I don't expect my 600k to influence punter's decision on my 40b, I'm just being nice.

(note sarcasm)

 

[punter]

Did you check on citi employees contributions to Dubya in 04? He had a 250K minimum.

 

[ScottL]

Some of you already know this from 'Sell Sell Sell.' I bought 100 of a company in 1984 called 'AL Williams.' My total investment was 800 dollars. I held it as it was purchased by American Can, Primerica, Travelers, and then after a merger it became 2,000 shares of Citicorp in 1998. In July of 2007 it was worth 111,000. But.....I NEVER SOLD!!!

 

[rolltide]

Did you check on citi employees contributions to Dubya in 04? He had a 250K minimum.

i don't need to check, i'm sure they were outlandish which helped Citi get their first 40B, IMO. interesting you still somehow think i'm pro-GWB and bring him up when you have no other point to make.
:think2:

not sure if there's one statement I have ever made on this forum that is pro G dub. I do find it funny that you lefties use him as your punching bag when he's done nothing but back big-govt policies and a globalist agenda. the media has done a real number on you guys

 

[OnWisconsin]

i don't need to check, i'm sure they were outlandish which helped Citi get their first 40B, IMO. interesting you still somehow think i'm pro-GWB and bring him up when you have no other point to make.
:think2:

not sure if there's one statement I have ever made on this forum that is pro G dub. I do find it funny that you lefties use him as your punching bag when he's done nothing but back big-govt policies and a globalist agenda. the media has done a real number on you guys

speaking of the media and bush, i find it funny that msnbc still can't go 5 muintes without bringing him up. or that obama can't go more than 38 words in an interview without alluding to how bush fucked things up. you know, just in case i don't succeed it's because bush fucked it up.

 

[punter]

Well we democrats had to go 8 years listening to how it was "Clinton's fault" now after less than a week you are tired.

Well good fucking luck.