Citi Jet Purchase: $50 Million, 12-Seat Plane Despite $45 Billion Bailout

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.

The Post also reports that Citi executives are "quietly trying to unload two of their older Dassault 930EXs," worth approximately $27 million each.

Comments

[Ipanemagirl]

How could this happen? a bailout with no rules attached for fear of being socialist/ That is the result. We need rules before we give out money, and they should be strictly enforced by the government just like the DMV does to all drivers. We should be ale to get this money back as its a clear abomination to use taxpayers money for the wrong purpose. Make them give back this money with fines!

[brighterlight]

Thank you Obama and Obama Administration for plucking Pandit's plane!

[brighterlight]

Pandt's Plane Plucked! Thank you Obama.

[escobar]

IT isn't even a US made plane.
They could have bought a Gulfstream or some other US made plane, instead the tax money goes overseas.

[hart444]

We live in a global economy. I support the worker rights of all laborers the world over. It shouldn't matter to you who makes the jet as long as they are getting a family wage and good benefits.

[kellygrrrl]

Citigroup says this a.m.: "We have no intent to take possession of a new aircraft."

http://blogs.abcnews.com/politicalpunch/2009/01/under-fire-from.html

[ricchase]

ABC just reported that Citi will refuse delivery of the jet.

[justoverit333]

WTF. This is truly unbelievable. It's all just
money money money with these people.
It's never enough. They need more more more.

[publicmenace]

In Europe they have the right idea: If the government has to bail out a company, the company gets nationalized.

[goldnchyl]

Isn't this the kind of irreverant greed that precipitated the Revolutionary War?

[publicmenace]

What precipitated the Revolutionary War was more of an issue of paying taxes to a foreign country. This IS the kind of thing that precipitated the French Revolution, though.

Interestingly enough, for over a decade Russian academic Igor Panarin has been predicting the U.S. will fall apart in 2010 -- that an economic and moral collapse will trigger a civil war.

http://online.wsj.com/article/SB123051100709638419.html

[vigilantwarrior]

"Citi executives are "quietly trying to unload two of their older Dassault 930EXs," worth approximately $27 million each."

Maybe they can "unload" them to these go-getters:

http://michaelfury.wordpress.com/2008/08/20/the-ghost-in-the-machines-the-mystery-of-the-wtc-hard-drive-recoveries/

[Tom Joad]

I know where they could purchase an Airbus A320 that would also double as the coporate yacht.

[HoneyBrown]

Tee hee!

[6olddogs]

Time for the laid off workers from Cat, GM to form a cooperative and start building tumbrils.

[1201SLD]

And Yesterday Chase and Citi credit card customers were informed that the their new interest rate would be 24.99% on purchases, more for cash or default. Mailings of the letters were carefully timed for Friday arrival, to muffle the anguish over the weekend and delay perhaps-diminished protests until Monday. Are the banks conspiring to put their customers in default or just to exit the card business? Do they want their card customers to default on their mortgages too? If people can pay the higher interest, will it be used to pay for the plane?

[GlenRast]

It was only a matter of time before the credit card companies started turning the screws. After all they're no different from crack dealers. I recently got a letter informing me that my limit on a VISA card was to be cut in half because I didn't carry a big enough balance. Apparently they're angry that they can't slam me with high interest because I'll simply pay the balance off and cancel the card. I asked them why I should use a card with a 9% rate when I have a card with a 6% rate. No response.

I once had a card that I used sparingly for years. The interest rate never changed. Then my grandmother got sick and I used the card for airfare and hotel to go visit her. Within a month I received a letter informing me they were doubling my rate. It seems they were just waiting for a 4 digit balance so they could slam me. I moved some money around paid it in full then canceled it. They actually tried to offer me a lower rate to get me to keep the card. I won't repeat my response.

The whole credit industry is one big scam. Mortgage companies try to tell me that I have to pay a higher rate when applying because my credit score is only 680 while the credit rating companies tell me my score is 680 because I don't borrow enough money. Big scam

[marinade]

Amen.

[LiveFromThePhilippines]

I believe Citi is also paying an absurd amount for the new stadium in New York?

[LiveFromThePhilippines]

I believe Citi is also paying some crazy amount for the stadium naming rights in New York?