02/27/2009 05:12 am ET | Updated May 25, 2011

Citigroup Caves To Obama: Abandons $50M Plane Purchase

The high-flying execs at Citigroup caved under pressure from President Obama and decided today to abandon plans for a luxurious new $50 million corporate jet from France.

The decision came 24 hours after the banking giant, which was rescued by a $45 billion taxpayer lifeline, defended buying the state-of-the-art Dassault Falcon 7-X -- one of nine to be flying in U.S. skies -- as a smart business deal.

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