Is it time to sharpen the guillotines yet?
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.
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.
Citigroup decided to get its new wings two years ago, when the financial-services giant was flush with cash, but it still intends to take possession of the jet this year despite its current woes, the source said.
The bank owns two 10-year-old Falcon 900EXs that are reportedly for sale.
What the hell, if you are a major bank the money will keep flowing in regardless; if the economy is good, customers are gouged and the money flow in; if the economy is bad and/or bad decisions/investments were made, then the gov’t will bail you out (The latest bailout is nothing new; do a websearch on Black Monday and NAFTA for more examples).
Tell your children to become bankers or lawyers; even if you lose you win/get paid!
No stipulations to the moniles that they received. Not one watch dog to protect our monies. Go Government. I need a bailout to do my business as a parent who is looking out for Grandchild and two adults who have one lost their job and two keeps getting his salary cut. Do I qualify? Roger
The two 10-year-old Falcon 900EXs are fo sale for 20 million a piece so the net is 10 million for a new jet with twice the mpg and half the emissions of the previous fleet. That should please Al Gore. We need to stop making a bogeyman about of corporate America.
UPDATE:
Heard on CBS news today that CitiGroup is NOT taking delivery on the jet.
Nothing was said about whether Dassalt will sue them for breach of contract though.
BY ANY OTHER NAME, THIS IS DISRESPECT AND ABUSE, OF TAXPAYERS AND SHAREHOLDERS
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http://pacificgatepost.blogspot.com/2009/01/disrespecting-taxpayers-shareholders.html
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The White House and Congress continue with misguided policies, and incompetent distribution of taxpayer money.