Citigroup sure knows how to spend American tax dollars

Citigroup Inc (C.N), which has received $45 billion of capital from the U.S. government, is going through with plans to buy a $50 million jet

Earlier this month, a provision requiring the recipients of TARP funds to give up their corporate jets was stripped from the legislation.

“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,” the article states.”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.<>

So what does Obama say about this:

  • President Barack Obama does not believe “that’s the best use of money” after receiving taxpayer assistance. But its cool …Let US know when you need more tazpayer assistance right.

Sen. Carl Levin said on Monday that he wants the U.S. Treasury Department to halt Citigroup Inc.’s reported plans to buy a $50 million corporate jet. Senator called the deal absurd and wants the Obama administration to block it. Yeah like thats really going to happen.

  • ok Citigroup whats the final word on this story

Citigroup said in a statement that refusing delivery now would result in millions of dollars of penalties. The bank also said it is selling existing aircraft, the proceeds of which will more than pay for the new plane. So were gonna go ahead and keep them. …suckers

  1. December 5th, 2011
    Trackback from : repair mortgage

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