After the NY Post's outraged article on how CitiGroup was buying a $50 million corporate jet, politicians joined the chorus over how the banking giant is not really thinking straight. President Obama's press secretary Robert Gibbs said the president "doesn't believe [business jets are the] best use of money." Especially when CitiGroup is getting $45 billion in TARP funds, right?
Senator Carl Levin told the press, "The notion of Citigroup spending $50 million on a new corporate jet, even as it is depending on billions of taxpayer dollars to survive, does not fly. To permit Citigroup to purchase a plush plane - foreign-built, no less - while domestic auto companies are being required to sell off their jets is a ridiculous double standard." The Dassault Falcon 7X is a French-made jet that seats...twelve. Rep. Barney Frank added, "This sounds far plusher than called for in their circumstances."
Earlier, CitiFlight, which manages CitiGroup's fleet, refused to comment to the Post, saying, "Why should I help you when what you write will be used to the detriment of our company?" but now CitiGroup says it might explore leasing the plane. The Post has an editorial asking new Citi chairman Richard Parsons to "restore common sense to the company. His first order should be a no-brainer: Have CEO Vikram Pandit scrap the jet deal - today." And Taxpayer Field, anyone?
