View Full Version : CitiGroup Flying High on Taxpayers
ArlJim78
01-26-2009, 09:46 AM
http://www.nypost.com/seven/01262009/news/nationalnews/just_plane_despicable_152033.htm
What do they do with part of the $45B bailout money? why buy a new glitzy corporate jet for $50 million dollars.
"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."
jballscalls
01-26-2009, 10:28 AM
what happened to capitalism?? if you run a good profitable business then great, but if you don't, you lose and go out of business?? I like the old way (capitalism) we did things.
well, you can't expect these guys to fly around in a 10 year old jet now can you?
that's just not right! :(
Marshall Bennett
01-26-2009, 12:14 PM
Perhaps this jet had been pre-ordered and they were just now taking delivery . Of course if thats the case they could sell it ... or be forced to sell it .
delayjf
01-26-2009, 12:15 PM
I'm more upset that they bought a French airplane as opposed to an American plane. :mad:
JustRalph
01-26-2009, 04:40 PM
Perhaps this jet had been pre-ordered and they were just now taking delivery . Of course if thats the case they could sell it ... or be forced to sell it .
they ordered it two years ago when they were flush with cash according to the article.
To cancel usually involves a penalty, some large, some small. It may make much better sense to continue the purchase and sell the other aircraft.........this article is just flame bait.......... The Airplane business can be very complicated at this level. They also may get considerable tax deductions on the new jet, that they won't get on the two older ones or they have already received tax bennies on the older ones. It may all wash out to be near the same price for a much nicer jet, which by the way is probably more fuel efficient etc...........
Haven't you heard?
We are French now.
Washington DC will be renamed Paris.
tax bens, i think they don't deserve those, tarp and all they have and are still going to get.
these contract have bail out clauses, it would be less than the cost of the jet, they should cancel it.
The 10year olds are just fine, that's nothing for a well maintained corp jet.
By the way, i think we have lots of public flights still , they could adjust to those.
When these were signed , if the time line is correct they had nothing rolling in , that was all funny money, fiction.
That's up in smoke.
Lefty
01-26-2009, 09:32 PM
I think, not sure, the CEO said they would give up the jet when Pelosi gives up hers. :)
JustRalph
01-27-2009, 01:28 AM
San Francisco is changing to "Gay Pari"
oops. looks like citi now sees the light from THE ONE TRUE EXEC!
no new toy, booooohooooooooohooooooooohoooooooooo...
Now if the THE ONE TRUE EXEC would realize that they should pull the plug on that dump and let it get parted out we could get started on some real change.
No more stimulus , this is not the biggest crisis in the history of man.
It's a normal event brought on by decades of foolish dope like behaviour and dopes must be schooled every 50-60 years to learn the errors of their ways lest they try to resume them and plunge off the real cliff.
Think of it as a good heave or two after a week of drunkeness.
You got to clean the system of the junk , get a good fresh start.
You always feel so much better after you toss it all overboard.
Lefty
01-27-2009, 07:04 PM
Now if Pelosi would give up her jet and Congress would rescind their new pay raise, i'd say it was a start.
JustRalph
01-27-2009, 07:35 PM
Obama personally had one of his aides call them and tell them to dump the jet............ can you believe that?
and they did it.......they are going to pay the huge penalty and listen to Obama
ArlJim78
01-27-2009, 07:54 PM
next step, all big ticket purchase req's will have to signed off by the White House.
Lefty
01-27-2009, 08:39 PM
Wake up call for big business. Take the govt bailout money and be owned and have all decisions made by the govt. We are slipping more and more into Socialism.
Valuist
01-27-2009, 09:35 PM
The nerve of the Wall Street types is outrageous. And I don't care if there were so-called "penalties" for cancelling the order. For God's sake, this $hit is a PR nightmare. All one has to do is look at morons like John Thain and the folks at AIG who blatantly abused the TARP money.
Citi too big to fail?? Maybe too big to succeed.
Lefty
01-27-2009, 10:04 PM
The plane was ordered 2 yrs ago, f'god's sake. I am more outraged over Pelosi's jet and the payraise congress voted itself.
Valuist
01-27-2009, 10:07 PM
The plane was ordered 2 yrs ago, f'god's sake. I am more outraged over Pelosi's jet and the payraise congress voted itself.
While I'm no fan of Pelosi, how many billion in bailout money went into her accounts? Its about PR and stupidity. I don't care if they ordered the f-ing jet 10 years ago.......GM and Ford got harassed for taking a leased jet (not BUYING) for a flight to Washington. It looks really, really bad, and really, really stupid on Citicrap's part.
I'm sure you were defending John Thain and his million dollar office, also. Yeah Merrill stock was worth a lot more a year ago.
Lefty
01-27-2009, 11:37 PM
So 2 yrs ago, Citi was supposed to see this coming and not order the plane?
Thain's actions while bad, certainly no worse than money to make work that Obama's doing. As Rush points out, he hired workers to redo the office, putting money into the economy. He just did basically what Obama plans to do.
Blve me i'm not defending anybody, just pointing some things out; a reality check, if you will.
ArlJim78
01-28-2009, 12:27 AM
So 2 yrs ago, Citi was supposed to see this coming and not order the plane?
Thain's actions while bad, certainly no worse than money to make work that Obama's doing. As Rush points out, he hired workers to redo the office, putting money into the economy. He just did basically what Obama plans to do.
Blve me i'm not defending anybody, just pointing some things out; a reality check, if you will.
No, but they were supposed to cancel the order about the time that they went hat in hand begging for funds from uncle sam. its just bad PR if nothing else and yes they should have seen this coming.
PaceAdvantage
01-28-2009, 01:43 AM
The ultimate too-big-to-fail entity at the moment is Obama himself.
It's scary how easily some have been cajoled into this "gov't good, big business bad" line of thinking.
Yes, sometimes big business is bad, but gov't is ALWAYS bad....
salty
01-28-2009, 02:33 AM
So 2 yrs ago, Citi was supposed to see this coming and not order the plane?
Yes
citi (http://stockcharts.com/h-sc/ui)
Wake up call for big business. Take the govt bailout money and be owned and have all decisions made by the govt. We are slipping more and more into Socialism.
Lefty , you and PA are kind of cute in a silly sort of way.
You see big business and big gvt , if they were not the same have become in the last 30 years or so EXACTLY the same.
They are only different depending on whether you are looking at the heads or the tails side of the coin.
You really need to get up to speed here.
The players just switch jersys at halftime.
and no , you still have the wrong 'ism, yours was reached in the 1970 period we have now moved on to a fascism with a "democracy" :lol: chaser.
:D :blush:
The ultimate too-big-to-fail entity at the moment is Obama himself.
It's scary how easily some have been cajoled into this "gov't good, big business bad" line of thinking.
Yes, sometimes big business is bad, but gov't is ALWAYS bad....
ah yes, the we are sooo strong deal, that gvt???
So 2 yrs ago, Citi was supposed to see this coming and not order the plane?
Thain's actions while bad, certainly no worse than money to make work that Obama's doing. As Rush points out, he hired workers to redo the office, putting money into the economy. He just did basically what Obama plans to do.
Blve me i'm not defending anybody, just pointing some things out; a reality check, if you will.
No lefty, two years ago they were supposed to see the failure of their business coming and take steps to avoid same.
Some did see it and post about it.
I thought all those high powered execs you and others praise as having to make the tough decisions would have taken those actions to protect their shareholders , no? maybe their customers , no? maybe their employees, no? maybe their own necks?? No?? just how reckless does one need to be then to achieve master of the universe status?
You and some others can't even drink the kool-aid anymore you must be on kool-aid speedballs to maintain.
And if bama ends up dropping $87,000 rugs on everyone then i am sure the dopes will lap them up without complaint.
You see he ran his firm into the ground, he made no improvements, he thus had no money to reward himself with, he had failed, something the lighties don't seem to get.
When you fail, the OLD office is all you are entitled to if that.
It's basic honor, but that doesn't fly round these parts anymore.
:lol:
No, but they were supposed to cancel the order about the time that they went hat in hand begging for funds from uncle sam. its just bad PR if nothing else and yes they should have seen this coming.
They DID see it coming, they just don't believe any of the old fashion constraints apply to them.
They are a "special" talent above the crowd type.
That's why they are tone deaf, they don't buy many of the old values.
Obama personally had one of his aides call them and tell them to dump the jet............ can you believe that?
and they did it.......they are going to pay the huge penalty and listen to Obama
since that culture that's celebrated has lost all sense of values then what's the diff which "it" they listen to.
the denial is astounding.
them with the cash calls the tune, now dance damn you dance!
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