Citigroup Drops $50M on Fancy Corporate Jet

... After taking $45B in federal bailout funds, fumes indignant Post
By Kevin Spak,  Newser Staff
Posted Jan 26, 2009 12:26 PM CST
Flight crew serving food and beverages to passengers aboard an airplane, 1960s.   (Getty Images)
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(Newser) – Citigroup may be going down in flames, but at least the seats will be nice. Citigroup is buying a brand-new $50 million corporate jet, the New York Post reports, headlining the sale, “JUST PLANE DESPICABLE,” on account of the $45 billion the company has received from Uncle Sam. Asked for comment, the head of CitiFlight replied, “Why should I help you, when what you write will be used to the detriment of our company?”

Citigroup ordered the plane 2 years ago when it was flush with cash, but it’s not uncommon for big companies to cancel orders on jets before delivery, corporate aviation experts say. At the same time, the company is trying unload a pair of 10-year-old jets, each worth an estimated $27 million.