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WEDNESDAY, NOVEMBER 25, 2009
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6

Citigroup Drops $50M on Fancy Corporate Jet

... After taking $45B in federal bailout funds, fumes indignant Post

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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.

Flight crew serving food and beverages to passengers aboard an airplane, 1960s.
Flight crew serving food and beverages to passengers aboard an airplane, 1960s.   (Getty Images)
Incoming Citi chairman Richard Parsons is seen in this June 9, 2003 file photo.
Incoming Citi chairman Richard Parsons is seen in this June 9, 2003 file photo.   (AP Photo/Stephen J. Carrera, file)
Citigroup may be going down in flames, but its corporate jet will rule.
Citigroup may be going down in flames, but its corporate jet will rule.   (Shutterstock)
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6 comments
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christine_m
Jan 26, 09 12:50 PM CST
Yeah, boy am I glad they got taxpayer money... Reply
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EddyTeach
Jan 26, 09 1:40 PM CST
so... when congress decided to give away the bailout, did anyone notice that they had a $50 million jet being delivered? Reply
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Collusive
Jan 26, 09 2:35 PM CST
its time for a socialist revolution... Reply
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JonmarkP
Jan 26, 09 3:04 PM CST
See you in the streets. Reply
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radnip
Jan 27, 09 2:12 AM CST
So Congress was pressured on the 1st bailout. That doesn't mean it can't demand an accounting now. What law says Congress can't demand an accounting? Did Congress write yet another law...? Reply
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