"Just Plane Despicable"

[Godwynn]

New York Post

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.

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.

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.

Citigroup decided to get its new wings two years ago, when the financial-services giant was flush with cash, but it still intends to take possession of the jet this year despite its current woes, the source said.

"Why should I help you when what you write will be used to the detriment of our company?" replied Bill McNamee, head of CitiFlight Inc., the subsidiary that manages Citigroup's corporate fleet, when asked to comment about the new 7X.

"What relevance does it have but to hurt my company?"

It's not uncommon for large companies to pay a deposit on a new plane then cancel the order before delivery, according to a source in the corporate aviation business.

Citigroup execs are also quietly trying to unload two of their older Dassault 900EXs.

Those jets, nearly 10 years old, are worth an estimated $27 million each. They were still listed for sale yesterday on the Web site of Citigroup's aviation broker, Aviation Professionals.

A company representative said she would not comment on "brokering both sides of the deal" when asked about the incoming Falcon 7X.

The Dassaults are part of CitiFlight's Gulf Sierra fleet, which includes the two Falcon 900EXs, tail numbers N399GS and N588GS, currently for sale. FAA records show Citigroup reserved a new tail number, N488GS, possibly for the incoming 7X on Nov. 10 last year.

A woman answering the phone at CitiFlight's private hangar in White Plains said she was "not authorized to release information" about the new jet.

Dassault's US sales office declined to comment.

Citigroup spokesman Stephen Cohen declined to comment.

Should they be bailed out again?

Does your opinion change if this hadn't of happened?

 

[Perfection]

How much for the old jets?

 

[Godwynn]

How much for the old jets?

The article states $27 million per plane.

 

[Perfection]

What are they asking for, though?

 

[Godwynn]

What are they asking for, though?

Don't have a clue.

 

[luiz]

That's the beauty of bailouts.

 

[GoodGame]

That's the beauty of corruption.

 

[Thorvald of Lym]

That's the beauty of 'no strings attached'.

 

[general_kill]

That's the beauty of no strings attached bailout money being handed to extravagant spenders.

Btw, how much was the deposit they placed?

 

[Irish Caesar]

So if they make $4M on this transaction, do we get that back as tax cuts?

 

[holy king]

why werent they expropriated?

seriously, what is the meaning of these "bailouts" ?
we all give money to a few capitalists, so they can continue to make profit?

 

[Godwynn]

So if they make $4M on this transaction, do we get that back as tax cuts?

I was hesitant to say they would make $4 million, as that may not be the listed price.

Also, I'm fairly confident there are fees and taxes to selling used aircraft, and buying a new one.

 

[Irish Caesar]

I was hesitant to say they would make $4 million, as that may not be the listed price.

Also, I'm fairly confident there are fees and taxes to selling used aircraft, and buying a new one.

Oh, I've no doubt that we come out on the losing end, but I wanted to be the guy who isn't going





and so on.

 

[amadeus]

I don't see why it's any more wrong for Nancy Pelosi to get shuttled around in one of these at taxpayers' expense than some jerkoff over at Citibank that's blowing millions on useless toys.

 

[RedRalph]

I don't see why it's any more wrong for Nancy Pelosi to get shuttled around in one of these at taxpayers' expense than some jerkoff over at Citibank that's blowing millions on useless toys.

the theory is that Pelosi is accountable to the public while the jerkoff isnt

 

[Dachs]

the theory is that Pelosi is accountable to the public while the jerkoff isnt

Pelosi is accountable to some people in California, and to some suits high up in the Democratic Party. She doesn't have to give a rat's tuchas about what the public, on whom the larger burden of this crap falls, thinks.

 

[RedRalph]

Pelosi is accountable to some people in California, and to some suits high up in the Democratic Party. She doesn't have to give a rat's tuchas about what the public, on whom the larger burden of this crap falls, thinks.

Note the use of the word 'theory'.

 

[Dachs]

Note the use of the word 'theory'.

Wasn't directing that at you, but rather building on what you said.

 

[Brighteye]

According to a recent Economist, corporate jets are going very cheap at the moment. Buying one for $50,000,000 might be a sound investment if the economy really does recover.
Due to upkeep costs, two old ones will cost more than one new one.

 

[Mise]

I'd imagine that $50m is the price agreed when they were ordered 2 yrs ago, rather than their current price.