Posted on 01/27/2009 7:42:38 AM PST by TigerLikesRooster
OBAMA & CONGRESS BLAST CITI OVER JET
By JENNIFER GOULD KEIL and CHUCK BENNETT
January 27, 2009 --
High-flying Citigroup executives, trying desperately to hang on to their new, $50 million luxury jet, took heavy flak yesterday from the White House and Congress after The Post revealed how the beleaguerred bank is blowing taxpayers' rescue funds.
EDITORIAL: CITIBOOBS
The Financial behemoth, being kept afloat by $45 billion in public life support, should not be spending its precious greenbacks on frivolous luxuries, said President Obama's spokesman, Robert Gibbs.
Obama "doesn't believe" business jets are the "best use of money," said Gibbs. "He said that as it relates to the auto industry, and he believes that as it relates to banks, as well."
(Excerpt) Read more at nypost.com ...
Ping!
reason 2901 why bailouts were a bad idea. Thanks, McCain for not giving us an alternative.
I think Citi should give up their jets when Pelosi gives up her.
What about Congresshag Peolousi’s jet?
I understood that they bought it 2 yrs ago, when they had a lot of money.
Obama inauguration sets record for private jets
http://blogs.wsj.com/wealth/2009/01/20/obama-inauguration-sets-record-for-private-jets/
All that ever happens to these guys is a tongue lashing, that’s it. I would take 1000 times the tongue lashing Citi took for 1/1000th the money they just got = $45 million. I’d like to see Congress remove ninety nine times the cost of the jet from Citi’s picnic basket that they were just given. Just take $5 billion away. Now. Today.
>>Obama “doesn’t believe” business jets are the “best use of money,” said Gibbs.
Then he’ll be giving up Air Force One, right?
My first thought as well. What does she have? A private 757? That is a nice toy to have for her to fly back 'n forth to her home district -- on our dime.
Meanwhile a round trip for Pelosi to California costs taxpayers $300,000 dollars.
You mean a single person in Washington had to WONDER if the bailout money would be abused? No brainer for me.
Just look to Katrina and those checks sent out for the “impoverished”. They spent it on lap dances, booze, whatever. Sure, some used it wisely, but quite a few did otherwise and blew it. Yet...same people are still happy to hold out their paw every month for the scheduled gov’t handout. Lovely.
From http://dealbook.blogs.nytimes.com/2009/01/27/citi-reverses-course-on-50-million-jet/ ,
Citi Reverses Course on $50 Million Jet
January 27, 2009, 10:20 am
Facing outrage from some lawmakers, Citigroup now says that it will not take delivery of a brand-new $50 million corporate jet.
“We have no intent to take delivery of any new aircraft,” a Citigroup spokesperson told Dealbook on Tuesday morning.
The bank, which has received hundreds of billions of dollars in government funds and guarantees, came under fire Monday after it emerged that the company was set to take delivery of a luxury corporate jet (built by the French, as it happens).
If they really wanted to help Main Street, the government would cut capital gains taxes and corporate taxes. That would grow the economy and create jobs.
But the point of the bailouts is to buy friends, pick economic winners and losers, and lock in future political gains. The implementation isn't helping Main Street, because it's not intended to.
Don't blame McCain for being the brightest of a box full of low wattage incandescent bulbs.
Nancy Pelosi must be jealous.
Works for me! Goose and gander and all that (not sure if Pelosi is the goose or the gander!).
The money ceases becoming ours after the federales mug us each April 15th.
Obama and Congress are projecting.
Yes how much did hers cost initially and how much is it costing the tax payers on a yearly basis to keep it flying?
..and the 600 privately own jets that flew in for the inaug?...another case of selective rage? sure it's stupid to flaunt, but is it not stupid or arrogance to award 4 billion to ACORN? an organization under investigation for voter fraud?...what say you Gibbs?
More outrageous than a bankrupt bank spending $50 million on a corporate jet is our being in a position where the Furher Obama’s proclamations on how automobile manufacturers and banks spend their money is the de facto law of the land.
i heard also that it isn’t even american made,,,,go figure...
I’m sure they ordered this before the crisis and would haves broken a contract to cancel it.
*Fuhrer*
Gee, I could have sworn over 600 private jets flew elites to Washington DC just last week for some kind of party at taxpayer expense.
Could have sworn Nancy Pelosi and Harry Reid routinely fly in gulf streams at taxpayer expense.
They can keep the jet and sell it, and kep that money in lieu of a bailout.
What he heck does bailout even mean anymore? It means let companies who donated to a congressman’s campaign charge stuff on Uncle Sam’s credit card with no promise to repay. D
Don’t worry, you and I, the taxpayers, will bend over and pick up the tab. Where’s the revolt? Where’s the tax holiday until the economy gets better?
The taxpayers go along because they still have two things that politicans and their financiers don’t have: shame and pride. And they are being exploited for it. These bailouts are like a Kmart store closing sale: once they are finished the country’s treasurt will be picked over and there will be nothing left to use to assist he middle class. What’s worse, there will be an entitled calss who have given each golden parachutes on the middle class dime, excpet now they’ll have more government power to lord it over honest workers than ever.
PS - Are corporate bailouts “trickle down economics???”
Feel free to answer or address any of the above, anyone.
These people at CITI are so tone deaf they should be shot.
The fact that this would be approved after a bailout speaks volumes as to why they are where they are today.
>>Obama “doesn’t believe” business jets are the “best use of money,” said Gibbs.
“Then he’ll be giving up Air Force One, right?”
What did he think of all those private jets that brought his sycophants to the Inaguration?
Boy, oh, Boy ! How'd you like to be the supplier of that jet, who delivered on a contract that you had with citibank, and just got stiffed for $50 million ?
Ridiculous comparison.
Did you complain in 2000 or in 2004?
Didn’t CITI donate $8 million (of our money) to the inauguration?
Nah. Start with the big dog welfare queens, like Wall Street and the banks.
Well what do you expect. You give away money with no ‘PRECONDITIONS” of course when you have a president who has run nothing but his mouth.
Glad I don’t work for an airplane manufacturer. Why with all you class warriors out there I don’t know how much longer I’d have a job.
All the media have to do is to report a troubled company that received bailout money is spending it and envy mongers come out of the wood work.
Let me ask you this. What if Citigroup spent millions of dollars at the company you work at? I bet you wouldn’t be screaming.
Even worse, I wonder that since they are not taking delivery, will they have to pay sizable penalties and still not have the plane?
BTTT
Who is now in charge of CITI, and who put him there????
Who didn’t know this was going to happen. Now that private companies are being bailed out with our money...now we’ll see the outrage over how they use our money.
These banks should have just shutdown and let the system we had in place work. Next we’ll be needing to take a vote on everything the banks do.
This is not a class warfare. What you are advocating is a corporate welfare. Any company in such a dire strait would cancel the order, even with a penalty, because they simply won't have money.
ROTFLMAO!!!
Obama has an entire staff for Air Force One, Marine One, Secret Service, etc. How many billions are spent on his staff??? I don’t want to hear that he is the most important man on the planet because our government structure accounts for his demise. It is called the Vice President. He is but one man. Nothing more. He has a job to do but by no means does this country fall apart should he meet an early demise. It hasn’t so far with the other eight Presidents that have died in office. We should protect him but the empire that has been built around the President is a waste.
So, here Obama sits on Air Force One, after being shuttled to it by Marine One, eating made to orders foods, and bitches about large corporate CEOs and their itty-bitty jets. $50 million for a jet? His entire staff spends that nearly every day.
Private jets pay my mortgage and put food on my table...as well as a lot of other people we employ to keep the planes in the air and maintained.
I appreciate people with a lot of money who don’t just sit on it. That’s the real way to spread the wealth.
Why does a bankrupt (definition: spends more than one makes) federal government not canceling its orders, then?
Because they think they are too valuable.
Citigroup directors removal sought by NY Post, WSJ
http://www.reuters.com/article/marketsNews/idUKN2550689320081125?rpc=44
start with Robert Rubin.
http://www.citigroup.com/citi/corporategovernance/bddir.htm
...Citibank STILL plans to pay $400 MILLION for naming rights to the new Met’s stadium.
And here’s a good one:
Struggling Banks Paid President Clinton $2.1 million for ‘Speeches’
http://www.cnsnews.com/public/content/article.aspx?RsrcID=39902
Wonder if they put that on a credit card that we just paid the balance on, “plus interest”?
“I appreciate people with a lot of money who don’t just sit on it. That’s the real way to spread the wealth.”
Lot’s of wealthy people spread the wealth when they shop, go to restaurants, the theatre, etc. A friend of mine worked at an establishment that sold boats in the late ‘80s. When someone got the bright idea to institute a “luxury tax”. Long story short, the boat sales slowed down and people at the store lost their jobs.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.