Posted on 01/27/2009 7:57:33 PM PST by Yo-Yo
Global financial services company Citigroup today cancelled an order for a Dassault Falcon 7X business jet to be delivered later this year as pressure mounted from the US Congress and even the White House.
The action is an about-face from the company's staunch defence of its order on Monday, telling news outlets that the purchase of the $40 million long-range business jet would proceed. Citigroup last year secured $45 billion in aid from the US government to continue operating amid the financial meltdown.
Key critics of the deal included Michigan Senator Carl Levin, whose home-state automobile manufacturers shed their corporate jets and flight departments in exchange for government financial aid late last year. Levin had threatened to have the US government block the 7X purchase.
I am not all that crazy about the bank using the Paulson Bail Out money on a French Made Airplane.
Don’t worry. When they discover that the 7X is made by a French company they are going to get really mad.
Big Bank uses our money to buy Boeing, Not Very Mad
Big Bank uses our money to buy French plane, Very Mad
I will be pissed until the bankers in question are riding the Greyhound Bus.
third time’s a charm, eh?
Hey Citi,
You agreed to the terms of the bailout. You gotta do what the gov’t says now.
F em.
They’re not hourly.
Besides if they get less done they will cause less of a mess.
Every ‘three letter title’ person I’ve been acquainted with has been a net negative producer.
Presidents of start ups on the other hand are usually brilliant. CEO’s of public corps...idiot air thief empty suits.
“Can the manufacturer sue for breach of contract?”
Maybe not but City will lose a few milliom deposit.
They ordered the jet 3 years ago and are selling 2 older jets which should make it a wash cash wise, or close.
Congress critters are really a stupid group of neanderthals.
Over 10,000 businesses in this country that use private aircraft can’t be wrong.
“Presidents of start ups on the other hand are usually brilliant.”
Very true. They could be the key to our economic salvation if our “leaders” ever thought of tapping their ideas.
“big layoff coming. LOL”
With your attitude I hope you get the axe!!!!!
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Yes.... The Bill.
When you're paying people thousands of dollars an hour, you're usually wasting money. Rarely is that rate a good value, with the entertainment business being one of the exceptions (e.g., talk show hosts, sports figures).
Compensation of corporate officers has largely been decoupled from performance. If investors want to agree to the reciprocal Board arrangements, etc., then that's their prerogative--if they accept the losses with the gains. But now that I, the American taxpayer, have been brought in against my will to prop them up, then it's reasonable to expect some better relationship between performance and compensation.
In most cases, a far less expensive officer cadre would perform as well as, or better than, what currently sits in place.
Of course, this sticky problem (government running of businesses) is one of the biggest reason why the bailouts are a bad idea in the first place.
Uh, no. That's Corporatism.
Responsibility is when the same institution needs to show fiscally responsible practices for the money in which they’ve bilked from the taxpayers.
That's Socialism, where the State controls running of the businesses.
Responsibility is when poorly run businesses are allowed to fail so better-run ones can take their place, rather than propping up and promoting failure (which punishes and keeps down the businesses that are efficient).
Look, I hate the banks, too. But they play a much larger role in the economy than your precious UAW. Deal with it.
LOL.... Those white collar criminals screwed up America 100x worse than the UAW. Add the Wall St anarchists to that too. You give a pass to the crooks dressed in $2000 suits
Fair point - but think of all the taxpayers' money they won't be losing while they are cooling their heels in an airport lounge.
Me too
Read anything Pat Buchanan has to say about these bailouts. He agrees with us how bankers/Wall Street gets billions thrown at them, no questions
While the men who run our American automobile companies get grilled and then a pittance is thrown at them for bailouts....Plus Pelosi and her greenies stipulate they must make green automobiles
I pay taxes also, thus you theory is just plain wrong. However, I understand your point. The banks get bailed out and can continue on with bonuses, planes etc...misuse taxpayer funds...they are entitled...the banks also got a fat new tax break secreted in the first bailout you know...however, the American worker should get nothing...ever.Our banker betters are special-so special.
Yeah, the autos take it on the chin from the right and left...bankers-oh dear-they are members of the ‘club’ and must not have their lives disrupted by an economic tsunami they caused.
Buying a plane stimulates the economy.
So does taking a luxury vacation.
I dont want the govt to tell me what to buy, even though i havent “bilked the texpayer”.
The strings attached to getting bailout money make the whole thing a bigger farce than it already is.
if you dont understand that, GFY.
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