Monday, January 26, 2009

Plane Stupid: Bailout Bucks Buy Bank's Private Jet

Citigroup just took a $45 billion bailout from taxpayers -- and just bought a new Dassault Falcon 7X for $50 million.

The picture gives you an idea of what the innards of a Falcon 7X looks like.

From the New York Post:
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.
Citigroup bought the French-built plane a couple of years ago when subprime mortgages had Citigroup flying high on financial instruments. The bank decided to go ahead and take delivery despite having to ask taxpayers for the bailout.

136 comments:

James Raider said...

BY ANY OTHER NAME, THIS IS DISRESPECT AND ABUSE, OF TAXPAYERS AND SHAREHOLDERS
-
http://pacificgatepost.blogspot.com/2009/01/disrespecting-taxpayers-shareholders.html
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The White House and Congress continue with misguided policies, and incompetent distribution of taxpayer money.

Anonymous said...

Yes, stupid. Of all the silly things in the bailout package, I'm curious to know why it hasn't occurred to anyone to give businesses a tax credit for keeping their workers.

Corps are laying-off all these people off to save money. So, just give them a credit on their taxes for some percentage of each worker's salary up to the amount of corporate taxes owed that year. Corporation would like it because it reduces their costs, while allowing them to keep their trained workforce intact.

If we're going to spend $1 trillion to stimulate the economy, helping people keep their jobs is a sure fire way to do it. Consumer confidence would rise and that would turn the tide.

It seems like a no-brainer. What am I missing?

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Will make a difference in the buyer end. As the Private Jet chartering is emerging and many prefer this.

Online Banking said...

This should not have happened Citigroup should have saved on this this considering all banks are on a cost cutting regimen these days. Such luxuries can be afforded only when your business is at its prime.

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Reporting Reporter said...

How could they drive around in these lavish private jets knowing that on land families are struggling to find jobs, pay bills, healthcare, etc.?

There needs to be regulation, and this is why. Under no regulation, greed runs wild.

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