The Jury Talks Back

1/27/2009

Citigroup Jet

Filed under: Uncategorized — Amphipolis @ 6:28 am

Citigroup buys a $50 million corporate jet from France after receiving $45 billion in bailout funds, exposing the bailout for the fraud that it is. I never knew that the Federal Government was responsible for keeping big businesses afloat with my tax money, allowing them to engage in all sorts of risk with no fear of consequence.

But the jet issue probably isn’t fair. I’m sure they had plans to buy it for years, probably to replace another jet or something. Big corporations make lots of purchases. Surely the Treasury knew that.

Then there is this story:

In any case, the administration does not want the plane put in service under the Citigroup banner.

This is downright disturbing. Can the Obama Administration really tell a large American corporation what to do with their jet, as if it was owned by the Treasury Dep’t?

We will soon learn the answer to that hypothetical question (yes). He who pays the piper calls the tune. But does the American public know this, or what the consequences of this could be? Do we want our elected officials making these decisions?

Note that any objection to this purchase is purely political. It makes politicians look bad.

12 Comments

  1. I just want to know who I call to get a ride on my jet…

    Comment by Scott Jacobs — 1/27/2009 @ 6:39 am

  2. Purchase agreement signed two years ago; it’s delivery that was to happen now. This is going to be a legal or political mess for someone.

    Comment by htom — 1/27/2009 @ 8:23 am

  3. Shut up, damnit! I want my ride!!! :)

    Comment by Scott Jacobs — 1/27/2009 @ 8:37 am

  4. Not that I necessarily think the administration is wrong, this is the same reason why we can’t give newspapers a bailout.

    Comment by tjwilliams — 1/27/2009 @ 8:57 am

  5. I get to ride on the jet before you do, Scott!

    Comment by fmfnavydoc — 1/27/2009 @ 4:30 pm

  6. If the jet was purchased for Pelosi or some other Democrat hot shot, there’d be no hullaballoo.

    Comment by PCD — 1/28/2009 @ 6:22 am

  7. Doesn’t matter if the jet was purchased several years ago and they are just taking delivery now. Citigroup has known they were in trouble for well over a year by now.

    It doesn’t make sense to allow them to hold on to the jet. It isn’t a sign of good faith on their part that they are trying to strip down to the essentials needed to continue doing business with help.

    Perhaps I don’t know what it takes to run a company like Citigroup nor what it takes to get it back in black. Unless Citigroup has made a decision to jump into the luxury airline business then $50 million is a bit much.

    Comment by Martin — 1/29/2009 @ 8:46 pm

  8. Two years is more than a year ago. I wonder what the refusal to accept penalty is? And what about the jobs of the air crew and maintenance crew?

    Comment by htom — 1/29/2009 @ 9:24 pm

  9. Martin, What you don’t know would fill an encyclopedia. What is the cost per hour for executives sitting in the concourse waiting for a coach flight? How many executives flying on the same plane makes the cost for a corporate jet cheaper. Also, what about flying direct instead of making multiple connections.

    Then, what about confidential documents that need to be ferried to different destinations?

    That is just a start to refute a envious class warrior as yourself, Martin.

    Comment by PCD — 1/30/2009 @ 9:40 am

  10. PCD,

    I’m on Martin’s side. The time the executives save from sitting in a concourse is time they get to spend on their private islands in the South Pacific. And that’s fine … just don’t do it with the money the government took from me under pain of imprisonment if I did not fork it over.

    Comment by nk — 1/30/2009 @ 10:33 am

  11. Class envy, my fat aunt Fannie. We are well into a kleptocracy where the working, productive people are being taxed to pay the very rich drones who can buy off politicians and the very poor ones who only have their vote to give.

    Comment by nk — 1/30/2009 @ 10:36 am

  12. All those execs that lined up at the trough to collect bail-out funds will really love the $400K total compensation limit they’re going to be facing if the latest outrage in Congress makes it through to an Obama signature.
    They will be flying coach (if not Greyhound) if they’re not careful. Their betters in Congress will demand it.

    Comment by AD — 1/31/2009 @ 8:19 am

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