Citigroup says nyet to $50 million jet
Citigroup Inc. has scrapped plans to take possession of a $50 million corporate jet in the wake of an outcry over how bailed-out banks should be spending federal funds.
Citigroup Inc. has scrapped plans to take possession of a $50 million corporate jet in the wake of an outcry over how bailed-out banks should be spending federal funds.
A deposit for a Dassault Falcon 7X was made in 2005, according to published reports.
“We have no intent to take delivery on any new aircraft,” New York-based Citigroup said in a statement today.
Citigroup is also planning to cut its existing fleet of corporate jets from five to two, published reports said.
The Treasury Department has pledged $45 billion to Citigroup from its $700 billion Troubled Asset Relief Program to try and keep the bank afloat (InvestmentNews, Nov. 24).
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