itigroup may be suffering in the pocketbook but that’s no reason not to whip out $50 million for a new corporate jet. Don’t worry its not all their money, United States taxpayers are helping to foot the bill in a jet very few will ever travel in.
The bank’s stock is in the dumps. That’s A-okay though when it comes to Citigroup. Uncle Sam just handed them a $45 billion rescue obtained from the common man’s pocket.
After all those turning to frozen pizzas and Kraft dinners want the top cats at Citigroup to travel in style, don’t they? And style is how these execs will be traveling when their brand spanking new Dassault Falcon 7X hits the skies. Twelve of the top men at the company will work hard in the air sitting in leather seats and sofas. Everyone needs a break from time to time so the jet comes equipped with an entertainment center.
The Dassault Falcon 7X can soar at speeds of 559 mph and only needs refueling every 5,950 miles. The French made jets are rare in the United States. Only nine of the top-of-the-line aircraft grace a runway in the US.
Now granted the order for the jet came two years ago when Citigroup was swimming in cash but how is it right that the order wasn’t canceled when the cash flow dried up?
The New York Post reports:
“Why should I help you when what you write will be used to the detriment of our company?” replied Bill McNamee, head of CitiFlight Inc., the subsidiary that manages Citigroup’s corporate fleet, when asked to comment about the new 7X.
“What relevance does it have but to hurt my company?”
The company is quietly selling their older versions of the new plane. Worth an estimated $27 million each they are listed for sale on Aviation Professionals.