January 26, 2009

Struggling Citigroup purchasing new jet

Struggling financial giant Citigroup is purchasing a new jet worth $50 million in spite of the appearance taxpayer money is buying a luxury for executives.

Citigroup ordered the Dassault Falcon 7X two years ago, before the financial crisis hit and it accepted $45 billion of the government's $700 financial bailout package, the New York Post reported Monday.

The luxury jet seats 12 and generally includes a customized entertainment center, the Post reported.

Why should I help you when what you write will be used the detriment of our company? Bill McNamee, head of CitiFlight Inc., said when asked to comment on the new jet, the Post reported.

Corporate jets have become a symbol of executive excesses, especially after executives from Detroit's Big Three flew corporate jets to Washington last year to request emergency loans to help the companies survive.

Citigroup is also trying to sell two older jets, both Dassault 900EX jets, worth about $27 million each, the newspaper said.