Monday, January 26, 2009

Leaving on a jet plane - Updated

Assuming it's true, since it comes from the just barely above tabloid NY Post, Citigroup, recipient of some $45 billion in bailout bucks, is purchasing a $50 million corporate jet.
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.
Granted they put in the order a couple of years ago when they believed the bubble would never burst but now that they're on the government dole, you might think they would have cancelled it.

The investment bank bailout has become simply ridiculous. These guys should be flying commercial instead of taking private jets and taking cabs instead of paying hundreds of thousands for private limos. But they have no incentive to answer the call to sacrifice as long as the Fed keeps showering them with billions of dollars for nothing of any real value in return.

At this point nationalizing the banks for the short term looks rather attractive. It would seem to be the only way to ensure some measure of accountability and responsible stewardship. I think it's time.

Update: No one can accuse the White House of inattention. Someone from Treasury called Citigroup and told them to get real and either sell it or lease it out.

[More posts daily at The Detroit News.]

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6 Comments:

Anonymous Larkspur said...

Oh lord, the corruption stinks. Let's say they cancel the order and the company charges them a $1 million cancellation fee. Hello, that's still $49 million. It's hard to fathom. I get performance anxiety just merging onto the freeway. A trip and fall where people can see me would be mortifying. But these people - like that Thain guy and his extravagant office remodeling - how do they have the strength to stand upright? Their brains must be very different from mine.

6:39:00 PM  
Blogger Libby Spencer said...

Larkspur! Where have you been? I've been missing you lately.

I'm the same way you are. I'd be ashamed to do what do what these guys do. They have no shame. I suspect no conscience either.

6:48:00 PM  
Anonymous Larkspur said...

I've been around less. Logistics, mostly, with my current house-sitting gig. But also just feeling kind of invisible and inconsequential in Commentland. Never feel that way here, though. Thanks, Libby.

7:03:00 PM  
Blogger Libby Spencer said...

Commentland can get that way sometimes. I often feel that way myself. Hope the house sitting gig is good anyway and I'm glad to see you.

Our life experiences are so similar, you feel like a soul sister to me. I worry if I don't see you anywhere.

7:29:00 PM  
Anonymous 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.

11:49:00 PM  
Blogger Libby Spencer said...

Hey James, That pretty describes the state of our government for the last 50 years I've been watching it. GOPers screw us over more than Dems though.

9:36:00 AM  

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