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.

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