Citi changes mind on corporate jet -- will not take delivery for $45 million

saathi · Feb 2nd, 2009, 12:00 am

remember they already bought 2 corporate jets which they bought from taxpayer's money which raised a lot of fuss in the media?

Quote:

WASHINGTON (CNN) -- Citigroup reversed course Tuesday, a day after a Treasury Department official called the struggling company and "told them it was unacceptable" to accept delivery of a new $42 million corporate jet, a senior administration official said.

Citigroup paid $42 million for the corporate jet, according to a source familiar with the situation. The company will get most of that money back, but is likely to have to pay a penalty in the range of $3 million to $4 million, the source told CNN. The exact amount and terms were still being negotiated.

http: //money.cnn.com/2009/01/27/news/companies/citigroup_jet/index.htm?postversion=2009012710

Shaitaani Khopri · Feb 2nd, 2009, 06:05 pm

good decision of changing mind

They could pay like $44.9 million instead

saathi · Feb 3rd, 2009, 12:16 am

remember they are playing with your tax money. since the recession, there are more news making rounds of executive bonuses, increasing annual salaries and corporate jets being bought. and this is all from the government "bailout" money that they provided to these corporations from your tax dollars.

guess that is where the tax dollars really go.