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Title: JUST PLANE DESPICABLE 'RESCUED' CITI BUYING $50M JET
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Published: Jan 26, 2009
Author: http://www.nypost.com/seven/01262009/new
Post Date: 2009-01-26 21:03:05 by tom007
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Views: 117
Comments: 3
JUST PLANE DESPICABLE 'RESCUED' CITI BUYING $50M JET R By JENNIFER GOULD KEIL and CHUCK BENNETT STILL 'HIGH' ON THE HOG: Citigroup, fresh off its $45 billion rescue, is going ahead with the purchase of a Dassault Falcon 7X. Last updated: 10:06 am January 26, 2009 Posted: 1:02 am January 26, 2009 Beleaguered Citigroup is upgrading its mile-high club with a brand-new $50 million corporate jet - only this time, it's the taxpayers who are getting screwed. Even though the bank's stock is as cheap as a gallon of gas and it's burning through a $45 billion taxpayer-funded rescue, the airhead execs pushed through the purchase of a new Dassault Falcon 7X, according to a source familiar with the deal. 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. There are just nine of these top-of-the-line models in the United States, with Dassault's European factory churning out three to four 7Xs a month. Citigroup decided to get its new wings two years ago, when the financial-services giant was flush with cash, but it still intends to take possession of the jet this year despite its current woes, the source said. "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?" It's not uncommon for large companies to pay a deposit on a new plane then cancel the order before delivery, according to a source in the corporate aviation business. Citigroup execs are also quietly trying to unload two of their older Dassault 900EXs. Those jets, nearly 10 years old, are worth an estimated $27 million each. They were still listed for sale yesterday on the Web site of Citigroup's aviation broker, Aviation Professionals. A company representative said she would not comment on "brokering both sides of the deal" when asked about the incoming Falcon 7X. The Dassaults are part of CitiFlight's Gulf Sierra fleet, which includes the two Falcon 900EXs, tail numbers N399GS and N588GS, currently for sale. FAA records show Citigroup reserved a new tail number, N488GS, possibly for the incoming 7X on Nov. 10 last year. A woman answering the phone at CitiFlight's private hangar in White Plains said she was "not authorized to release information" about the new jet. Dassault's US sales office declined to comment. Citigroup spokesman Stephen Cohen declined to comment. chuck.bennett@nypost.com RELATED STORIES * PRINCE ALWALEED'S FUND TAKES $8.2B HIT ON CITI STAKE * NO BANK HOLIDAY * CITIGROUP MAY DELAY NIKKO DEAL RELATED TOPICS * CITIGROUP * Comments: 151 * Read Comments * Leave a Comment By JENNIFER GOULD KEIL and CHUCK BENNETT STILL 'HIGH' ON THE HOG: Citigroup, fresh off its $45 billion rescue, is going ahead with the purchase of a Dassault Falcon 7X. Last updated: 10:06 am January 26, 2009 Posted: 1:02 am January 26, 2009 Beleaguered Citigroup is upgrading its mile-high club with a brand-new $50 million corporate jet - only this time, it's the taxpayers who are getting screwed. Even though the bank's stock is as cheap as a gallon of gas and it's burning through a $45 billion taxpayer-funded rescue, the airhead execs pushed through the purchase of a new Dassault Falcon 7X, according to a source familiar with the deal. 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. There are just nine of these top-of-the-line models in the United States, with Dassault's European factory churning out three to four 7Xs a month. Citigroup decided to get its new wings two years ago, when the financial-services giant was flush with cash, but it still intends to take possession of the jet this year despite its current woes, the source said. "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?" It's not uncommon for large companies to pay a deposit on a new plane then cancel the order before delivery, according to a source in the corporate aviation business. Citigroup execs are also quietly trying to unload two of their older Dassault 900EXs. Those jets, nearly 10 years old, are worth an estimated $27 million each. They were still listed for sale yesterday on the Web site of Citigroup's aviation broker, Aviation Professionals. A company representative said she would not comment on "brokering both sides of the deal" when asked about the incoming Falcon 7X. The Dassaults are part of CitiFlight's Gulf Sierra fleet, which includes the two Falcon 900EXs, tail numbers N399GS and N588GS, currently for sale. FAA records show Citigroup reserved a new tail number, N488GS, possibly for the incoming 7X on Nov. 10 last year. A woman answering the phone at CitiFlight's private hangar in White Plains said she was "not authorized to release information" about the new jet. Dassault's US sales office declined to comment. Citigroup spokesman Stephen Cohen declined to comment. chuck.bennett@nypost.com
Clcik to enlarge STILL 'HIGH' ON THE HOG: Citigroup, fresh off its $45 billion rescue, is going ahead with the purchase of a Dassault Falcon 7X. Clcik to enlarge 
Clcik to enlarge STILL 'HIGH' ON THE HOG: Citigroup, fresh off its $45 billion rescue, is going ahead with the purchase of a Dassault Falcon 7X. Clcik to enlarge
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#1. To: tom007 (#0)
Most of the Oil Companies use Citigroup for their Charge Cards.. the latest report is, that they will be INCREASING their Interest Rate for all Card Holders in the next 3-8 months.. some as much as a 10% base increase..
Think I'll be buying a mule in the Q4
"Satan / Cheney in "08" I know a woman who makes $120,000 a year and has perfect credit. Her credit card company raised her rate to 25% and cut her limit. When she protested they told her, "Too bad." When she heard about the bailout, she was so enraged she stopped paying her credit card and demanded they settle with her for 50% of what she owes. They'll settle. I've seen it before, and they settle everytime.
In politics there is no murder.
#2. To: Refinersfire (#1)
#3. To: tom007 (#0)
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