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Citigroup cancels Private Jet order

President Obama made clear that he will not stand for greed in the corporate ranks, most especially if it’s funded by the taxpayer’s hard-earned money.

As reported by ABC News, the President expressed his dismay to execs at Citigroup, who were planning to purchase a luxurious $50 million private jet from France. The Citigroup officials were left with no choice but to abandon their plans.

The bailed out bank was initially planning to buy a $50M jet, despite receiving a $45M pay-out from the US government.  According to the reports, the Obama administration contacted the Citigroup last Monday to address this issue. The administration told them to “fix it.”

The Citigroup intended to purchase a new Dassault Falcon 7X, a state-of-the-art jet that had a range of 5,950 nautical miles. The Dassault has numerous amenities, including plush interior, sofas, and a customizable entertainment center.

However, the bank soon caved to public opinion. Considering the current financial situation, spendthrift will not be welcomed by the US citizens. And it becomes even more glaring to see that the company requested for a bail out and managed to involve a new jet purchase in their inventory. The whole instance begs the question: did they really need the bail out in the first place?