January 27th, 2009
09:41 AM ET
11 months ago

Treasury presses Citigroup not to buy $50 million jet

The Obama administration pressed struggling Citigroup to reverse course on its plans to purchase a $50 million corporate jet.
The Obama administration pressed struggling Citigroup to reverse course on its plans to purchase a $50 million corporate jet.

(CNN) – The Obama administration pressed struggling Citigroup to reverse course after a Treasury Department official called the company Monday and "told them it was unacceptable" to accept delivery of a new $50 million corporate jet.

The move comes as new Treasury Secretary Timothy Geithner tries to quickly bring more accountability and oversight to the much-maligned TARP program he now oversees. Under that program, Citigroup has already received some $45 billion in government bailout funds, which is why a New York Post report about the new jet sparked outrage.

Related: Citi cancels jet plans

White House Press Secretary Robert Gibbs said Monday the President believes private jets aren’t “the best use of money at this point" with America facing a financial crisis.


Filed under: Treasury
soundoff (126 Responses)
  1. Ken

    I cannot believe that Citi could be so bold and stupid!

    All of the "Bailout" money needs to be accounted for, regardless of who it was given to. We the tax payers that are supporting them even through that we really did not want to bailout anyone!

    I think that all of the CEO's that have received bailout money should be replaced, for they are the ones that have caused this melt down. Let them pay for it out of their own salary and bonuses!

    Enough of this stupid management!

    January 27, 2009 02:42 pm at 2:42 pm |
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