Tuesday, January 27, 2009

ABC News: High-Flying Citigroup Grounds Plans for $50M Jet

More at ABC: “The high-flying execs at Citigroup caved under pressure from President Obama and decided today to abandon plans for a luxurious new $50 million corporate jet from France.

The bank used TARP funds to purchase a new corporate jet for executives.
The decision came 24 hours after the banking giant, which was rescued by a $45 billion taxpayer lifeline, defended buying the state-of-the-art Dassault Falcon 7X -- one of nine to be flying in U.S. skies -- as a smart business deal.

The jet, the epitome of corporate prestige and privilege, can carry 12 passengers in elegant comfort.

ABC News has learned that on Monday officials of the Obama administration called Citigroup about the company's new $50 million corporate jet and told execs to "fix it."”

-- Thank God for Obama! That $50 million could be used for a plan to extend emergency credit to small businesses in selected cities. Wow, the desire to waste money among those who have it. Fortunately, we have a President who's putting a stop to this.

Oakland State of The City Dellums Speech Highlights

Oakland Mayor Ron Dellums gave a great 2009 State of The City Address but it was twice interrupted by Oaklanders concerned about the matter of police brutality in the wake of the murder of Oscar Grant by BART Police Officer Johannes Mehserle two weeks ago. The Mayor responded to them well. Later, I talked with new At-Large Councilmember Rebecca Kaplan and Brother Keith Muhammed on their views of Dellums' speech.