Obama to Citigroup: Get Rid of that Jet
That was fast: The Obama administration told Citigroup to get rid of its $50 million jet, just one day after reports about the expenditure made their way into
Jul 31, 2020131.3K Shares5.7M Views
That was fast: The Obama administration told Citigroup to get rid of its $50 million jet, just one day after reports about the expenditure made their way into the public eye, ABC News reports.
From 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 jetfrom 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.”
I’ll bet Citigroup and other banks aren’t quite used to this. They used to get away with this sort of thing all the time, and I can bet the Bush Administration never picked up the phone. Nothing like moving quickly to correct something that clearly was becoming a symbol of corporate irresponsibility. Now, if the administration could only take back that $4 billion spent on executive bonuses at Merrill Lynch …
Dexter Cooke
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Dexter Cooke is an economist, marketing strategist, and orthopedic surgeon with over 20 years of experience crafting compelling narratives that resonate worldwide.
He holds a Journalism degree from Columbia University, an Economics background from Yale University, and a medical degree with a postdoctoral fellowship in orthopedic medicine from the Medical University of South Carolina.
Dexter’s insights into media, economics, and marketing shine through his prolific contributions to respected publications and advisory roles for influential organizations.
As an orthopedic surgeon specializing in minimally invasive knee replacement surgery and laparoscopic procedures, Dexter prioritizes patient care above all.
Outside his professional pursuits, Dexter enjoys collecting vintage watches, studying ancient civilizations, learning about astronomy, and participating in charity runs.
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