Citigroup is taking delivery of a new corporate jet and even Carl Levin is not happy about it:
WASHINGTON, Jan 26 (Reuters) – Sen. Carl Levin said on Monday that he wants the U.S. Treasury Department to halt Citigroup’s (C.N) reported plans to buy a $50 million corporate jet.
Citigroup, which got $45 billion of capital from the U.S. government’s bailout program, put in an order for the Dassault Falcon 7X (AVMD.PA) two years ago and plans to accept delivery on the plane later this year, a person familiar with the matter told Reuters.
Not only is Citi buying a jet with our money, but they’ve got two more they are trying to sell with no luck:
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.
Just to rub a little salt in our wound, the jets are French made.
Update: Under Pressure from President Obama, Citi directors decided not to take delivery of the plane.