WASHINGTON (CN) – Citigroup, which was bailed out with $45 billion in public money, is spending $50 million on a new corporate jet – and a French one, to boot. Sen. Carl Levin blasted the news today, saying, “I have urged Tim Geithner, who will presumably be Treasury Secretary by the end of the day, to do what he can to stop this absurdity from occurring.”
“The notion of Citigroup spending $50 million on a new corporate jet, even as it is depending on billions of taxpayer dollars to survive, does not fly,” Levin said. “To permit Citigroup to purchase a plush plane – foreign-built no less – while domestic auto companies are being required to sell off their jets is a ridiculous double standard. I have urged Tim Geithner, who will presumably be Treasury Secretary by the end of the day, to do what he can to stop this absurdity from occurring.”
Citigroup announced it is buying a Dassault Falcon 7X. The jet seats 12 in plush leather, has a top speed of 560 mph and can fly nearly 6,000 miles without refueling. Citigroup is “quietly trying to unload” two of its old Dassault 900 EXs, the New York Post reported today. Those planes, about 10 years old, are worth about $27 million apiece – used, the Post reported.