Citigroup is buying a $50M Corporate Jet.
From Minyanville:
Citigroup: $50 Million Private Jet Takes Edge off Recession
If your stock trades at $3.67 a share, buying a new $50 million private jet probably shouldn't be at the top of your list of things to do.
But that assumes 1. You're sane. 2. You have half an ounce of public-relations smarts. 3. You give a damn.
The jury is still out on Citigroup, which recently accepted $45 billion in taxpayer funds to keep the company alive.
Nevertheless, Citigroup plans to spend about $50 million on a new corporate jet, a French-made Dassault Falcon 7X, the New York Post reports.
Citigroup is trying to sell 2 older planes, both Dassault 900 EXs. The jets are about 10 years old and are valued at an estimated $27 million.
Seriously WTF???
Not only can they take commercial flights (and I would not begrudge them first class -- hell, even renting out the entire first class cabin if there were a couple of them flying), there are a lot of Jet Share programs out there where people pay a certain amount/month and gain access to a pool of aircraft.
As for selling two aircraft and buying one -- you are loosing carrying capacity. There are a lot of ten year old aircraft flying these days just as safe as can be.
Hell, there are DC-3's flying and a lot of Boeing 727's (used to be my favorite aircraft). And why French? Why not an American aircraft?
