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tacitus
01-26-2009, 03:12 PM
Beleaguered Citigroup is upgrading its mile-high club with a brand-new $50 million corporate jet - only this time, it's the taxpayers who are getting screwed.

Even though the bank's stock is as cheap as a gallon of gas and it's burning through a $45 billion taxpayer-funded rescue, the airhead execs pushed through the purchase of a new Dassault Falcon 7X, according to a source familiar with the deal.

The French-made luxury jet seats up to 12 in a plush interior with leather seats, sofas and a customizable entertainment center, according to Dassault's sales literature. It can cruise 5,950 miles before refueling and has a top speed of 559 mph.

There are just nine of these top-of-the-line models in the United States, with Dassault's European factory churning out three to four 7Xs a month.

Citigroup decided to get its new wings two years ago, when the financial-services giant was flush with cash, but it still intends to take possession of the jet this year despite its current woes, the source said.

article (http://www.nypost.com/seven/01262009/news/nationalnews/just_plane_despicable_152033.htm)

Can you believe that we tax payers have just purchased a jet for CITI? I am so f'ing mad at this I could scream:mad: I hate those lying socialist bastards in CONgress for screwing the tax payer and buying votes with our money. :mad::mad::mad:

FlaGator
01-26-2009, 03:31 PM
Can you believe that we tax payers have just purchased a jet for CITI? I am so f'ing mad at this I could scream:mad: I hate those lying socialist bastards in CONgress for screwing the tax payer and buying votes with our money. :mad::mad::mad:

article (http://www.nypost.com/seven/01262009/news/nationalnews/just_plane_despicable_152033.htm)

And Obama won't even cough up my promised pony.

Phillygirl
01-26-2009, 03:41 PM
Tacitus, please review Breaking News Rules (http://www.conservativeunderground.com/forum505/showthread.php?t=740). Breaking News posts show up on our front page, so the formatting is important. Thanks!

PoliCon
01-26-2009, 03:44 PM
You guys realize that the INSURANCE COMPANIES don't allow these execs to fly commerical - right?

FlaGator
01-26-2009, 03:48 PM
You guys realize that the INSURANCE COMPANIES don't allow these execs to fly commerical - right?

That is not true. The insurance companies won't let more the two of them fly on the same plane because of the leadership loss of the plane were to crash.

PoliCon
01-26-2009, 03:51 PM
That is not true. The insurance companies won't let more the two of them fly on the same plane because of the leadership loss of the plane were to crash. You might want to check on that dude - I know that the insurance riders many of these guys carry prohibits them from flying commercial thanks to the risk of hijacking.

FlaGator
01-26-2009, 03:53 PM
You might want to check on that dude - I know that the insurance riders many of these guys carry prohibits them from flying commercial thanks to the risk of hijacking.

I'm a vice president for Bank of America. I'm pretty familar with the policy.

BadCat
01-26-2009, 04:03 PM
If the government was stupid enough to give them the $$ with no strings attached (and they did), then I have no problem with CITI buying the jet.

But they could have at least bought a Gulfstream instead of a French jet.

PoliCon
01-26-2009, 04:05 PM
I'm a vice president for Bank of America. I'm pretty familar with the policy.

My friend is a VP for GM and he's told me that the CEO is NOT allowed to fly commercial. IS it that different for banks?

PoliCon
01-26-2009, 04:06 PM
If the government was stupid enough to give them the $$ with no strings attached (and they did), then I have no problem with CITI buying the jet.

But they could have at least bought a Gulfstream instead of a French jet. I have to agree.

FlaGator
01-26-2009, 04:11 PM
My friend is a VP for GM and he's told me that the CEO is NOT allowed to fly commercial. IS it that different for banks?

I'm pretty certain it's not an insurance mandate. Perhaps it's a corporate policy that is being used to negotiate a lowerinsurance rate. The CEO might be different. I know that the CEO of BofA flys both private and commercial.

tacitus
01-26-2009, 04:19 PM
Tacitus, please review Breaking News Rules (http://www.conservativeunderground.com/forum505/showthread.php?t=740). Breaking News posts show up on our front page, so the formatting is important. Thanks!


Sorry I didn't know that.

Phillygirl
01-26-2009, 04:26 PM
Sorry I didn't know that.

No problem. Lots of newbies on board, so I'll bump it again.

mark1
01-26-2009, 04:37 PM
I'm a vice president for Bank of America. I'm pretty familar with the policy.

Cool Job.

Now that you chose to reveal this, I have a few questions for you:

Can you please say whether BoA was forced to accept the first round government bailout money in exchange for new shares for the government (snd share dilution for everyone else), or whether it chose to do so voluntarily? And if it was forced, how exactly was it forced?

Also, how does BoA plan to integrate the "Thundering Herd" of Merril Lynch into its corporate culture? Manhattan is very different from Charlotte. And the "Thundering Herd" are notorious even in Manhattan.

Inquiring minds would like to know.:)

If you answer me, thanks in advance.

Space Gravy
01-26-2009, 04:48 PM
Beleaguered Citigroup is upgrading its mile-high club with a brand-new $50 million corporate jet - only this time, it's the taxpayers who are getting screwed.

Even though the bank's stock is as cheap as a gallon of gas and it's burning through a $45 billion taxpayer-funded rescue, the airhead execs pushed through the purchase of a new Dassault Falcon 7X, according to a source familiar with the deal.

The French-made luxury jet seats up to 12 in a plush interior with leather seats, sofas and a customizable entertainment center, according to Dassault's sales literature. It can cruise 5,950 miles before refueling and has a top speed of 559 mph.

There are just nine of these top-of-the-line models in the United States, with Dassault's European factory churning out three to four 7Xs a month.

Citigroup decided to get its new wings two years ago, when the financial-services giant was flush with cash, but it still intends to take possession of the jet this year despite its current woes, the source said.

article (http://www.nypost.com/seven/01262009/news/nationalnews/just_plane_despicable_152033.htm)

Can you believe that we tax payers have just purchased a jet for CITI? I am so f'ing mad at this I could scream:mad: I hate those lying socialist bastards in CONgress for screwing the tax payer and buying votes with our money. :mad::mad::mad:

I'd be curious to know how much deposit they'd already made and what they would forfeit if they walked away from the deal.

PoliCon
01-26-2009, 04:53 PM
No problem. Lots of newbies on board, so I'll bump it again. I do what I want. :p

Phillygirl
01-26-2009, 05:10 PM
I do what I want. :p

Sure ya do! :p

AHeneen
01-26-2009, 07:37 PM
I'd be curious to know how much deposit they'd already made and what they would forfeit if they walked away from the deal.

From this 2005 article (http://www.ainonline.com/ain-and-ainalerts/aviation-international-news/single-publication-story/browse/0/article/dassault-unveils-first-assembled-7x-trijet/?no_cache=1&tx_ttnews%5Bmode%5D=1)...


The French manufacturer now has firm orders for 51 copies of its new $37 million flagship. Although customers in 16 countries have placed orders for the 7X, some two-thirds of the airplanes ordered thus far are destined for U.S. operators. Europe accounts for about 60 percent of the non-U.S. orders placed to date. Deliveries of the airplanes ordered so far will run between late next year and late 2008. Dassault Falcon Jet president and CEO John Rosanvallon said that firm orders for the 7X are each backed by a deposit of at least $1 million.

I was disgusted at first, but the more I thought about it, the more I disagree with yall's criticism. Let's think about some things:
-They are selling 2 planes for $27m each ($56m total). The cost of the new plane is $50m.
-They have already have spent at least $1mil on a deposit (probably more given the increased cost of the plane), and factoring in other miscellaneous costs (buying a registration #, maybe a cancellation fee)...they'd loose probably $2m (at least) by cancelling their order.
-Since the plane is newer, it is probably more fuel efficient, plus since it's new it will cost less in maintenance over the next couple of years, and they may end up paying less in insurance (since it's probably safer & since it replaces 2).

I still think the plane is a bit excessive and it would be better to keep on of the planes they're selling, it's not all that bad given the money which would otherwise be wasted and that the plane will likely save them $$ over the next few years. It would be nice, however, to see the execs to fork over some for the luxury features of the plane (all food, the entertainment system, all the furniture).

PoliCon
01-26-2009, 10:08 PM
PLUS - this gives people jobs. :)

AHeneen
01-27-2009, 09:23 AM
PLUS - this gives people jobs. :)

It give Frenchies jobs, not us! Did you read the article:



The French-made luxury jet seats up to 12 in a plush interior with leather seats, sofas and a customizable entertainment center, according to Dassault's sales literature.

PoliCon
01-27-2009, 12:17 PM
It give Frenchies jobs, not us! Did you read the article:You are forggeting that the frech are our cultural superiors. Ask any leftist. :rolleyes:

Space Gravy
01-27-2009, 02:18 PM
Deal's off.

Report: Citigroup Cancels Plans to Buy $50 Million Jet (http://www.foxnews.com/story/0,2933,483584,00.html)

AHeneen
01-27-2009, 06:12 PM
You are forggeting that the frech are our cultural superiors. Ask any leftist. :rolleyes:

I, personally, don't have a problem with the French. I was forced to take either French or Spanish for 4 years in high school: I took French. I am working towards a minor in French. And, I have been to France (a trip awarded by their consulate!). I think they have a great culture (minus the socialism) and wouldn't otherwise be critical of giving them jobs (they've seen layoffs as bad as we have these past few months). The problem is my taxpayer dollars would be better off going to American workers (I'm sure any Dem would agree). Luckily the deal's off.

PoliCon
01-27-2009, 11:47 PM
I, personally, don't have a problem with the French. I was forced to take either French or Spanish for 4 years in high school: I took French. I am working towards a minor in French. And, I have been to France (a trip awarded by their consulate!). I think they have a great culture (minus the socialism) and wouldn't otherwise be critical of giving them jobs (they've seen layoffs as bad as we have these past few months). The problem is my taxpayer dollars would be better off going to American workers (I'm sure any Dem would agree). Luckily the deal's off.

THE FRENCH SUCK!!

That is all. And I'm allowed to say that - since one of my ancestors was a member of Louis XVIth household.

AHeneen
01-28-2009, 02:30 AM
THE FRENCH SUCK!!

That is all. And I'm allowed to say that - since one of my ancestors was a member of Louis XVIth household.

Elaborate instead of flinging childish insults. Aside from the socialism & their military, they're not all that bad.

PoliCon
01-28-2009, 08:36 AM
Elaborate instead of flinging childish insults. Aside from the socialism & their military, they're not all that bad.
they are natural born extremists - see the french revolution if you have any doubts - natural born elitists - see paris if you have any doubts . . . . They are gross - see the women's arm pits if you have any doubts . . . .