Citibank Tries to Buy Plane with TARP Money

[MJ DeMarco]

Glad they were stopped cold ...

Your tax payer dollars going to high flying corporate jets ...

ABC News: High-Flying Citigroup Grounds Plans for $50M Jet

 

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[randallg99]

Glad they were stopped cold ...

Your tax payer dollars going to high flying corporate jets ...

ABC News: High-Flying Citigroup Grounds Plans for $50M Jet

oh yeah? how's this for balls: Merrill Lynch paid their bonuses to the tune of $4bil exactly one month earlier than normal and used bailout money to do so .... just in time before they were bought out by BAC...

turns out BAC still needs more money to fund the Merrill deal now that its been exposed as a colossal failure of a company with inflated market valuations

 

[bflash98]

oh yeah? how's this for balls: Merrill Lynch paid their bonuses to the tune of $4bil exactly one month earlier than normal and used bailout money to do so .... just in time before they were bought out by BAC...

turns out BAC still needs more money to fund the Merrill deal now that its been exposed as a colossal failure of a company with inflated market valuations

In a write up on cnnmoney ( I think) mentioned the billions in bonuses being paid and mentioned that it was normal for them to be paid before a company was taken over. I could not believe they used a 'normal' defense there is nothing normal about this current market.

 

[CMCarlin]

I caught this too and was glad to see that this administration is speaking out about this corporate greed.

A lot of people are taking advantage of the system and getting away with it. We need a time of accountability and responsibility.

 

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[marktech101]

I'd heard about this, just not that it had been prevented. Thank goodness!

I think these guys just don't get it yet. Things may get much worse before they get better.

--Mark

 

[CactusWren]

Another article about this:

BBC NEWS | Business | Citigroup cancels corporate jet

The way I see it the gov't should have had some clauses to begin with...

This article mentions a 2005 downpayment not in the other article.

 

[Kung Fu Steve]

(People that needed a bailout in the first place):frocket:

:greenchainsawThose who are mis-spending OUR money)

 

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[MattThomas]

I just can't believe that the greedy culture of our big business sector hasn't changed at all even after all that has happened. Citi's board was whispering about a sale just a few months ago before they were given bailout money, and now they want to buy an executive jet? Is it any wonder that so many of these businesses are failing when this is the priority of the management?

I feel before any real change can take place, the culture and values of some of these businesses need to change. And I hate to say this because of the jobs that are at stake, but I think the only way this attitude is going to change is if some of these companies are left to die.

At the very least, the top executives who are asking for the bailout should have their jobs on the line and be watched extremely closely with how they spend their money. One greedy move and they are the ones that should be fired.

 

[tbsells]

At the very least, the top executives who are asking for the bailout should have their jobs on the line and be watched extremely closely with how they spend their money. One greedy move and they are the ones that should be fired.

In my opinion, these guys should be fired before the bailout money was given. Actually, I don't think the bailout money should have been given at all. But, assuming the bailout happened, your companies participation in the bailout is proof positive that you have failed to run the company successfully. So, if you are in Washington asking for bailout money-your fired. I guess thats to easy and makes too much sense.

Usually the guys that created the mess aren't capable of fixing the mess.

 

[Kung Fu Steve]

I just can't believe that the greedy culture of our big business sector hasn't changed at all even after all that has happened. Citi's board was whispering about a sale just a few months ago before they were given bailout money, and now they want to buy an executive jet? Is it any wonder that so many of these businesses are failing when this is the priority of the management?

I feel before any real change can take place, the culture and values of some of these businesses need to change. And I hate to say this because of the jobs that are at stake, but I think the only way this attitude is going to change is if some of these companies are left to die.

At the very least, the top executives who are asking for the bailout should have their jobs on the line and be watched extremely closely with how they spend their money. One greedy move and they are the ones that should be fired.

Maybe we should all just start businesses that will put them out of business, take over their empires and take control ourselves!

Then... well hopefully we won't be greedy... ha ha. I know I sure never will - not in my nature.

 

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