January 27, 200917 yr Active Members By spending "bailout"money on a french made private jet http://www.nypost.com/seven/01262009/news/...able_152033.htm Have these people no sense of decency?Oh they are bankers-never mind. PS-as a fella who worships the French and almost everything about them and their country this is NOT a "freedom fries"type of thing with me
January 27, 200917 yr Active Members By spending "bailout"money on a french made private jet http://www.nypost.com/seven/01262009/news/...able_152033.htm Have these people no sense of decency?Oh they are bankers-never mind. PS-as a fella who worships the French and almost everything about them and their country this is NOT a "freedom fries"type of thing with me While I am not a fan of these banking exec's this is a damned if you do and damned if you don't situation. Chances are that it is too late for Citi to cancel the order and get their deposit or whatever monies they have put up for the plane. Not too long ago Starbucks was in a similar situation where they were taking on a new jet but couldn't back out of the order because they would have lost what they put up for it. While I think that it's wrong to be taking on such a fancy toy there is another side to the story, at least this time.
January 27, 200917 yr The New York Times is reporting today that Citibank issued a statement canceling the plane. They will have to pay $5.4 million in penalties. But it is not appropriate for such excesses now or really anytime. As someone who has used corporate jets before, they are extremely convenient for executives who have busy schedules. But use them only if the company is doing well. Otherwise the expense is ricidulous. I also have to say that seeing Thain from Merrill Lynch on CNBC yesterday was an embarrassment for him too. "I just couldn't work in the office the way it was decorated, so I spent $1.4 million on renovations." ???? Talk about complete lack of responsibility.
January 28, 200917 yr Active Members After a call from the White House they did cancel the plane today. What really upset me about Citi was soon after the bailout they sent letters to most of their Credit Card customers raising their interest rate. I have a Citi card with a low balance, low rate, and great credit. I'm paying them off. We give them a bailout, they raise our rates. Geeesh, your welcome.
January 28, 200917 yr I've been reading the WSJ coverage of Thain. He appears to be really unaware of how badly he is coming off in this. Of course, with the money he's looted, I mean 'earned', I guess he's getting the last laugh.
January 28, 200917 yr Active Members I've been reading the WSJ coverage of Thain. He appears to be really unaware of how badly he is coming off in this. I hope he has a hard time getting a new job. All those year end bonus's he authorized when they were in a free fall was negligent to the extreme.
January 28, 200917 yr Active Members By spending "bailout"money on a french made private jet http://www.nypost.com/seven/01262009/news/...able_152033.htm Have these people no sense of decency?Oh they are bankers-never mind. PS-as a fella who worships the French and almost everything about them and their country this is NOT a "freedom fries"type of thing with me I thought I heard they were also a sponsor of the new jets nfl stadium in NYC for the tune of 500 million
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