Under Fire from Obama Administration, Citigroup Drops Plane Plan

Business Jets are business tools that allow business to grow and enter new markets. They provide cost effective transportation for many corporate employees and are not just for CEO's. The business jet industry provides millions of jobs for american workers bashing them hurts a lot of little guys.
Get the facts before you bash them.

I'm from Toronto, Ontario, Canada and I feel very angered by the way Citibank is handling thier customers business.
I just received a statement from them telling me that not only are they taking my limit lower, but they're also taking my interest rate from 12.5% to 17.5%. I'm a very good standing customer, who pays on time. I have no problems them taking my limit down but I have a very big problem when they tell me they can't do anything about the rates.
I spoke to a representative who was speechless because if he wasn't an employee of Citibank, he'd would have been more than happy to agree with me.
I remember Vicram Pandit going in front of congress promising that the money that was given to them was to HELP people not KILL them. I guess the profit that they are claiming in todays news is from the increase in interest rate they are charging their clients.
I also remember Citibank telling CNN News that if a customer calls and requests for a lower rate, they will honor it.
Once again, another lie.
Logic would say to keep the rates lower so that people can afford to pay back thier debts instead of filing for bankrupcy.
Oh wait! Thats the "new in" word or should I say threat in Wall Street? KILL the little guy by letting the big guy pocket the bonuses.
The person that I spoke to at Citiank who is based somewhere in India probably getting paid pennies in comparison to Mr. Pandit, said that a manager would be more than happy to call me and discuss my account, but at a later date.
Hmmm. Should I be holding my breath for this response?
I look forward to someone response.

This train wreck of an economy was brought to us by fiscal and foreign policies of the last 40 years.

National debt as a percentage of GDP grew at an astonishing rate under Reagan, Bush 41 and Bush 43.

Now with a National Debt at almost $11 trillion, total unfunded obligations at $53 trillion, and state, local and personal debt at all-time highs - it's no wonder that the current credit crunch and meltdown of unregulated markets under Bush 43 are causing this catastrophic collapse.

President W will be the one to thank for all jobs lost in the next 2 years.

I completely oppose everything Obama stands for in his little socialist world. All of his ideas are wrong and he is going to lead our country into its worst crises in history. Mark my words...this guy is incompetent and in a year from now, when we've all lost our jobs, we'll be regretting ever having elected this Bozo.

You can't blame 100% of the issues that have occured in the financial market on the finance company's alone. You have to consider the Millions of people who borrow money and never pay it back, and the government who didn't regulate what many of the company's were doing.
Now saying this I'm not agreeing that CitiGroup has the best idea in purchasing the jet because they don't. The money needs to be spent on the current customers with good history with this company and getting their financial domination back on track.
As a side note to consumers... you will complain about what these large companies are buying, consider how you are spending your money and take a lesson from all of this.

I can not believe this, after all the money this company has gotten from us hard working tax payers they have now DOUBLED our interest rate!!!

Not because we have not paid our monthly statements, we have always paid above and beyond the min payments! Citi Bank customer service response to WHY is because the economy is bad and they had to!!! WHAT!!! As if doubeling everyones interest rate will make things better? For who? I can understand if it was a couple of points but to DOUBLE is WRONG!!....

call your congress people call the media let them know what this company is doing to the general public and those of us who are consumers!!

The Citigroup statement says that they have no intent "to take delivery of any new aircraft," not that they don't intend to or haven't already procured the aircraft.
Maybe I'm a bit suspicious -- but aren't luxury jets fairly customized and purchase contracts binding? I'd like more details, please.

OMG the Catholics are at it two, those crazy catholics are giving money to ACORN shame on them.........LOL
Catholic Campaign for Human Development Has Given ACORN $7 Million

stanley show us where you get this information from? I have researched and have yet to find this information. The only Referance to 40 million was this Washington, D.C. -- On Tuesday, July 8, 2008, ACORN, in partnership with Health Care for America Now, launched a new $40 million campaign to push for quality, affordable healthcare for every American.
THIS WAS IN 2008

What a joke, the government telling private business to give up it's executive jets! Yeah, GM, Citi Group, etc. are losing money. Guess what, so is the US government with trillions of dollars in deficits, waste, fraud, and abuse. Is the US Government going to give up Air Force One?

When are these executives going to be FIRED? They have no reason to expect to keep their jobs while they squander money and toss workers out on the street? Why are they allowed to stay and possibly keep making the same mistakes?

good going Obama..now if you will take back the 40 milion you just gave Acron and the 450 million you gave overseas for abortion,,,,give it to small business and really stir the USA economy.

Another example of the Republican idea of deregulation of business and the trickle down theory. As always it trickles into comfort of those at the top at the expense of those at the bottom.

... so citigroup wont take delivery of the plane big deal. you people realize for them to have even ordered the plane 2 years ago that they have most likely spent at least half of the $50M final price tag already.

you cannot just place an order without putting $$ down, signing a large contract and then right before taking delivery say "oh sorry we dont want it now, can i have my $$ back?"

whatever they have already paid is gone and Citi will never see it again.

i would assume its much like when the company i work for buys a machine. you pay X% when you sign the contract and for them to design the machine. X% when the design phase is done. X% when its halfway built. X% whenthe machine ships and a final % when you sign off on the machine fulfilling the contractual agreement.

I'm so proud of Obama! I hope he continues to keep an eye on these worthless swine. The Citibank "leadership" needs to be downsized. It's a wonder these fools ever turned a profit.

At least, it is good to hear that CitiGroup cancelled the plane, although I am not sure whether the company took a lesson and /or they will use the $50 million more wisely. Certainly, we cannot monitor and control every single penny they are spending. I hope the company will take the Obama’s words seriously. Make the best use of OUR money….

Mildred ----- SACRAMENTO -- Dozens of newly minted Republican voters say they were duped into joining the party by a GOP contractor with a trail of fraud complaints stretching across the country.

Voters contacted by The Times said they were tricked into switching parties while signing what they believed were petitions for tougher penalties against child molesters. Some said they were told that they had to become Republicans to sign the petition, contrary to California initiative law. Others had no idea their registration was being changed.

Get 'em big dog! Woof!

lynne--while i dislike seeing waste and obscene luxury anywhere, those celebrities were spending their own money on their own planes. it's not like they declared bankruptcy, took out a federal "starving artist" loan and then bought the plane with the money. waste is waste but i'd much rather people flaunt their earned wealth than taxpayer-funded "wealth".

i'm still reeling about the fact that they let those banks get in SUCH a bad state that we HAD to bail them out or we'd all suffer for their sins--then they go and buy jets and new office furniture? NOT RIGHT.

ps--i'd venture a guess that there were a proportional number of bush inaugural attendees who came to dc via their own planes as well--just wealthy private individuals and corporate types, not celebrities.

Its funny how we keep hearing about ACORN, but what about the two group that were signing up people for the republican party with out thier knowledge, and in this case arrest were made, but none with ACORN. Matter of fact ACORN personal were the ones that notified officials about phony ballots, not some whistleblower.