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Citigroup gets some SERIOUS frequent flyer miles.

Damon's picture

All industries are equal, but some industries are more equal than others:

WASHINGTON – Sen. Carl Levin of Michigan is beside himself over a report that Citigroup is buying a $50-million corporate jet considering that when the heads of Detroit’s automakers came to Washington in private jets to ask for aid they got blasted for it.

The federal government, after all, is into Citigroup for $50 billion under its package to rescue financial firms. Eventually — thanks to President George W. Bush — General Motors and Chrysler got a line on $17.4 billion, but only after agreeing to give up their corporate jets. (Chrysler didn’t own one, but now doesn’t even charter or lease one.)

No such requirement for Citigroup — or the other financial institutions getting money under the $700 billion Wall Street rescue plan — exists.

And, Levin's not just livid about the double standard, but in a proudly Michigan fashion he's pissed that the jets aren't even American-made:

Said Levin: “To permit Citigroup to purchase a plush plane — foreign-built no less — while domestic auto companies are being required to sell off their jets is a ridiculous double standard.”

Ok, so it may be less than surprising that Michigan's senior senator would be angry about this, but imagining Levin "livid" as the title of the article states just makes me laugh.

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connecticut man1's picture
Submitted by connecticut man1 on

on all of these banks luxuries. They sure as hell aren't using any of it to loan to anyone.