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Author: Subject: Obama Administration goes after Citigroup for wasting bailout cash

Zen Peach





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  posted on 1/27/2009 at 12:17 PM
Excellent. Not only do they need to come down on them with both feet, but they need to take away what remains of the stimulus for Citi. Spending $50 million on a **** ing plane is ridiculous when you claim to need the money to stay afloat.

http://www.politico.com/news/stories/0109/18015.html

 

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Zen Peach



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  posted on 1/27/2009 at 12:38 PM
This jet was ordered in 2005 and no TARP funds were used. In addition, Citicorp is selling other aircraft to offset the cost of the new jet.

The bigger point of all of this is, since when is it the governments responsibility to tell corporations how to spend their money? Especially when they don't have their facts straight.

Never...........Until now.

http://www.swamppolitics.com/news/politics/blog/2009/01/citigroup_no_tarp_f unds_used_f.html

 

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True Peach



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  posted on 1/27/2009 at 12:43 PM
quote:
The bigger point of all of this is, since when is it the governments responsibility to tell corporations how to spend their money?


Since the gov't started handing it to them.

quote:
Especially when they don't have their facts straight.


If the facts are coming from Citi, and/or if Citi won't share all the facts, then who's fault is that?

 

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Zen Peach



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  posted on 1/27/2009 at 12:56 PM
quote:
quote:
The bigger point of all of this is, since when is it the governments responsibility to tell corporations how to spend their money?


Since the gov't started handing it to them.


Citicorp received TARP money in 2005, when the order for the jet was placed? Who knew?

 

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Maximum Peach



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  posted on 1/27/2009 at 01:03 PM
This shouldn't have been an issue if they wouldn't have started handing out money in the first place.
 

Zen Peach



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  posted on 1/27/2009 at 01:12 PM
quote:
This jet was ordered in 2005 and no TARP funds were used. In addition, Citicorp is selling other aircraft to offset the cost of the new jet.

The bigger point of all of this is, since when is it the governments responsibility to tell corporations how to spend their money? Especially when they don't have their facts straight.

Never...........Until now.

http://www.swamppolitics.com/news/politics/blog/2009/01/citigroup_no_tarp_f unds_used_f.html


But they HAVE received TARP funds. As said already, they didnt go broke overnight.

Anyway, it doesnt matter as Citigroup is backing out of the jet deal.

http://blogs.abcnews.com/politicalpunch/2009/01/under-fire-from.html

On Monday an official of the Treasury Department called an official of Citigroup, recipient of $45 billion in TARP funds, and complained about the company's new $50 million dollar,12-seater corporate jet from a French company.

The official "told them to fix it," a source with knowledge about the call tells ABC News.

Citigroup this morning released the following statement: "We have no intent to take delivery of any new aircraft."

Asked by ABC News about the appropriateness of Citigroup spending $50 million on a new luxury jet for corporate chieftains, White House press secretary Robert Gibbs on Monday said, "the president said this during the transition, as it related to the auto companies using private jets; doesn't believe that's the best use of money at this point. Instead, that money should be used to lend to consumers to get the economy moving again, to free up capital and credit, and help small businesses create jobs."


So, when is anyone from the Right going to give an attaboy for the Obama administration on stuff like this? Here is yet another example of the change we were promised.

<crickets>

 

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Ultimate Peach



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  posted on 1/27/2009 at 01:27 PM
If Bush were in power he would've told them to keep the jet and asked Citigroup if they needed a second jet.

 

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Zen Peach



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  posted on 1/27/2009 at 01:39 PM
quote:
So, when is anyone from the Right going to give an attaboy for the Obama administration on stuff like this? Here is yet another example of the change we were promised.

<crickets>



Change to some of us would mean leading by example.

We've been sending Washington "bailout" money for years on end and will continue to do so. How many non-military jets do they own? Plenty......hundreds, thousands? I remember just a short time ago Pelosi whining over the airplane she would be forced to fly and wanting a nicer one. Are they being asked to cut their fleet, or maybe convert some to turbo props, which are far less expensive to operate? That would be "change."

Now all this outcry over one freaking corporate airplane which TARP money was not even used?

 

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Zen Peach



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  posted on 1/27/2009 at 01:49 PM
quote:
quote:
quote:
So, when is anyone from the Right going to give an attaboy for the Obama administration on stuff like this? Here is yet another example of the change we were promised.

<crickets>



Change to some of us would mean leading by example.

We've been sending Washington "bailout" money for years on end and will continue to do so. How many non-military jets do they own? Plenty......hundreds, thousands? I remember just a short time ago Pelosi whining over the airplane she would be forced to fly and wanting a nicer one. Are they being asked to cut their fleet, or maybe convert some to turbo props, which are far less expensive to operate? That would be "change."

Now all this outcry over one freaking corporate airplane which TARP money was not even used?


If they didn't spend the $5 million, that would be $5 million less they would need from the taxpayers. It also opens up the question of where else have they wasted money?


Hopefully you apply the same logic to government spending.

 

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Zen Peach



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  posted on 1/27/2009 at 01:52 PM
If I ordered expensive watches and jewelry and a fancy car a couple of years ago that are going to be delivered about the time I'm asking someone to give me money then whoever is forking over the cash has a legitimate right to ask me to forego the luxury items. Citi was wrong and I'm glad the deal was stopped. Just another example of how the 'greed is good' mentality has become pervasive in our society.

 

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Maximum Peach



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  posted on 1/27/2009 at 01:52 PM

quote:
quote:This jet was ordered in 2005 and no TARP funds were used. In addition, Citicorp is selling other aircraft to offset the cost of the new jet.

The bigger point of all of this is, since when is it the governments responsibility to tell corporations how to spend their money? Especially when they don't have their facts straight.

Never...........Until now.

http://www.swamppolitics.com/news/politics/blog/2009/01/citig roup_no_tarp_funds_used_f.html



But they HAVE received TARP funds. As said already, they didnt go broke overnight.

Anyway, it doesnt matter as Citigroup is backing out of the jet deal.

http://blogs.abcnews.com/politicalpunch/2009/01/under-fire- from.html

On Monday an official of the Treasury Department called an official of Citigroup, recipient of $45 billion in TARP funds, and complained about the company's new $50 million dollar,12-seater corporate jet from a French company.

The official "told them to fix it," a source with knowledge about the call tells ABC News.

Citigroup this morning released the following statement: "We have no intent to take delivery of any new aircraft."

Asked by ABC News about the appropriateness of Citigroup spending $50 million on a new luxury jet for corporate chieftains, White House press secretary Robert Gibbs on Monday said, "the president said this during the transition, as it related to the auto companies using private jets; doesn't believe that's the best use of money at this point. Instead, that money should be used to lend to consumers to get the economy moving again, to free up capital and credit, and help small businesses create jobs."

So, when is anyone from the Right going to give an attaboy for the Obama administration on stuff like this? Here is yet another example of the change we were promised.


It is one thing to step up after the fact, that is worth something. But let's back up to when the legislation was passed by Congress. For those that supported the it in the House and Sentate, why did they not put in clauses mandating how the money got spent with real consequences for not following such guidelines?

The intent was, to quote Gibbs from your quote - "...that money should be used to lend to consumers to get the economy moving again, to free up capital and credit, and help small businesses create jobs." If this was/is the intent of the package as passed last fall then it is nothing else than failure. The government can not spend us out of this current situation without creating an even larger problem in the process of trying. I can't support anyone who believes what Gibbs is saying. I'm sorry. I didn't support it then and I don't now.

Go ahead and pat Obama on the back this time, but only while you strike down every single US House and Senate member that supported the measure in the first place.

 

Zen Peach



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  posted on 1/27/2009 at 02:11 PM
quote:
I remember just a short time ago Pelosi whining over the airplane she would be forced to fly and wanting a nicer one.


That yarn has been debunked for a long, long time. Again, stop getting your information from the Right. Its not making you look too good.

http://www.snopes.com/politics/pelosi/jet.asp

 

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Missing- 245 spines. If found, please send one to 1600 Pennsylvania Ave and the rest to the Capitol building care of the Democratic Party.

 

Zen Peach



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  posted on 1/27/2009 at 02:46 PM
quote:
quote:
I remember just a short time ago Pelosi whining over the airplane she would be forced to fly and wanting a nicer one.


That yarn has been debunked for a long, long time. Again, stop getting your information from the Right. Its not making you look too good.

http://www.snopes.com/politics/pelosi/jet.asp



How I "look" here is of little or no concern to me. Do you think I come on here for people to agree with me? As far as politics goes those can be counted on one hand so far, and I'm not expecting that to change. Nor do I have a compulsive desire to be "right" all the time. It's just opinions and ideas, anyway.

 

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Ultimate Peach



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  posted on 1/27/2009 at 02:53 PM
I know it's ostentatious, but corporate jets are common. Do they need a "luxury" jet, probably not. But the reality of travel post 9/11 is that the additional security and wait times at airport extend even short flights into all day affairs. It's just not a good use of excecutives' time to be sitting in airports and on planes with no network access. Plus, the execs at Citigroup travel with security, it's a real hazard that obviously the rest of us don't have to deal with.

Frankly, it looks bad, and I question the judgement of any exec that does anything with this kind of negative PR when they're in the spotlight already. But the reality is, when you head up one of the largest banks in the world, this is a perk you get and there are even some business reasons for it.

 

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Zen Peach



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  posted on 1/27/2009 at 02:56 PM
quote:
quote:
quote:
quote:
I remember just a short time ago Pelosi whining over the airplane she would be forced to fly and wanting a nicer one.


That yarn has been debunked for a long, long time. Again, stop getting your information from the Right. Its not making you look too good.

http://www.snopes.com/politics/pelosi/jet.asp



How I "look" here is of little or no concern to me. Do you think I come on here for people to agree with me? As far as politics goes those can be counted on one hand so far, and I'm not expecting that to change. Nor do I have a compulsive desire to be "right" all the time. It's just opinions and ideas, anyway.


All I see is you nit picking Obama every chance you get, whether there is any validity to the story or not.


That's not true, but I'm sorry you feel that way.

 

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True Peach



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  posted on 1/27/2009 at 03:04 PM
quote:
quote:
quote:
I remember just a short time ago Pelosi whining over the airplane she would be forced to fly and wanting a nicer one.


That yarn has been debunked for a long, long time. Again, stop getting your information from the Right. Its not making you look too good.

http://www.snopes.com/politics/pelosi/jet.asp



How I "look" here is of little or no concern to me. Do you think I come on here for people to agree with me? As far as politics goes those can be counted on one hand so far, and I'm not expecting that to change. Nor do I have a compulsive desire to be "right" all the time. It's just opinions and ideas, anyway.


You said: "I remember just a short time ago Pelosi whining over the airplane she would be forced to fly and wanting a nicer one." You stated this as a fact, not "opinions and ideas". The fact that no such thing ever happened is appantantly lost on you, although to be fair it happens all the time...someone (talk show hosts, bloggers, whoever) says something untrue, intentionally or not, and before you know it is gospel to some people.

 

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I pledge and support the elimination of the derogatory use of the r-word from everyday speech and promote the acceptance and inclusion of people with intellectual disabilities. http://www.r-word.org/

 

Zen Peach



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  posted on 1/27/2009 at 03:08 PM
quote:
quote:
quote:
quote:
I remember just a short time ago Pelosi whining over the airplane she would be forced to fly and wanting a nicer one.


That yarn has been debunked for a long, long time. Again, stop getting your information from the Right. Its not making you look too good.

http://www.snopes.com/politics/pelosi/jet.asp



How I "look" here is of little or no concern to me. Do you think I come on here for people to agree with me? As far as politics goes those can be counted on one hand so far, and I'm not expecting that to change. Nor do I have a compulsive desire to be "right" all the time. It's just opinions and ideas, anyway.


You said: "I remember just a short time ago Pelosi whining over the airplane she would be forced to fly and wanting a nicer one." You stated this as a fact, not "opinions and ideas". The fact that no such thing ever happened is appantantly lost on you, although to be fair it happens all the time...someone (talk show hosts, bloggers, whoever) says something untrue, intentionally or not, and before you know it is gospel to some people.


Yup. In the end, it doesn't really matter if it's true.

 

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Zen Peach



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  posted on 1/27/2009 at 03:26 PM
quote:
quote:
quote:
quote:
I remember just a short time ago Pelosi whining over the airplane she would be forced to fly and wanting a nicer one.


That yarn has been debunked for a long, long time. Again, stop getting your information from the Right. Its not making you look too good.

http://www.snopes.com/politics/pelosi/jet.asp



How I "look" here is of little or no concern to me. Do you think I come on here for people to agree with me? As far as politics goes those can be counted on one hand so far, and I'm not expecting that to change. Nor do I have a compulsive desire to be "right" all the time. It's just opinions and ideas, anyway.


You said: "I remember just a short time ago Pelosi whining over the airplane she would be forced to fly and wanting a nicer one." You stated this as a fact, not "opinions and ideas". The fact that no such thing ever happened is appantantly lost on you, although to be fair it happens all the time...someone (talk show hosts, bloggers, whoever) says something untrue, intentionally or not, and before you know it is gospel to some people.


I'd like to point out that this was initially reported on television, not an internet blog. That's the first I heard about it. I guess we run the risk of believing things seen on cable news and posting it without doing a fact check first. I'll try to be more careful next time.

 

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Zen Peach



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  posted on 1/27/2009 at 03:30 PM
quote:
quote:
quote:
quote:
The bigger point of all of this is, since when is it the governments responsibility to tell corporations how to spend their money?


Since the gov't started handing it to them.


Citicorp received TARP money in 2005, when the order for the jet was placed? Who knew?


Do you think that this looks good to tthe American public? Tell it to a guy who lost his job. Citi didn't go broke overnight. It seems that irresponsibiluty goes back a few years.




BINGO!!!!!!!!

 

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Zen Peach



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  posted on 1/27/2009 at 03:55 PM
quote:
This shouldn't have been an issue if they wouldn't have started handing out money in the first place.


Bingo.

 

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Zen Peach



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  posted on 1/27/2009 at 07:56 PM
quote:
How I "look" here is of little or no concern to me.


Ok, look stupid if you want when 5 minutes fact checking your sources would prevent you from becoming the entertainment for the afternoon.

quote:
Do you think I come on here for people to agree with me?


Not at all. I would hope you would want to provide accurate information or alternately, be accurately informed. Its entirely your choice if you want to be ignorant of the facts of a matter, but please dont sit here and get huffy over people correcting you.

quote:
As far as politics goes those can be counted on one hand so far, and I'm not expecting that to change. Nor do I have a compulsive desire to be "right" all the time. It's just opinions and ideas, anyway.


No, its not just opinions and ideas. If you come on here and assert that ____ has done X, you should be able to support it. Ideally, I would hope that anyone who disagrees or agrees with someone has the actual truth of the matter in which to make the best decision. I came to the understanding a long time ago that some people simply dont want to know what the truth is for whatever reason. Its not about being right, but being informed.

 

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Missing- 245 spines. If found, please send one to 1600 Pennsylvania Ave and the rest to the Capitol building care of the Democratic Party.

 

Zen Peach



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  posted on 1/27/2009 at 08:00 PM
quote:
I'd like to point out that this was initially reported on television, not an internet blog.


I know you dont want to hear this, but it actually originated as an email rumor according to Snopes.

quote:
That's the first I heard about it. I guess we run the risk of believing things seen on cable news and posting it without doing a fact check first. I'll try to be more careful next time.


You may have heard something on TV, but depending on what you heard or didnt hear, facts and information may have been left out of it. Rather than repeating it you should check it.

 

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Missing- 245 spines. If found, please send one to 1600 Pennsylvania Ave and the rest to the Capitol building care of the Democratic Party.

 

Peach Extraordinaire



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  posted on 1/27/2009 at 10:35 PM
Atta boy Mr President!

 

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Maximum Peach



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  posted on 1/27/2009 at 10:54 PM
quote:
Rather than repeating it you should check it.


No need to check anything when there are people here plenty happy to correct things. What else would anyone do?


 

Zen Peach



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  posted on 1/27/2009 at 11:12 PM
Wasn't there an AMERICAN jet company that could sell them a plane???

 

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