Citigroup execs have scrapped plans to buy a $50 million corporate jet after the Obama administration criticized the bailed-out bank for spending taxpayers' money needlessly.
The bank purchased the French-made Dassault Falcon 7X luxury corporate jet after it received $45 billion in bail out funds and teetered on the brink of bankruptcy -- but today the company said they had grounded their plane plans, the New York Post reported.
"We have no interest to take delivery of any new aircraft," Citigroup spokeswoman Shannon Bell told the Post.
Citigroup began second-guessing their decision to buy the jet after the Obama administration expressed disapproval of the huge expenditure.
Obama "doesn't believe" that purchasing corporate jets is "the best use of money," White House spokesman Robert Gibbs said yesterday. "He said that as it relates to the auto industry, and he believes that as it relates to banks as well."
