Team Obama Nixes Citi's Private Jet Buy

Hours after the New York Post trumpeted Citigroup's plan to go through with the purchase of $50 million, French-made private jet yesterday, Citigroup got a call from Treasury telling the bank to think again. The Obama administration has made a lot of noise about enforcing accountability on bailout funds, Politico notes, and taxpayers, with a $45 billion investment, are Citi's biggest shareholders. “That money should be used to lend to consumers to get the economy moving again,” said Obama’s press secretary.

Following the hubbub, Citi now says it has "no intent to take delivery of any new aircraft," Bloomberg reports.
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