As we predicted, the outrage engines are fired up and ready for take-off after news leaked out that Citi was going ahead with its purchase of a $50 million corporate jet. Senator Carl Levin, the Democrat from GM-Chrysler-Ford, says he wants the Treasury Department to stop the purchase.
“The notion of Citigroup spending $50 million on a new corporate jet, even as it is depending on billions of taxpayer dollars to survive, does not fly,” Levin said in a statement. 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.”
Levin said he was urging Tim Geithner, who is expected to be confirmed as Treasury Secretary later today, to “stop this absurdity from occurring.”
Recall that back at the end of last year, Levin’s bosses constituents who run the Big Three automakers, were widely lambasted for flying corporate jets to Washington to ask Congress for bailout bucks. If his guys can’t jet around on private jets, there’s no way he’s letting these bankers gone broke fly the federally bailed out skies.
Citi probably didn’t help its case with these domestic manufacturing types by buying a fancy European jet.
See also: Citi Flying High On Bailout Bucks.