Citi (C) isn’t taking a new private jet that it ordered because the Treasury Department lobbed in a call and told them not to. Proving once again that headlines in the morning papers are what drives government action, MSNBC’s Chuck Todd reported that it was after yesterday’s Citi jet brouhaha that the agency told them to cut it out.
Essentially, by taking a jet, Citi was making the Treasury department look bad. Here’s the government, propping up its friends, and then they go and undermine these efforts by doing something like taking a new plane. Forget the business case — there may have been a good reason for buying a new jet, we have no idea — it made the government look like fools. So it’s cancelled. But we still don’t know what’s become of the jet.
Any ideas? Tips?
Citi: No New Jet For Us