Citigroup ordered a brand spankin new $50 million dollar corporate jet 4 years ago and was scheduled to take possession of it this year. However there was pressure from President Barack Obama dissuaded the deal. Citigroup already received $50 billion dollars in federal bailout money. Even though they claimed that the bailout money would not be used for the corporate jet purchase the deal was in fact cancelled.

Had Citigroup bought the new airplane they would have added to their existing collection of 5 jets. Investment banks shouldn’t even be considering spending money like this amidst our current economic crisis.

Citibank actually has 5 year top jumbo bank CD rates at 3.5% APY.

source: sfgate-citigroup jet

Tags: Banking News, Citibank Bank Rates

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