This is why public funds should NOT be used to prop up the private sector. Even though Citi probably has great reasons to buy the jet, the fact that it received tax-payer funds makes this whole thing look like sheer fiscal irresponsibility on its part…
Incidentally, buying and using the jet is good for the economy, as it increases our France’s GDP by $50 million… But seriously, it would make no difference if Citi spent the $50 million on a jet or on giving $1 million in loans to 50 individual businesses, ultimately the same amount of money would have gone into circulation.
Let’s wait for the cursory outrage from Obama, and the imminent resignation from Citi CEO Pandit…
Beleaguered Citigroup is upgrading its mile-high club with a brand-new $50 million corporate jet – only this time, it’s the taxpayers who are getting screwed.
Even though the bank’s stock is as cheap as a gallon of gas and it’s burning through a $45 billion taxpayer-funded rescue, the airhead execs pushed through the purchase of a new Dassault Falcon 7X, according to a source familiar with the deal.
The French-made luxury jet seats up to 12 in a plush interior with leather seats, sofas and a customizable entertainment center, according to Dassault’s sales literature. It can cruise 5,950 miles before refueling and has a top speed of 559 mph.
There are just nine of these top-of-the-line models in the United States, with Dassault’s European factory churning out three to four 7Xs a month.
Citigroup decided to get its new wings two years ago, when the financial-services giant was flush with cash, but it still intends to take possession of the jet this year despite its current woes, the source said.
Here are some stats on the Dessault Falcon 7x
General characteristics
* Crew: Three (pilot/co-pilot & 1 cabin crew)
* Capacity: Up to 12 passengers (not including crew)
* Length: 23.19 m (76 ft 1 in)
* Wingspan: 26.21 m (86 ft)
* Height: 7.863 m (25 ft 8 in)
* Wing area: 70.7 m² (761 ft²)
* Empty weight: 15,456kg (34,072lb)
* Useful load: 15,843kg (34,928lb)
* Max takeoff weight: 31,299kg (69,000lb)
* Powerplant: 3× Pratt & Whitney Canada PW307A turbofans, 28.46 kN (6,400 lbf) each
Performance
* Maximum speed: 953 km/h (515 knots, 593 mph)
* Cruise speed: 900 km/h (486knots, 559mph)
* Range: 11,019km (5,950 nm) 8 passengers
* Service ceiling 15,545m (51,000 ft)
* Wing loading: 435 kg/m² (91 lb/ft²)
