New York Post Article Spurs More Bad Press For BizAv
The New York Post took a decidedly aggressive tack in reporting
Monday that Citigroup plans to take delivery soon of a new Dassault
Falcon 7X business jet, only months after the embattled investment
firm received $45 billion in federal, taxpayer-sourced bailout
The tabloid correctly notes the aircraft was ordered two years
ago, when Citigroup was in no apparent danger of going bankrupt.
Still, in an article headlined "Just Plane Despicable," writers
Jennifer Gould Keil and Chuck Bennett take obvious umbrage to the
fact executives apparently plan to take delivery of the plane, and
not cancel the order.
"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," the article states."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."
A bit further down in their story, Keil and Bennett note
Citigroup's corporate fleet subsidiary has two, 10-year-old 900EX
jets listed for sale, each worth roughly $27 million.
A company spokeswoman told the paper she couldn't comment on
"brokering both sides of the deal"... which would appear to
indicate Citi hopes to pay for the new plane, at least in part,
through the sale of the two older aircraft from its fleet.
Then again, that information doesn't make for a very
In response to the Post article -- which was subsequently picked
up by most major media outlets -- Citigroup issued a statement
Monday saying the company has slashed its corporate fleet by
two-thirds since 2000, and has strict policies dictating the
appropriate use of business aircraft.
When queried by the Post about the sale, CitiFlight head Bill
McNamee bristled. "Why should I help you when what you write will
be used to the detriment of our company?" McNamee replied. "What
relevance does it have but to hurt my company?"