January 27, 2009 /

Change Has Come #6

When banks abuse their bailout funds, the Obama administration takes action: A Treasury Department official on Monday called Citigroup, which has received $45 billion in bailout capital from the government, to protest plans to accept delivery on a luxurious $50 million corporate jet made in France. [SNIP] The Treasury official called the bank to complain […]

When banks abuse their bailout funds, the Obama administration takes action:

A Treasury Department official on Monday called Citigroup, which has received $45 billion in bailout capital from the government, to protest plans to accept delivery on a luxurious $50 million corporate jet made in France.

[SNIP]

The Treasury official called the bank to complain and told the executive to find a solution. Among the possibilities would be selling or leasing the fancy flier, since there are penalties associated with killing the contract outright.

In any case, the administration does not want the plane put in service under the Citigroup banner.

Could you imagine the Bush administration doing anything like this? While they were pumping out money to these financial institutions, the executives were walking away with huge bonuses and Bush did nothing.

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