Flying High on Taxpayer Dollars: Citi is Out of Control


citigroup-center-1The New York Post reports that just weeks after Citigroup bellied up to the bar for a taxpayer-funded infusion of $45 billion, the bank supplied a corporate jet to fly its former CEO and his extended family to a posh Mexican resort to celebrate New Year’s.

Former CEO Sandy Weill, 75, boarded Citi’s luxury Bombardier BD 700 Global Express aircraft Dec. 26.  According to aviation records show that Weill, his wife, daughter, her husband and their children flew from Westchester County Airport to Baja for a family junket, where the stayed at at the ultra-expensive One & Only Palmilla in San José del Cabo – where a four-bedroom suite costs $12,000 a night, the same beachfront resort frequented by celebrities Jennifer AnistonJohn Travolta and others.   Eli Manning got married there in April.

Citigroup lost $28.2 billion over the last five quarters, firing 75,000 employees worldwide. The company-sponsored holiday came the same week that Citigroup agreed to cut runaway corporate expenses in order to get taxpayer money.

Under Weill, Citigroup grew to a moribund giant precariously perched on the performance of hedge funds, the failure of which sent the company into a dizzying tailspin, losing billions. Weill stepped down as CEO but continued with Citi as a highly-paid consultant.

At $45 million, the Bombardier Global Express is but one aircraft in a company fleet used by Citigroup executives. These a$#holes just never give up. Self-centered pricks like Weill should be doing hard time. They can afford to buy their own jets, yet continue to sponge off taxpayers.  Simply shameful.

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