Russian financiers are even worse off than the Americans right now.

i doubt isn't that easy to just cancel an order on a product that costs $50 mill, if they're also in the process of selling two older models.. which no doubt have a higher fuel consumption to boot.. wouldn't it make more sense to go that route? they'd make a couple of mill on the deal if they got what they're worth.


and more importantly, we're canadian so who gives a fuck

I'm so glad I'm leaving this piece of shit company in a couple weeks. Their volume of business in our department is down 22% from this time last year.

The company has too many cheifs and not enough indians. pardon the term. But the whole who cares cause we are Canadian thing. All our rules and corporate policies come from NY. There was no bonuses, raises, Christmas party or year end performance initaitive.

We did all however have 57,000 of our coworkers let go, 2 departments in Toronto moved to India, and half our sick days taken away. Fuck Citi and everything they stand for. But enjoy your new toy plane Vikram you disorganized piece of dogshit.

Sorry for the rant. Good job while your looking for another job I guess.

It's the optics of the purchase: You cry for $45B in aid? Why Dassault's? I'd go for a Global Express or Gulfstream 550.

Sen. Carl Levin has come out with a statement already:

http://levin.senate.gov/newsroom/release.cfm?id=307295

Levin Statement on New Citigroup Corporate Jet

WASHINGTON – Sen. Carl Levin, D-Mich., said the following today regarding Citigroup’s reported plans to purchase a new $50 million corporate jet:

“The notion of Citigroup spending $50 million on a new corporate jet, even as it is depending on billions of taxpayer dollars to survive, does not fly.

“To permit Citigroup to purchase a plush plane – foreign-built no less – while domestic auto companies are being required to sell off their jets is a ridiculous double standard.

“I have urged Tim Geithner, who will presumably be Treasury Secretary by the end of the day, to do what he can to stop this absurdity from occurring, and I am assured he will look into the matter promptly.”

Order was put in place TWO YEARS AGO

Speaking of more bling...here is an interesting factoid.

Alvarez & Marsal is currently completing the sale of Lehman Brother's assets. Lehman Bros could have easily operated a small airline with the no. of aircraft in their fleet.

Look here (page 21):
http://sec.gov/Archives/edgar/data/...1409_8ke991.htm

It reveals:
12 jets and 1 helicopter valued at $164 million that includes the sale of a Gulfstream IV (valued @ $21 million) the month before + $15 Million of rights on Netjets (jet sharing program).

2001 Gulfstream IV-SP, 1987 Dassault Falcon 50, 4 Boeing 737s! Why a 737??

A brand new 2008 Gulfstream 550, 1995 Gulfstream IV-SP, 3 Bombardier CRJ 200s and one Boeing 767 ! A Boeing 767 seats like 250 people! Why such a large plane? Add to this a Sikorsky S-76C helicopter that Dick Fuld used to travel from home to work. ..ontop of all the other luxury items (Maybach cars and whatever he collected) + $30 Million in artwork.

Gulfstreams are not cheap...

quote:

Originally posted by Yohan Order was put in place TWO YEARS AGO

So was the G550 from Lehman Bros.

quote:

Originally posted by SSSanchez So was the G550 from Lehman Bros.

means nothing.

clearly this is a luxury purchase by citibank, but when the purchase was ordered, citibank thought they could afford to buy this plane.

it's not like citibank knew about the recession and that they were going to get a buy out from the govt, but they decided to go ahead with this purchase

dunno what the clauses are in the contract for this purchase, but back in mid 90s, Kim Campbell placed a huge order for EH101 choppers to replace aging Sea King choppers (which CF still uses today)
Jean Cretin was like, fuck this. order is too expensive. cancel it.

Canada ended up paying something like 500MILLION dollars in cancellation fee

quote:

Originally posted by SSSanchez Speaking of more bling...here is an interesting factoid. Alvarez & Marsal is currently completing the sale of Lehman Brother's assets. Lehman Bros could have easily operated a small airline with the no. of aircraft in their fleet. Look here (page 21): http://sec.gov/Archives/edgar/data/...1409_8ke991.htm It reveals: 12 jets and 1 helicopter valued at $164 million that includes the sale of a Gulfstream IV (valued @ $21 million) the month before + $15 Million of rights on Netjets (jet sharing program). 2001 Gulfstream IV-SP, 1987 Dassault Falcon 50, 4 Boeing 737s! Why a 737?? A brand new 2008 Gulfstream 550, 1995 Gulfstream IV-SP, 3 Bombardier CRJ 200s and one Boeing 767 ! A Boeing 767 seats like 250 people! Why such a large plane? Add to this a Sikorsky S-76C helicopter that Dick Fuld used to travel from home to work. ..ontop of all the other luxury items (Maybach cars and whatever he collected) + $30 Million in artwork. Gulfstreams are not cheap...

the 737's and 767's they have are over 20 years old though. they may be big but they're not worth that much now.

the crj's are 14 and 16 years old to


they'll all probably end up with some airline in a 3rd world country haha

If the 737 is considered a new generation NG (500,600,700,800,900) series it would still be an expensive plane. Same train of thought goes for the 767, if it was a 300 or 400 series it would be an extremely expensive piece of kit.

As an aside, I used to operate flights into white plains airport, where all these jets were based. The richest of these guys would have the helicopters come pick them up from their house, and fly them to the buildings in Manhattan. Totally crazy lifestyle of the rich and famous shit. The properties that had waterfront on Long Island Sound in White Plains and Grenich area are like nothing I've ever seen before. They make the movie star stuff in Malibu look like subsidized housing.

quote:

Originally posted by Yohan means nothing. clearly this is a luxury purchase by citibank, but when the purchase was ordered, citibank thought they could afford to buy this plane. it's not like citibank knew about the recession and that they were going to get a buy out from the govt, but they decided to go ahead with this purchase dunno what the clauses are in the contract for this purchase, but back in mid 90s, Kim Campbell placed a huge order for EH101 choppers to replace aging Sea King choppers (which CF still uses today) Jean Cretin was like, fuck this. order is too expensive. cancel it. Canada ended up paying something like 500MILLION dollars in cancellation fee

It means everything. You have an existing functional fleet. You get aid from the government, yet you persist in your purchase. Sell it....which is what they've been forced to do. You can even sell your slot... at a price higher than list if there is enough demand. No excuses.

quote:

Originally posted by activate the 737's and 767's they have are over 20 years old though. they may be big but they're not worth that much now. the crj's are 14 and 16 years old to they'll all probably end up with some airline in a 3rd world country haha

No. of years don't matter as much as cycles. You can't determine their age from just the model type. As the previous poster mentioned, they can be relatively new...particularly 737s & 767s. Even at 15 years...plenty of life remaining. I'm am more than sure that they are not high cycle aircraft.

quote:

Originally posted by failsafe If the 737 is considered a new generation NG (500,600,700,800,900) series it would still be an expensive plane. Same train of thought goes for the 767, if it was a 300 or 400 series it would be an extremely expensive piece of kit. As an aside, I used to operate flights into white plains airport, where all these jets were based. The richest of these guys would have the helicopters come pick them up from their house, and fly them to the buildings in Manhattan. Totally crazy lifestyle of the rich and famous shit. The properties that had waterfront on Long Island Sound in White Plains and Grenich area are like nothing I've ever seen before. They make the movie star stuff in Malibu look like subsidized housing.

What did you fly?

btw: I work for one of the regional a/c manufacturers.

Just confirmed: the 767 for sale is a -332 (MSN 23436) / tail N122DL.

Perhaps I could recommend a pilot....

quote:

Originally posted by SSSanchez It's the optics of the purchase: You cry for $45B in aid? Why Dassault's? I'd go for a Global Express or Gulfstream 550.

Dassault has plants in the US also... and as a bonus, its interior design is mostly done right here

New treasurer made Citi cancel the jet. Haven't seen the full story but I guess it's no surprise.

Maybe Citi execs can carpool with the automaker chiefs.

quote:

Originally posted by Skipper New treasurer made Citi cancel the jet. Haven't seen the full story but I guess it's no surprise. Maybe Citi execs can carpool with the automaker chiefs.

According to some source, they could lose $17.5 Million if they can't find someone else to buy it...