When we were informed last month that Citigroup was putting two of its corporate jets up for sale, the reaction was pretty much "What the fuck is this shit?" First off, as everyone here knows, private jets are an essential component of Citi's business model. Second, the firm had already instituted its ban on color copies, so we were under the impression that things were back on track, making-money wise. Some calls were placed and Saudi Prince Alwalweed promised to make his superjumbo available, but it looks like we may not have to rely on the kindness of the Shareholder 4 Life. The Post reports that the Big C is soon to be the proud owner of a brand spanking new Dassault Falcon 7X. There are apparently just nine of these French-made toys in the U.S., which, for a mere $50 million, will transport Vikram Pandit and 11 of his closest pals in a style they deserve.
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Posted by guest , Jan 26, 2009 11:49AM
Remind me to stop doing business with C.
What a bunch of ungrateful slobs.
Posted by guest , Jan 26, 2009 11:50AM
first. pandit will DB Cooper it after earnings are announced
Posted by StillNoCouch , Jan 26, 2009 11:50AM
Was previously on order ? I'm assuming they had to take delivery ?
What a PR nightmare.
Posted by guest , Jan 26, 2009 11:51AM
i was first. Plane will be returned after Congress throws a hissyfit. Congress can't have you, so neither can C.
Posted by onetwo , Jan 26, 2009 11:51AM
As I pointed out to EP this morning, the best part of the story is that all the Citigroup planes' tail numbers end in GS.
From the story:
The Dassaults are part of CitiFlight's Gulf Sierra fleet, which includes the two Falcon 900EXs, tail numbers N399GS and N588GS, currently for sale. FAA records show Citigroup reserved a new tail number, N488GS, possibly for the incoming 7X on Nov. 10 last year.
Plane envy?
Posted by guest , Jan 26, 2009 11:59AM
GS = Goose Sex
Posted by Clown Capital , Jan 26, 2009 12:00PM
@3
No, you can always pull out a deal like this, in most cases you simply forfeit your deposit...
Me personally, I'm pretty "stoked" about the new jet. I mean, just a few days ago I woke up and said to myself, geez, I hope SOME of that 25 billion in taxpayer money went to the purchase of some new luxury good. I mean, at the end of the day, (cliche) If you're gonna go down, then at least you gotta look good going down, am I right? Thank god some of my money went to help them out!
- brought to you by S. ARCASM
Posted by guest , Jan 26, 2009 12:03PM
7 Not so sure about simply forfeiting the deposit. I believe there are progress payments on these things, so that by the time final delivery comes, you've forked over a good deal of the cost.
Posted by american bandersnatch , Jan 26, 2009 12:04PM
I think it brings a little joy into our gloomy financial world. It reminds me on the good old days when a young married financial exec could score a slightly used CNBC reporter on company time / property.
Posted by guest , Jan 26, 2009 12:04PM
@7 Clown Capital,
S. ARCASM, hahahaha, NOW GO PUT A BULLET IN YOUR HEAD.
Posted by guest , Jan 26, 2009 12:07PM
I like how Lewis and Thain are battling via CNBC proxy: Charlie vs. Maria.
Anyone know if Thain gave Maria a lift to Davos?
Posted by guest , Jan 26, 2009 12:09PM
Does the new plane come with built in Maria Bartwhateverheris blow up dolls?
Posted by guest , Jan 26, 2009 12:10PM
@5, I agree. The real mystery is the ending in "GS". The FAA lets you reserve an N-number:
http://162.58.35.241/e.gov/NN/resreqform.asp
so why da shizzle were Citi choosing Goldman's initials????
Posted by guest , Jan 26, 2009 12:11PM
&5....Do you think Maria flight tested all those Citi planes you listed. I haven't yet heard if she has a new jetjockey to where she goes.
Posted by guest , Jan 26, 2009 12:15PM
I have to give them credit for choosing a pretty nice jet. Do these jets come with a Maria approved rating?
Posted by guest , Jan 26, 2009 12:19PM
They must have....when she and Todd
Thomson were using them...she owned 1,000 share of Citigroup stock...she used to love to tell the world that fact.
Posted by guest , Jan 26, 2009 12:21PM
When you say brand "spanking" new, are you alluding to the aerial treat preferences of Vikrobot c.f. the alleged goings on of what seems a lifetime ago between Todd Thomson and Maria
Skank?
Posted by guest , Jan 26, 2009 12:28PM
&17,,,,If two years ago to the day, when the countries newspapers and business magazines blew open the story of the (alleged as you call it) seems a lifetime ago....you ar in for a short life. Jan 26,2007
Posted by Anal_yst , Jan 26, 2009 12:46PM
Why not just stick to status quo and go for the G550 (or better yet, wait for the G6?)
Discuss.
Posted by guest , Jan 26, 2009 12:47PM
@8 is correct, there are significant progress payments. Maybe about 30% paid on final delivery (depending upon manufacturer, model and customer etc.)
Manufacturers also try to prevent slot-trading (with varying levels of success) and stop speculators getting into the backlog. At the height of the bizjet boom, some used jets were trading at a premium to the new list price, because of the multi-year wait to get a new jet off the line.
The state of the bizjet market is not so good now.
Posted by guest , Jan 26, 2009 12:48PM
Yes, but they're now serving a much lower quality of champagne on those jets.
Posted by guest , Jan 26, 2009 12:54PM
Slumdog millionaire Pandit cannot go back to commericial.
Posted by guest , Jan 26, 2009 12:54PM
Anal_yst The 7X is a very good plane and C has a history of owning Falcons (no doubt among others), so this is an extension of the status quo.
The G650 will not go be in the customer's hands until late 2012 at the earliest - what do you expect Vic to fly before then?
Posted by guest , Jan 26, 2009 1:00PM
Thanks #9....you have a good memory, too.
Posted by guest , Jan 26, 2009 1:04PM
Why would they buy this new plane now, once get taken over by the Gov't wont they have their choice of all those really cool Airforce planes?
Posted by guest , Jan 26, 2009 1:47PM
Missing from #9 reminder.....a "married"CNBC reporter. They, media, thought it cute to call it Mariagate. I have never found "alleged" infidelity acceptable. It seems employer here does.
Posted by guest , Jan 26, 2009 2:08PM
her ass has gotten so big they'll need a C-130 to take Maria up again
Posted by guest , Jan 26, 2009 2:41PM
To anyone living off the planet in Jan 2007 and Cindy Adams says 18 months before then, you can come up to speed. Click on Dealbreaker.com and at the top of page one the second choice box ARCHIVE..click it..wait a bit then a lot of scrolling down to the name Maria Bartiromo.....that's in the M's Then you know as much as we were told....by Bess and the Press.......it rhymes.
Posted by Anal_yst , Jan 26, 2009 3:10PM
@23
Good point(s).
Posted by e_anthony58 , Jan 26, 2009 3:58PM
SELL PRIMERICA!!
Sell it and Citi will have TWO of those pimped out jets.
I wonder if the sexy flight attendants are pricey too. Hmmmmmmm
Posted by guest , Jan 26, 2009 9:05PM
Now that Maria is about to hit menopause, who will be the next CNBC reporter to leave a snail trail on one of seats in the back of the Citi plane?
- Fixed Income