As I mentioned earlier, the economy is in trouble not just because major banks aren’t lending all that government bailout money out to business and consumers. It’s also that the lending actually decreased in the last quarter, despite the billions of dollars the banks received under the Troubled Assets Relief Program.
But it looks like at least one bank is finding a way to spend that TARP money. The New York Post reports that Citigroup just bought a new $50 million corporate jet.
From The Post:
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. The French-made luxury jet seats up to 12 in a plush interior with leather seats, sofas and a customizable entertainment center, according to Dassault’s sales literature. It can cruise 5,950 miles before refueling and has a top speed of 559 mph. There are just nine of these top-of-the-line models in the United States, with Dassault’s European factory churning out three to four 7Xs a month. Citigroup decided to get its new wings two years ago, when the financial-services giant was flush with cash, but it still intends to take possession of the jet this year despite its current woes, the source said.
This should go over big in Washington. I guess those Citigroup execs didn’t pick up any of that sense of public outrage when auto executives flew in corporate jets to Washington to ask for money.
I’d expect the next round of TARP funds to include some exclusions on corporate perks like luxury jets. It’s hard to believe lawmakers actually would have to put something like that in writing. But Citigroup proves that in the financial industry, taking government money apparently doesn’t mean cutting back on those little perks.
EPA Administrator Addresses Concerns About Oil Spill Waste Management
At a hearing of the national oil spill commission today, Environmental Protection Agency Administrator Lisa Jackson addressed concerns about waste disposal from
E-Verify Mandate Begins Today
The Obama administration today begins implementation of a new mandate to require all federal contractors to check the legal status of their employees to confirm
EPA administrator defends allowing Florida to write its own water pollution rules
The EPA seal (Pic via sentryjournal.com) The Environmental Protection Agency has come under fire for its decision to allow the state of Florida to write its own water pollution rules (known as “numeric nutrient criteria”). EPA Regional Administrator Gwendolyn Keyes Fleming is now firing back, writing that the Agency commends the state Department of Environmental Protection for its draft of a proposed standard. A host of environmental groups filed suit in 2008, seeking to compel the EPA to implement a strict set of water pollution standards in Florida, arguing that the state was in violation of the Clean Water Act.
EPA administrator fires back at critics in op-ed
EPA Administrator Lisa Jackson (Pic by USACEpublicaffairs, via Flickr) EPA Administrator Lisa Jackson penned a new op-ed for the Los Angeles Times , criticizing House Republicans desperately seeking to undermine the authority of the agency they have dubbed a “job killer.” Arguing that the environment affects red states and blue states alike, Jackson writes that “it is time for House Republicans to stop politicizing our air and water.” As head of the Environmental Protection Agency, Jackson has faced harsh criticism from House Republicans and GOP presidential candidates who say the agency’s regulations are an undue burden on businesses that have to cut jobs simply to comply with clean water and air rules. Presidential hopeful Michele Bachmann has pledged to end the EPA if she takes office. “Since the beginning of this year, Republicans in the House have averaged roughly a vote every day the chamber has been in session to undermine the Environmental Protection Agency and our nation’s environmental laws,” writes Jackson.
EPA Analysis Says Climate Bill’s Cost for Households Would Be ‘Modest’
All the attention on the energy front today is going to the BP spill, but the Environmental Protection Agency quietly released its long-anticipated analysis of
EPA administrator says federal nutrient criteria is a ‘myth’
In testimony given late last week, EPA Administrator Lisa Jackson said that false accusations about her agency’s numeric nutrient criteria to govern Florida waterways are proving to be a detriment to their implementation. # Testifying before the House Agriculture Committee, Jackson said her agency’s work was often “mischaracterized” and addressed several myths surrounding its work
EPA: BP Has 24 Hours to Find a Less Toxic Chemical Dispersant
Thought the massive quantities of oil pouring into the Gulf of Mexico were the only major threat to the country’s southeast coastal waters right now? Think
EPA biologist says fracking may be partly to blame for West Virginia fish kill
New documents obtained by an environmental news service show that an EPA analyst believes that wastewater from fracking may be partly responsible for a fish kill in a West Virginia river. Scientific American reports : U.S