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'Rescued' Citi Buying $50m Jet

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Lame CNBC Article

I also read the CNBC blog. How stupid is that kid reporter? I hear that he got that job through his uncle - Jim Cramer. Clearly he doesn't know how C-Level executives of multinational organizations travel. How do you effectively manage a true multinational? Should the CEO take Southwest Airlines (cheap airfares) to visit Dubai and Korea? I guess sitting in airports for hours on end would be a good use of their VERY EXPENSIVE time? Clearly this punk kid thinks he has all the answers...

Were there abuses of power? Was cash every wasted? Absolutely. Still, you need capable airplanes to manage effectively in a global economy - especially now. Notice that nobody brought up these "excesses" when the economy was growing. Typical liberal media writing from an idiot kid who has never seen how business really works...

Here's the lame article:

Are CEOs Stupid Or Spoiled?
Posted By: Cliff Mason
setDefault('cnbc_textbody');

You know what's worse than finding out that Citigroup cnbc_comboQuoteMove('popup_c_ID0EDDAC15839609');[C 3.43 -0.04 (-1.2%) ] cnbc_quoteComponent_init_getData("c","WSODQ_COMPONENT_C_ID0EDDAC15839609","WSODQ","true","ID0EDDAC15839609","off","false","inLineQuote"); is buying a $50 million top-of-the-line corporate jet?
Finding out that Citi actually owns a whole subsidiary called CitiFlight that manages its fleet of corporate jets. Talk about terrible optics. Talk about begging Americans to nationalize their company.
This is just one of a long line of news items that has me wondering, corporate executives: stupid or just spoiled?

Here's how the question breaks down. Was John Thain, the former CEO of Merrill Lynch, stupid to spend $1.2 million of his company's money redecorating his office? Or was this just such an ingrained part of the corporate culture that to expect anything less would be uncivilized?

Were Rick Wagoner of GM cnbc_comboQuoteMove('popup_gm_ID0E3IAC15839609');[GM 3.36 -0.13 (-3.72%) ] cnbc_quoteComponent_init_getData("gm","WSODQ_COMPONENT_GM_ID0E3IAC15839609","WSODQ","true","ID0E3IAC15839609","off","false","inLineQuote"); , Alan Mulally of Ford cnbc_comboQuoteMove('popup_f_ID0E3NAC15839609');[F 1.95 0.15 (+8.33%) ] cnbc_quoteComponent_init_getData("f","WSODQ_COMPONENT_F_ID0E3NAC15839609","WSODQ","true","ID0E3NAC15839609","off","false","inLineQuote"); , and Bob Nardelli of Chrysler stupid when they took their luxurious corporate jets down to Washington to beg for bailout money, or is that just how they roll? That said, good for Wagoner and Mulally for offering to take pay-cuts down to $1 a year, that's the kind of thing that looks good. It's the kind of thing that every CEO of every bank that needs TARP money should be doing, or at least every one of those CEOs who hopes to keep his job. So why they heck aren't they?
How is it possible that all of these people who've made it to the top of the corporate ladder do so many stupid looking things? I don't think any of these guys are dumb, maybe with the exception of Bob Nardelli. I think there's such a disconnect between the people at the very top and the rest of us, that they just don't see anything inappropriate about what they've done until the media points it out to them after the fact.

Normally, when America isn't hemorrhaging jobs, CEOs don't have to care so much about the optics of pouring money down the drain. The goodwill of the public only matters when your company is hanging on by a thread and needs a Federal bailout to stay solvent. The thing is, that's where we are now and our corporate leaders don't seem to have gotten the memo.

And why would they know? Who's going to send them that memo? Their board of directors? Please.
Corporate boards are made up of other very-rich people, who often tend to be top managers at different companies, so they're in the same boat as the CEOs, the good ship Clueless and Entitled. They're part of culture that just doesn't think about how the little people will feel when they see you jet-setting around and begging Congress for cash at the same time.

Either this attitude's going to change, or the people on top will. It'll probably have to be both.
 
I want to punch this reporter in the face.
 
I sent an email to the kid CNBC writer (he's one of the few younger than me), and simply shook my head at the sensational writing of the NYP.
 
The local radio report here in IND mentioned that this airplane "has leather seats".

Should have gone with the velour, Citi... :rolleyes:

TC
 
Citi. That's the company who just "changed their policy" and jacked up the rate on my card by a multiple of 2.4 as thanks for paying all my bills on time. That's MULTIPLE, not percent. Did they find out I got laid off from my great corporate gig?

Fine, I'll just pay it off from my emergency fund or severance package... They could have milked me forever at the lower rate. They can't have my money anymore and I don't want theirs.
 
CNN just hammered Citi as well for the 45M private jet. You and I might not like it, but I had talks months ago on here that this day was coming. Here it is. They should have gotten out in front of this, but they didn't. This article I found was pretty indepth.

http://www.nypost.com/seven/01262009/news/nationalnews/just_plane_despicable_152033.htm

Exactly, they should have gotten out in front of it. The jet doesn't make them idiots, the way they mishandled the media does.
 

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