Obama administration scolds Citigroup Over Plane Purchase

Politico reports:

The Obama administration knows how to use the bully pulpit.

A Treasury Department official on Monday called Citigroup, which has received $45 billion in bailout capital from the government, to protest plans to accept delivery on a luxurious $50 million corporate jet made in France.

The New York Post reported on the plan under the headline, “JUST PLANE DESPICABLE.”

President Obama has said he will demand more accountability from recipients of bailout funds, and Citigroup now is finding out what that means.

The Treasury official called the bank to complain and told the executive to find a solution. Among the possibilities would be selling or leasing the fancy flier, since there are penalties associated with killing the contract outright.

In any case, the administration does not want the plane put in service under the Citigroup banner.

Citigroup is finding out who now runs the bank:Uncle Sam.