Yesterday, we wrote that Citigroup had decided to spend $50 million of its bailout money on a French luxury jet to ferry execs around town. The White House was not pleased about this.

According to CNN, a Treasury department official informed Citigroup that such a purchase was “unacceptable.” According to White House Press Secretary Robert Gibbs, President Obama told Citigroup executives to “fix it,” noting that buying a new jet was probably not “the best use of money at this point.”

After refusing to respond to requests for comment yesterday, Citigroup released a statement saying they have “no intent to take delivery of any new aircraft.”

White House Presses Citigroup to Give Up Jet [CNN]
(Photo: voteprime)

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