by The Associated Press
Published: Tue, January 27, 2009 - 10:49 am CST
Last Updated: Tue, January 27, 2009 - 10:53 am CST
NEW YORK (AP) - Citigroup's plans to buy a corporate jet havebeen grounded.
The bank says it won't take possession of the jet it had
previously planned to purchase, after all.
The canceled deal comes a day after a New York Post report about
the plane. That prompted a chorus of criticism from politicians
worried about how banks that have received federal funds are
spending the money.
Citi has received $45 billion in recent months from the
government as part of a plan to stabilize the banking sector.
A source says a deposit on the jet will be lost, but will be
recoverable once the jet is sold.
The source says Citi is also planning to cut the number of
corporate jets in its existing fleet to two from five.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
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