Citigroup (C) walked away from buying a corporate jet for $50 million. It seemed, at first, that management and the board at the bank had done the right thing.

But, the new Treasury Secretary forced dropping the purchase.

According, to the FT Tim Geithner has forced Citigroup to scrap plans to buy a $50m executive jet, as he used his first day in office as Treasury secretary to promise new safeguards in a taxpayer-funded rescue of US banks."

So, the poor judgment at Citi is still there. Where was Richard Parsons when we needed him?

Douglas A. McIntyre