Citi Reverses On Jet; Score Another One For The Media

January 27, 2009 by Douglas A. McIntyre

After taking heat yesterday, today Citigroup (NYSE: C) said it had no plans to take delivery of any new aircraft.

Yesterday, news from the NY Post noted that Citi, fresh off receiving $45 billion in rescue funds from the U.S. government, decided to go ahead with the purchase of a $50 million luxury jet.

Citigroup decided to make the jet purchase two years ago, when things were different, but by not canceling the order or selling the option on the jet, people were sure to be heated – and they were.

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