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Banker of the Day : Sky-High Arrogance: Former Citi Citibank CEO Used Corporate Jet For Luxe Family Vacation After $45 Billion B

Business  (tags: Citibank, Citigroup, Sandy Weil, CEOs, bailout, TARP, bank failures, mortgage crisis, bonuses, vacations, corporate jets, overspending, corruption, stockholders, layoffs, investments, foreclosures )

- 3364 days ago -
Just weeks after Citigroup averted total collapse with a $45 billion shot in the arm of taxpayer cash, Sandy Weill, 75, hopped aboard the tanking bank's Bombardier BD 700 Global Expres with his wife and daughter, son-in-law nd grandkids .. TO MEXICO!

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Blue Bunting (855)
Sunday February 1, 2009, 2:45 pm
Just weeks after Citigroup averted total collapse with a $45 billion shot in the arm of taxpayer cash, the bank jetted its former CEO and his family on one of its corporate jets to a posh Mexican resort for New Year's, The Post has learned.

Sandy Weill, 75, hopped aboard the tanking bank's Bombardier BD 700 Global Express on Dec. 26 with his wife, Joan, daughter Jessica, her husband and their children. They flew from Westchester County Airport to the Los Cabos shore region in sunny Baja, according to aviation records and sources familiar with the trip.

The holiday jaunt came the same week that Citigroup - which lost $28.2 billion over the last five quarters and cut 75,000 jobs globally in 2008 - agreed to curtail runaway corporate expenses as part of a deal to get the massive influx of federal money.

The new belt-tightening policy went into effect on Dec. 31, while the jet was parked at the Los Cabos airport.

The family stayed through Jan. 3 at the ultra-expensive One & Only Palmilla in San Josť del Cabo - where a four-bedroom suite costs $12,000 a night. It's the same beachfront resort favored by high-wattage stars like Jennifer Aniston and John Travolta and is where Eli Manning got married in April.

Weill, among the richest men in the country, was Citigroup's CEO until 2003 and its chairman until 2006. He played a key role in forging the company into the behemoth that toppled under its own weight in the recent credit crisis.

Although he stepped down in 2006, he remains an adviser to the company and was to keep access to corporate jets until 2016 as part of a blockbuster retirement package he worked out with the bank.

But with the recent collapse, Weill agreed last year to give up most of his perks - including access to company planes - as of April 2009.

The $45 million Bombardier Global Express is part of a company fleet of four jets and one helicopter reserved for use by 12 to 15 Citigroup executives.

A source close to Weill confirmed he and his family used the plane over the holidays.

Weill could have repaid some or all of the plane trip's costs. An SEC filing says Weill has to compensate the company "based on a cost-per-flight-hour charge developed by a nationally recognized and independent service which reflects the operating costs of the aircraft."

"He paid what he agreed to in the contract, which he strictly adheres to," the source said.

Blue Bunting (855)
Sunday February 1, 2009, 2:48 pm

Bailout Banks Gave The Finger To The AMerican Taxpayers
Banks collecting billions of dollars in federal bailout money sought government permission to bring thousands of foreign workers to the U.S.
for high-paying jobs, according to an Associated Press review of visa applications.

Blue Bunting (855)
Sunday February 1, 2009, 2:52 pm

Do you people understand what is going on, the CEO's of these banks and financial institutions have made all of our government officials rich, now, the Government is taking our money in giving it back to them as "Bailouts". While most of the country struggles to keep their jobs and survive, these Executives are getting paid by our Government, the same government officals YOU elected!!! The economy is going to get much worse, do you think these executives will feel any pain at all or is our government setting up a have and have not social situation. Think about it and then VOTE ALL OF THE IDIOTS OUT OF OFFICE EVERYTIME THEY ARE UP FOR ELECTION UNTIL WE GET SOME COMPETENT PEOPLE IN OFFICE!!!!

Lyta V (36)
Monday February 2, 2009, 8:03 am
Let's force them all to raise their money the way Obama did. From individuals.

Lyta V (36)
Monday February 2, 2009, 8:05 am
Agreed Blue. And if you are stuck with a repub representative organize to get them out if they don't vote FOR the people and against their lobbyist/contributor/pacs.

Arielle S (313)
Monday February 2, 2009, 12:47 pm
And why aren't we taxpayers dragging these people out into the streets and stripping them of their very skin?

Monday February 2, 2009, 10:40 pm

Blue Bunting (855)
Tuesday February 10, 2009, 11:51 am
Protestors Picket Bank CEO's Homes, Offices

A new kind of street warfare is breaking out against Wall Street titans - and it's happening on their lawns and outside their lobbies too. A corps of agitators - financed, ironically, with federal-stimulus millions - is making the rounds of suburban mans

Blue Bunting (855)
Tuesday February 10, 2009, 5:59 pm
Goldman CEO Blankfein Acknowledges "Broad Public Anger" At Wall Street

"Anger" is putting it mildly. Outrage is more like it. Not only should Washington insist on pay caps for any firm taking taxpayer funds, but most of these crooks should be canned without any serverence. They held themselves out as the titans of finance and they skated along with unchecked greed and complete incompetence that resulted in lives in rubble across the globe.

Blue Bunting (855)
Tuesday February 10, 2009, 9:06 pm

Blue Bunting (855)
Friday February 13, 2009, 8:50 pm
Stimulus Package Contains Strict New Restrictions On Executive Pay
Goes Beyond What Obama Admin Imposed Last Week
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