In fifteen words or fewer: simple solutions to stupid problems (#2), featuring Senator Carl Levin (D-General Motors)
How could Citigroup be so dumb as to go ahead with plans to get a new $50 million corporate jet, the exclusive Dassault Falcon 7X seating 12, after losing $28.5 billion in the past 15 months and receiving $345 billion in government investments and guarantees?
… The former masters of the universe donâ??t seem to fully comprehend that their universe has crumbled and, thanks to them, so has ours. Real people are losing real jobs at Caterpillar, Home Depot and Sprint Nextel; these and other companies announced on Monday that they would cut more than 75,000 jobs in the U.S. and around the world, as consumer confidence and home prices swan-dived.
Prodded by an appalled Senator Carl Levin, Tim Geithner â?? even as he was being confirmed as Treasury secretary â?? directed Treasury officials to call the Citiboobs and tell them the new jet would not fly.
They woke up pretty quickly,says a Treasury official, adding that they protested for a bit.Six months ago, they would have kept the plane and flown it to Washington.
Senator Levin said that the financiers will not be able to change their warped mentality, but will have to be reined in by Geithner’s new leashes.I have no confidence that they intend or desire to change,Levin told me.These bankers got away with murder, and itâ??s obscene that close to nothing is being asked of financial institutions. I get incensed at the thought that a bank thatâ??s getting billions of dollars in taxpayer money is out there buying fancy new airplanes.
So why not stop giving them billions of dollars in taxpayer money?
Jesus H. Christ.