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President Obama has been in office for exactly one week, yet he's already proving to have little patience for excessive corporate spending, especially where bailout dollars are concerned. Various media sources report that, upon learning that Citigroup intended to use federal bailout dollars to upgrade to a $50 million corporate jet, White House officials called the bank and "told execs to 'fix it.'"
On Monday, White House Press Secretary Robert Gibbs told ABC News, "The president said this during the transition, as it related to the auto companies using private jets: [He] doesn't believe that's the best use of money at this point." Today, Citigroup issued a statement, saying: "We have no intent to take delivery of any new aircraft." Read More
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