So Citigroup ordered a plane two years ago, at a cost of $50 million. It's the sort of purchase you expect a company riding a bubble to make, so it wasn't all that surprising. It wasn't even surprising when I read a couple of days ago that they still planned to take possession of it--I'm a little cynical when it comes to the way the financial industry continues to make decisions in this economy they helped destroy. Of course they'd take possession of the plane, right? They haven't worried about public opinion so far--why start now? Besides, it's not like this is going to hurt them anymore--what, will it make us consider Citigroup executives to be dog crap instead of lower than dog crap? Ooooh.
But Citigroup, apparently deciding that it is indeed better to be dog crap instead of lower than dog crap, isn't going to take the plane. Hooray? Sorry, I just can't get excited about anything like this. It's the equivalent of the auto execs who came to DC in their private planes to ask for a bailout, and then returned in their hybrid SUVs. Little late to be cost-conscious, I think.