TARP Abuse: Citibank $50m Bizjet Purchase Scuttled by Pres. Obama

Read this: http://abcnews.go.com/Business/Politics/story?id=6740011&page=1

Citibank, a company I do business with (I have a credit card account with them) apparently used 50 million of the 45 billion they received from the "TARP" funds (Federal rescue funds) to purchase a state-of-the-art Dassault business jet. They apparently cited this purchase as a "smart business deal".

My opinion of President Obama has improved somewhat because he apparently directed members of his administration to "call Citigroup's executives about the purchase and to 'fix it'". By this, apparently the "fix" was to abandon the purchase of the business jet.

I really wish that President Obama didn't have to play nanny to these corporations. If "responsible capitalism" means that large corporations who have received a tax-payer funded credit line think it's OK to purchase business jets while that credit line is open/unpaid then maybe it's time for a little socialism.

Now don't get me wrong. If Citibank had not accepted any of the money from TARP and they wanted to buy a 50 million dollar bizjet, as long as the stockholders approve of the purchase I'd say "go for it".

But not with our money.