Citibank Grounds Their New Jet

The other day I gave a "tone deaf award" to Citigroup for continuing with the purchase of a $50 million corporate jet after receiving billions in taxpayer bailouts. I must have shamed them into changing their mind:

The high-flying execs at Citigroup caved under pressure from President Obama and decided today to abandon plans for a luxurious new $50 million corporate jet from France.

The bank used TARP funds to purchase a new corporate jet for executives.The decision came 24 hours after the banking giant, which was rescued by a $45 billion taxpayer lifeline, defended buying the state-of-the-art Dassault Falcon 7-X -- one of nine to be flying in U.S. skies -- as a smart business deal.

The jet, the epitome of corporate prestige and privilege, can carry 12 passengers in elegant comfort.

ABC News has learned that Monday officials of the Obama administration called Citigroup about the company's new $50 million corporate jet and told execs to "fix it."

Earlier on Monday, White House spokesman Robert Gibbs said made it clear that the president disapproved of the deal.

"The president said this during the transition, as it related to the auto companies using private jets; doesn't believe that's the best use of money at this point," Gibbs said.

The company issued a statement today saying, "We have no intent to take delivery of any new aircraft."

Okay, so Obama will get the credit but I really think it was my post that did it.