Citigroup Pulls Out of Falcon 7X Buy

Business aviation took another public relations hit when Citigroup, caving in to public outcry and a reprimand from President Obama, announced Tuesday it would not take delivery of a Dassault Falcon 7X ordered more than two years ago. President Obama was quoted saying he didn't believe buying the new business jet was "the best use of money" by the bank, which is the recipient of some $45 billion in government bailout funding. The New York Post headline proclaimed the purchase 'Plane Despicable,' despite an editorial in which the paper acknowledged that selling two Falcon 900EXs for $27 million each would yield a net savings of $4 million-to say nothing of the fuel savings with the more efficient 7X, warranty protection that would save the bank money on maintenance and the possibility of losing millions in deposit money already paid.