This is what I like to see. ABCNews:
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 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 7X -- 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 when asked about the jet by ABC News 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."
Citigroup had argued it was selling two of its four other planes to pay for this one, its execs would be more efficient with a new jet and besides, it had already signed a contract for the jet. Breaking that deal would cost the bank millions in penalties.
The Citigroup air fleet will now shrink from four jets and a helicopter to just two planes.
