[Congressional Record (Bound Edition), Volume 155 (2009), Part 2]
[House]
[Pages 1794-1795]
[From the U.S. Government Publishing Office, www.gpo.gov]




       CITIGROUP AND THEIR $50 MILLION FRENCH-BUILT CORPORATE JET

  (Mr. HALL of New York asked and was given permission to address the 
House for 1 minute.)
  Mr. HALL of New York. Madam Speaker, Citigroup did take more than $45 
billion in taxpayer-funded rescue money. And imagine the shock and 
outrage that I and many other Americans felt when we heard this week 
that Citigroup was buying a $50 million French-built corporate jet.
  Is there no shame? America is in the midst of a recession, with the 
highest unemployment in 16 years and the highest foreclosure rate in 
more than three decades. People all over the country are losing their 
jobs, their homes, their small businesses. And in the midst of all 
this, a company that the taxpayers are bailing out with our tax dollars 
is buying a plush corporate jet.
  I voted to rescue the banks, reluctantly, for one reason and one 
reason only: to free up credit so that small businesses and individuals 
could have access to loans for essentials such as college tuition and 
home mortgages and the economy could keep running. A new private jet is 
not what I voted for.

[[Page 1795]]

  Thankfully, pressure from Congress and the White House has forced 
Citigroup to cancel the purchase of this plane. But the incident is a 
glaring example of the blatant lack of accountability from banks 
seeking rescue money. It needs to stop. And I look forward to working 
with the new Treasury Secretary to correct this oversight and make it 
clear that explicit restrictions are placed on any rescue money used by 
the banks.

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