Citibank will now reject delivery of a corporate jet. As reported in yesterday’s Washington Times, “Pressure to cancel the deal came from the Obama administration and amid a chorus of concerns from politicians who are worried about how banks that have received federal funds are spending the money.”
Overlook the sad fact that bailout money is being used to exponentially expand the scope of market activities over which government exercises direct control, and instead ask: Does no one see the sick hypocrisy here? A man who flies in a private jet paid for exclusively with taxpayer funds (Air Force One) scolds other persons for flying in private jets paid for only in part with taxpayer funds.
(HT to my old friend Kerry Dugas for the title of this post.)