Summers flew free on Citibank corporate jet... then decided Citibank's fate

A perfect example of why I’ve been calling for disinterested people like Paul Krugman, Joe Stiglitz and Nouriel Roubini to lead the bailout…

Last year, taxpayers injected $45 billion into Citibank and promised to guarantee $306 billion in Citibank’s junk assets.

We now learn that Larry Summers was flying free on Citibank’s corporate jets just months before he helped decide Citibank needed $350 billion in taxpayer cash:

Top White House economic adviser Larry Summers hooked a freebie flight on a posh Citigroup corporate jet mere months before he began weighing the bank’s fate with other policymakers trying to save the banking system.

Summers’ decision to accept the freebie raises questions about his ability to remain impartial in those crucial deliberations, critics said…

The Herald has confirmed that Summers, as a high-profile economic adviser to Barack Obama’s campaign, hitched at least one ride on a Citigroup jet that shuttled people last August between the East Coast and Denver’s Democratic National Convention…

One source said Summers took a number of flights on Citi aircraft.

Posted by James on Wednesday, February 11, 2009