Citigroup Nixes Plan to Buy $50M Corporate Jet

Citigroup canceled its order for a new $50 million corporate jet after criticism from the White House and lawmakers outraged that the company would buy such perks when it's taking $45 billion in taxpayer money to stay afloat.

"We have no intent to take delivery of any new aircraft," said Michael J. Hanretta, deputy director of Public Affairs for the beleaguered financial institution.

The news that the bank holding company had sought to purchase another luxury aircraft -- when it already had five -- infuriated Sen. Carl Levin, D- Mich. Levin said he was urging newly minted Treasury Secretary Timothy Geithner to take action to stop Citigroup's plan.

"To permit Citigroup to purchase a plush plane -- foreign-built no less -- while domestic auto companies are being required to sell off their jets is a ridiculous double standard," Sen. Carl Levin, D-Mich., said in a statement late Monday.

"The notion of Citigroup spending $50 million on a new corporate jet, even as it is depending on billions of taxpayer dollars to survive, does not fly," Levin said.

Obama spokesman Robert Gibbs said Monday that "great care" should be used with taxpayer money and that the president "doesn't believe that is the best use of money at this point."

Geithner, who was sworn in as Treasury secretary Monday night, wasn't immediately available for comment, his office told FOXNews.com.

An Obama aide confirmed that a Treasury official "reached out" to Citigroup over its plan.