04/23/2009 05:12 am ET | Updated May 25, 2011

Bailed Out JPMorgan Buying Private Jets, Airport Hangar

Embattled bank JPMorgan Chase, the recipient of $25 billion in TARP funds, is going ahead with a $138 million plan to buy two new luxury corporate jets and build "the premiere corporate aircraft hangar on the eastern seaboard" to house them, ABC News has learned.
The recipient of $25 billion in TARP money plans to buy two new corporate jets.

The financial giant's upgrade includes nearly $120 million for two Gulfstream 650 planes and $18 million for a lavish renovation of a hangar at the Westchester Airport outside New York City.

Read more on ABC News