CEO Private Jet Use Skyrockets

ABC News:

As hordes of Americans watched their retirement savings disappear and their home values plunge after the economic crisis started in September, many corporate CEOs rode high, literally.

Read more on GMAC CEO's usage of private planes.

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Read the whole story: ABC News

Comments

[AlteSoldier]

From Politico:

The Federal Reverve lost over $5 billion in the first quarter of 2009 on securities acquired during last year's bailouts ...

... of AIG and Bear Stearns, according to a new report issued by the Fed on Wednesday.

The drop in the value of the holdings, including mortgage-backed and other securities, brings the paper loss on the Bear and AIG assets now held by the Fed to more than $14.5 billion.

Since the Fed still holds those assets, the hope is that they will recover value as the economy turns around, letting the goernment if not turn a profit at least take a smaller loss on the sale.

The new report by the Fed, which will be issued monthly, comes in response to demands from lawmakers and others for more detailed information on the government bailout.


Question, How does the Fed pass on losses to the US Taxpayer since the Fed is a privately owned bank?

[Tom95134]

They shouldn't be worried about flying commercial flights. There is no way you can make someone walk-the-plank at 35,000 ft.

[tomasedison]

Because when your company is going bankrupt, getting there is your only real fun.

[wordvarc]

The high cost of the percentage of the FAA for maintaining airports, air traffic control, and security used by such private aircraft is on taxpayers' backs...another extremely expensive government 'perk' reserved for the very wealthy.

[wordvarc]

This is why airlines are eliminating 'first class' seating.

[drkazmd65]

I remain appalled,... and angry,...

But have long since ceased to be shocked by the excesses of the corporatists, and of their politican bootlickers,..

[dandypuddin]

I see we are back to the plane conversation again. zzzzzzzzzz­zzzzzzzzzz­z

Bigger things to worry about, like health care.

[ssfahrer]

Those who are against all this are just JEALOUS. Don't all you jealous people WISH that YOU could fly in a private jet? Then why take that pleasure away from someone else just because you can't have it????

[3dtrix]

You could not be more mistaken - I am not the slightest bit jealous of some porcine narcissist who believes s/he "deserves" to have finite resources squandered in support of their delusions of grandeur or importance. I know people who fly corporate jets (pilots) and those who fly in them (a couple of celebrities) - for the pilots it's just a cush job, and the celebs think it's their due. Mind you, none of this would exist if the corporatists weren't heavily subsidized by tax write-offs designed solely to enable this absurd exercise in waste...

[wordvarc]

The cost of the percentage of the FAA for maintaining airports, air traffic control, and security used by such private aircraft is on taxpayers' backs...another extremely expensive government 'perk' reserved for the very wealthy.

[Rule Of Law]

This is not a headline: This is a sidebar.

Eat the rich. Yeah, we get it. Now let's cut the cr.ap and regulate the system before it consumes US.

[kstuff]

Just what GM needs more negative publicity. Pick on someone else for a change.

[NoSandwiches]

We earned, but received no bonuses from last year. Oh, except for the VPs, who got $60,000 bonuses. We have closed several branches and laid off a lot of people, yet that same VP "hired" his 18 year old son, who has never had a job before, to...sweep the warehouse and....clean the rails. Our warehouse guys have to spend time showing him how to use a forklift. Basically, people are losing their jobs, and this guy thinks the company should pay his kid's allowance.

By the way, my husband got laid off. He's only so far found part time work. He gets half the hours and 75 cents less an hour than VP's kid. Talk about adding insult to injury.

I get so tired of these whiners who get bigger bonuses than most of their employees earn in salary and then they feel they can steal money from the company by having their young kids "work" for them.

[kaitokid]

Welcome to the good life. Welcome to goooood lifeeeeeeee.

[vagabondvet]

But I thought all spending was good spending? Doesn't paying pilots to fly airplanes built by workers keep people employed?

[hypnotoad72]

Wait until the labor and materials are offshored... :D

[KCFreedom]

It's already happening. China will soon be building all of our jets, too.

[munki]

Give shareholder's their money back!!!

[KCFreedom]

Get a court order to make this guy fly coach for 5 years.

I understand why some big corporations would need a corporate jet but this is excessive by any measure.