The Daily Background
| Unbelievable: My bank is buying two new top-of-the-line jets while being bailed out by TARP
by Arlen Parsa
Guh:
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 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.
A public hearing will be held by Westchester County officials tonight regarding JPMorgan’s request for new hangar space.
According to JPMorgan Chase architects, the new hangar will be built with reclaimed wood, quarry tile and even a “vegetated roof garden.”
They say no TARP funds will be used, but of course that’s entirely missing the point. They make horrible business decisions in a time when opulence is a liability and expect us to bail them out when things go wrong (and they continue to reward their rich executives even though the company clearly cannot afford it).
[…] Mad Bad and Dangerous to Know, Just When You Thought it was Safe to get Back in the Bonus Pool, Unbelievable: My bank is buying two new top-of-the-line jets while being bailed out by TARP, An American Outrage: Bernie, AIG, and Us, Boards and Perks, and In Other News, Frat Boys React […]
These lyin’ bastards will keep trying to use the same sleight of hand until they are put into prison.