Bailed-out JPMorgan orders two new luxury jets and a deluxe aircraft hangar.
Bailed-out JPMorgan orders two new luxury jets and a deluxe aircraft hangar.
Last month, ThinkProgress reported that in a House hearing, seven out of eight bailed-out bank CEOs said their companies still “own or lease” private planes. ABC News provides more details today, reporting that JPMorgan Chase — which received $25 billion in TARP funds — “is going ahead with a $138 million plan to buy two new luxury corporate jets,” complete with “the premiere corporate aircraft hangar on the eastern seaboard”:
According to JPMorgan Chase architects, the new hangar will be built with reclaimed wood, quarry tile and even a “vegetated roof garden.” The Gulfstream 650’s are described by the manufacturer as the “fastest,” “widest” and “most comfortable” private jet ever with superior cabin amenities, an optional stateroom, and 12 interior designs to choose from.
A JPMorgan spokesperson “said no TARP money would be used to make any payments for new jets or jet hangar improvements.” More on JPMorgan in today’s Progress Report.
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I must go back to my tree hugging, all this crap give’s me a super migrane..Blessings
March 23rd, 2009 at 2:43 pmWhat else would you expect from a company named after a swindler?
Prudence?
March 23rd, 2009 at 2:43 pmRetraction…good. But when will these fat cats learn to shut their mouth’s in the first place?
Fix the business first.
March 23rd, 2009 at 2:43 pmWhat about the money AIG gave them?
March 23rd, 2009 at 2:47 pmTime for the people of the United States of America to surround the Congress and the WH and demand accountability! To demand indictment and arrests!
March 23rd, 2009 at 2:49 pmDark lonely hangar
March 23rd, 2009 at 2:51 pmExecutive Gulfstream lust
Carrot on a stick
Last year, JPMorgan Chase acquired WAMU from the FDIC post-seizure for roughly 1.6 cents on the dollar (i.e., divide the $1.9 billion purchase price by the net “assets” at the time). I wonder whether that was competitively bid, or simply a favorded insider deal.
March 23rd, 2009 at 2:54 pmI don’t understand how bailed out banks can tell us :
“we’re not using bailout funds to buy this jet”
and yet also tell us :
“we can’t account for where the bailout funds are being spent”
that’s illogical isn’t it, or am I crazy?
March 23rd, 2009 at 2:56 pmHi BobbyG, I hope the government’s conduct during the fire sale doesn’t yield any liabilities. Right now I have a hard time seeing how the government cheated WAMU when they cushioned the largest bank failure in U.S. history.
March 23rd, 2009 at 3:04 pmAnd then you’ll ask for another bailout to pay for that, amirite?
March 23rd, 2009 at 3:04 pmJust as sure as the sky is blue, we can count on the greedy CEOs at banks wasting our tax dollars and Klatu giving useless, ignorant comments!
March 23rd, 2009 at 3:05 pmWell, they have to have something to abscond with.
March 23rd, 2009 at 3:05 pmKlatu subscribes to the campaign slogan of a Gulfstream in every garage.
March 23rd, 2009 at 3:06 pmI’m sure the Morans (sic) conducting their tea party over pro-American spending would love to have a beer party with JPMorgan execs.
Wrich payple — YAY WOoIE!
March 23rd, 2009 at 3:07 pm@McWars -
Thanks. If the WAMU sale was indeed “open,” at 1.6 cents/dollar, it’s right in the pocket for what is known as the “Bad Paper market.” In essence, a market estimate of the ballpark true “value” of WAMU’s asset portfolio.
March 23rd, 2009 at 3:09 pmSo the money received from the government is somehow partitioned? Just how does that work?
Pay back all the money you borrowed, then you can use your money to buy whatever you want!
It’s appalling that we’re being told not to worry about a few hundred million here or there.
PEACE
March 23rd, 2009 at 3:14 pmWe can keep bailing out companies that are too big to fail, or we can put anti-trust laws on the books to use, break these companies up (AIG chief among them), and pass new laws ending hyper mergers once and for all.
Geithner may have the worst job in the world right now, I understand that, but he’s too afraid of offending the very people who got us in this mess. The corporate butt-kissing is surprising from someone who’s been in public service his whole career.
March 23rd, 2009 at 3:14 pmBuying worthless stocks? Buying toilet paper?
Ok, I still have to poo, providing I can afford food.
March 23rd, 2009 at 3:16 pmI’m going to follow the example set by the Masters of the Universe, and start stealing everything I want from anyone inattentive enough to take their eyes off it for a second.
Rules are for suckers and losers and communists, and the “success” of “the successful” is more than proof of that.
Watch out, Western Washington Righties, I’m comin’ for your stuff. Best not sleep too much, keep that .410 loaded in your lap, and leave the dog outside.
You keep the teabags, I’ll take the rest.
March 23rd, 2009 at 3:16 pmTea is sooo elitist and belongs in the river.
Antioxidants are for commies.
March 23rd, 2009 at 3:17 pmEven a blind squirrel finds an occasional nut.
But in klatu’s case which is the squirrel and who is the nut?
March 23rd, 2009 at 3:18 pmMcWars Says:
We can keep bailing out companies that are too big to fail, or we can put anti-trust laws on the books to use, break these companies up (AIG chief among them), and pass new laws ending hyper mergers once and for all.
First the financial industry, then move on to the corporate media.
PEACE
March 23rd, 2009 at 3:19 pmYou know… it’s not the perk but the sheer tin ear/hamfistedness of these folks. Earth to JPMorgan: it’s not that you want to purchase a jet itself, it’s that you want to buy that and the hanger AFTER you pleaded to get bailed out.
I just love that we are getting called “losers” and they say we must share responsibility for their cluster-frak and we must tighten our belts all the while these masters-of-finance & industry are acting like children who plead poverty asking for a then suddenly come home with a new shiny toy.
BobbyG Says: Last year, JPMorgan Chase acquired WAMU from the FDIC post-seizure for roughly 1.6 cents on the dollar
Interesting about that because PNCBank bought out Cleveland-based National City Bank with TARP funds. My thing is this, when you are hurting and need a bailout, is it the smartest thing to sink deeper into debt by buying something you can’t afford (of course, unless someone else will foot the bill for you.)
March 23rd, 2009 at 3:22 pm@Rpppolyp Says:
BobbyG Says: Last year, JPMorgan Chase acquired WAMU from the FDIC post-seizure for roughly 1.6 cents on the dollar
Interesting about that because PNCBank bought out Cleveland-based National City Bank with TARP funds. My thing is this, when you are hurting and need a bailout, is it the smartest thing to sink deeper into debt by buying something you can’t afford (of course, unless someone else will foot the bill for you.)
____
That is an ongoing concern of mine. There’s all this talk of the exigent necessity to use taxpayer money to “get credit flowing again,” but I’ll be interested to see just how much bailout money goes to — beyond covering the Big Boys’ bad CDS bets — bailed-out institutions using public money to buy up smaller, healthier competition.
March 23rd, 2009 at 3:30 pmThey can’t spend that on luxury jets. That money is for their executive bonuses.
March 23rd, 2009 at 3:41 pmWhy do you Republicans want US taxpayers to buy luxury jets for executives?
March 23rd, 2009 at 3:43 pmI work for JPMC. Friday we were told that employees making more than $50k would have a deferred 401k match, meaning if you’re still employed on December 31 they’ll decide how much they’ll match, if anything. Today we got an email from corporate asking us to call our representatives and urge them not to pass the 90% bonus tax. They conveniently left out the restrictions to make it seem like those that were paid bonuses of $50 or $100 would have their money taken.
March 23rd, 2009 at 3:53 pmIf we actually trusted that you would pay back your loans instead of filing bankruptcy, we might feel different.
http://progressivepie.blogspot.com
March 23rd, 2009 at 4:00 pm$138 million would buy a whole bunch of airline tickets, helping the US aviation industry. Traveling first class isn’t good enough for these people.
But also, in the age of videoconferencing, why would you need private jets for business to justify that expense? Oh yeah, not for business, but the boondoggle ‘retreats’ the execs attend.
March 23rd, 2009 at 4:00 pmKlatu Says: 9
You are embarassingly stupid. I assume you dont REALLY think that we need bailout funds as a wellfare program for Gulfstream which is already a pretty successful company. My GOD you are so ignorant. Dont you ever miss having self respect? Have you no shame? Why would you be so proud to be so stupid? Isnt it time for Rush to tell you what you think today?
March 23rd, 2009 at 4:25 pmKlatu Says:
McWars Says:
Geithner may be doing the worst job in the world right now
There, fixed it for ya.
>>>>>>>>>>>>>>>>>>>>>>>>>>
Yeah fixed it to conform to the delusional fantasies of the ignorant brainwashed moron you are. Good job. So tell us was that lobotomy of yours painful? I mean I am sure no functioning braincells were killed since you dont have any but still…You do get that you are REALLY stupid dont you? I long for the day when people were embarassed to be as ignorant as you instead of parading it around proudly like YOU do.
March 23rd, 2009 at 4:28 pmBefore you get your pitchforks sharpened Consider this: 1. The planes that they’re talking about HAVEN’T even been built yet. (The first flight of this model is scheduled for this September) 2. The deposits for these planes were made back in April 2008. It is non-refundable 3. This model isn’t expected to be delivered to customers until 2013 at the earliest. (More than likely the economic conditions have rebounded) 4. JP Morgan/Chase has already decided to give back the money they received under TARP. Naturally these facts never made the ABC News report. Instead they decided to sensationalize the facts to get the response that they’ve gotten so far. I wonder why they haven’t turned their focus on Disney (their parent company)?
March 23rd, 2009 at 4:36 pmNew hangar. Well you wouldn’t want us to keep our luxury jet in an old hangar would you ?????
Of course, the TARP funds within any organization are like water in a bucket. There isn’t any way to tell if a given dollar is from TARP or not from TARP.
Not to mention, are the dollars for the jets money that the company wouldn’t have had, but when they got TARP they just transferred funds from other activities to buying jets.
And who wants to be that the jets **AREN’T** basic interiors but rather the finest leather, etc.
March 23rd, 2009 at 4:44 pm.
So,
Does this mean Americans fly for free?
It is our plane, NO?
.
March 23rd, 2009 at 4:45 pm.
Q U E S T I O N:
Had there NOT been a TARP handout, could JP Morgan/Chase afforded such luxury?
.
March 23rd, 2009 at 4:49 pmI once loaned a friend $100.00 because her mother was ill and she couldn’t make ends meet to get food on the table…
… The next day she HAD to show me her purse she then could afford.
If she asks me for another loan, I’ll suggest she E-Bay that purse…
March 23rd, 2009 at 4:54 pm… Just like JP Morgan/Chase should do with some of their newly acquired luxuries.
madmac41 Says:
And IF they have paid back the TARP money when they buy the jets then no one cares. IF they havent and still buy the planes and build the luxury hanger construction of which I assume has NO non refundable deposit then they should be on notice there WILL be outrage and rightfully so.
March 23rd, 2009 at 5:30 pmHere’s an idea. Since all these Republicans want to give money to financial executives for multi-million dollar bonuses and luxury jets, why don’t they all make donations to an executive charity fund in order to pay for it, instead of making the taxpayers pay?
March 23rd, 2009 at 6:12 pmmadmac41
March 23rd, 2009 at 6:29 pmCan you just explain to me why regular planes won’t get these folks from point A to point B?
Obama needs to liquidate the banks and nationalize. They are not to big to fail and we don’t need to leave the crooks in charge to repeat their crimes.
March 23rd, 2009 at 7:13 pmBut how much time and money have they put out against the EFCA, or donated to Pain Gingrich 2012.
March 24th, 2009 at 1:57 amNo hookers? Drugs ?………………