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Bailed-out JPMorgan orders two new luxury jets and a deluxe aircraft hangar.

By Satyam Khanna  

"Bailed-out JPMorgan orders two new luxury jets and a deluxe aircraft hangar."

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jpm.jpgLast 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.

Update

Reuters reports that JPMorgan has responded: “JPMorgan spokesman Joseph Evangelisti, however, said the company would not buy any aircraft or spend money on a hangar until 100 percent of the TARP funds were repaid.”

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