When asking the GOV'T for Money, don't fly your Corporate Jet!!!!!

[General Lee]

Corporate jets get some U.S. bank execs to Capitol Hill

Tue Jan 12, 2010 8:27pm EST

By Joe Rauch

CHARLOTTE, North Carolina/WASHINGTON, Jan 12 (Reuters) - Some U.S. bank executives are taking the corporate jet out for a spin to Capitol Hill, as they explain the causes of the banking crisis to a U.S. Congressional panel.

At least two of the four bank chiefs scheduled to testify on Wednesday in front of the Financial Crisis Inquiry Commission are arriving in Washington by corporate jet. The commission is a 10-member group formed by the U.S. Congress to examine the causes of the financial meltdown.
Bank of America Corp Chief Executive Brian Moynihan and JPMorgan Chase Chief Executive Jamie Dimon used their company jets to travel to Washington for the hearing, company spokesmen said.

"We use a full range of travel options, including corporate travel, and given a very aggressive travel schedule for a new CEO to several markets, we did not want to miss this important meeting," said Larry Di Rita, Bank of America spokesman.

Bank of America repaid $45 billion in government aid under the Troubled Asset Relief Program on Dec. 9, and appointed Moynihan as CEO on Dec. 16.

Dimon is using his company's corporate jet to fly in from a healthcare conference in San Francisco. Morgan Stanley chairman and former chief executive, John Mack, flew commercial, according to a company spokeswoman. Goldman Sachs Group Inc declined to comment on Chief Executive Lloyd Blankfein's travel arrangements. CEO's travel arrangements to Capitol Hill have become a hot button issue for critics of the auto and financial industries and fodder for late-night television comedians.

Automotive executives drew public outrage in 2008 when they flew on corporate jets to Washington to ask for a taxpayer bailouts.
Lawmakers blasted the executives at the time.

"It's almost like seeing a guy show up at the soup kitchen in a high hat and tuxedo," Rep. Gary Ackerman, a New York Democrat, had said then.
The wave of criticism has led for some companies to rethink their use of corporate jets.

Citigroup, which recently repaid its taxpayer bailout, nearly a year ago scrapped plans to buy a $50 million executive jet that politicians called wasteful. The jet attracted the attention of the White House and television comics alike.

The result has been more bank executives on commercial flights.
But those flights come with their own risks.

On Dec. 14, Mack, Blankfein and Citigroup Inc Chairman Dick Parsons were stranded at a New York-area airport, unable to attend a meeting with President Barack Obama because their flight was delayed. The three attended the meeting by conference call instead. Di Rita said Bank of America wanted to avoid Moynihan being stranded in another location, unable to attend the hearing.

(Reporting by Steve Eder in Washington and Joe Rauch in Charlotte, additional reporting by Elinor Comlay in New York; Editing by Phil Berlowitz)


I like the last paragraph stating that airliners can be late. I guess a Netjets Excel or Fivestar Sovereign wouldn't be delayed, since they have priority. Yeah, TEB would let them go before any EWR traffic.....because there are no delays at TEB.....never...


Bye Bye---General Lee

 

[brokeflyer]

I like the last paragraph stating that airliners can be late. I guess a Netjets Excel or Fivestar Sovereign wouldn't be delayed, since they have priority.
Bye Bye---General Lee

finally, you are beginning to understand grasshopper.

 

[flex*wife]

Okay so thousands of pilots, flight attendents, line guys, caterers and FBO gals that work in business aviation should loose their jobs to satisfy the egos of some candy a$$ democrats who want to put a big boogey face on the side of every corporate jet in America?

And my bank should be less successful becuase although the CEO wasted a ton of travel time at least he's flying commercial. Let's make sure it's center seat coach too so he can waste even more work time since his laptop can't squeeze open between Matt the HS football coach from Boise and Aunt Clara on her last binge vacation before she splurges on gastric bypass surgery.

Nevermind that the hotel bill for the entourage will end up costing more than the originally scheduled biz jet, cuz those airlines are just too darn picky with their schedules.

I hate my tax dollars being frittered away as much as anyone but this attack on private aviation is not very well thought out or logical. It caters to the sense that politicians feel the "every man" will get pi$$ed enough with the rich guys and ignore the fact that it's Washington who's screwed us to the wall to begin with and I am tired of it.

For any politician or news anchor that wants to do the research I bet you will find out biz jets in the long run aren't extravagances, they actually make sense when you look at the big picture. But then they'd loose such an easy target...

 

[General Lee]

finally, you are beginning to understand grasshopper.

Yeah, riiiiiiiiiight. This just proves corporate aviation and fracs are not needed when begging for money from the Gov't. And we all know TEB never has delays, right? ATC would have never given them a ground hold or anything for IAD. Yeah, and we all know IAD is so close to the Capital, compared to airlining to DCA....... Sorry, but WRONG.


Bye Bye---General Lee

 

[jonjuan]

Corporate jets get some U.S. bank execs to Capitol Hill

Tue Jan 12, 2010 8:27pm EST


I like the last paragraph stating that airliners can be late. I guess a Netjets Excel or Fivestar Sovereign wouldn't be delayed, since they have priority. Yeah, TEB would let them go before any EWR traffic.....because there are no delays at TEB.....never...


Bye Bye---General Lee

If they didn't care about public perception, they would have taken the helicopter to HPN and flown from there with no delay. Oh, snap!

 

[jonjuan]

Okay so thousands of pilots, flight attendents, line guys, caterers and FBO gals that work in business aviation should loose their jobs to satisfy the egos of some candy a$$ democrats who want to put a big boogey face on the side of every corporate jet in America?

And my bank should be less successful becuase although the CEO wasted a ton of travel time at least he's flying commercial. Let's make sure it's center seat coach too so he can waste even more work time since his laptop can't squeeze open between Matt the HS football coach from Boise and Aunt Clara on her last binge vacation before she splurges on gastric bypass surgery.

Nevermind that the hotel bill for the entourage will end up costing more than the originally scheduled biz jet, cuz those airlines are just too darn picky with their schedules.

I hate my tax dollars being frittered away as much as anyone but this attack on private aviation is not very well thought out or logical. It caters to the sense that politicians feel the "every man" will get pi$$ed enough with the rich guys and ignore the fact that it's Washington who's screwed us to the wall to begin with and I am tired of it.

For any politician or news anchor that wants to do the research I bet you will find out biz jets in the long run aren't extravagances, they actually make sense when you look at the big picture. But then they'd loose such an easy target...

Sarah Palin, is that you?

 

[General Lee]

Okay so thousands of pilots, flight attendents, line guys, caterers and FBO gals that work in business aviation should loose their jobs to satisfy the egos of some candy a$$ democrats who want to put a big boogey face on the side of every corporate jet in America?

And my bank should be less successful becuase although the CEO wasted a ton of travel time at least he's flying commercial. Let's make sure it's center seat coach too so he can waste even more work time since his laptop can't squeeze open between Matt the HS football coach from Boise and Aunt Clara on her last binge vacation before she splurges on gastric bypass surgery.

Nevermind that the hotel bill for the entourage will end up costing more than the originally scheduled biz jet, cuz those airlines are just too darn picky with their schedules.

I hate my tax dollars being frittered away as much as anyone but this attack on private aviation is not very well thought out or logical. It caters to the sense that politicians feel the "every man" will get pi$$ed enough with the rich guys and ignore the fact that it's Washington who's screwed us to the wall to begin with and I am tired of it.

For any politician or news anchor that wants to do the research I bet you will find out biz jets in the long run aren't extravagances, they actually make sense when you look at the big picture. But then they'd loose such an easy target...

You are taking this waaaaaaay too seriously. Nobody said people should lose jobs over this, rather you shouldn't come begging to Washington D.C. in a corporate jet. It sends a bad message, that Corporate CEOs and the rest of them are ABOVE everyone else, and are still begging for money. That is the point of this article. Safety of travel, less time in TSA lines, etc don't matter when begging for money from the GOV'T.

Bye Bye---General Lee

 

[brokeflyer]

Yeah, riiiiiiiiiight. This just proves corporate aviation and fracs are not needed when begging for money from the Gov't. And we all know TEB never has delays, right? ATC would have never given them a ground hold or anything for IAD. Yeah, and we all know IAD is so close to the Capital, compared to airlining to DCA....... Sorry, but WRONG.


Bye Bye---General Lee

nevermind, i guess you don't really understand.

 

[General Lee]

nevermind, i guess you don't really understand.

You need to go back to the golf course.


Bye Bye--General Lee

 

[JungleJett]

I think companies should get rid of computers and telephones too! Especially if they coming begging for money.