Monday, March 23, 2009

JPMorgan To Buy Gulfstream 650 Jets and Renovate Hangar: Wait for the Outrage Mob

They need to pay back that stupid TARP money quick before the "Outrage Mob" jumps all over them.

Joseph Evangelisti, a spokesman for JPMorgan Chase, said no TARP money would be used to make any payments for new jets or jet hangar improvements. He refused to comment on whether JPMorgan had put a down payment for new planes, saying only that any future jet purchases would be part of its normal aircraft replacement policy, and that JPMorgan Chase will repay all TARP money before it makes any payments for new planes or renovations.

That TARP money is poison and I think JPMorgan should get rid of it before Congress taxes them 90% or something. These planes are replacing aging planes that the company bought years ago. The Outrage Mob may not like corporate fat cats flying around in private planes like they thought they were the Speaker of the House Pelosi or something.

However it really shouldn't matter to anyone how JP Morgan spends their money just like it shouldn't matter how a private citizen spends their hard earned money. JPM finds they save on travel (or there are security and thus key-man insurance concerns) if they buy and maintain their own corporate jets. If this company is solvent and isn't a danger to the world economy (like AIG) then they should be allowed to buy whatever they deem important for their business.

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