Community | December 25, 2008 | 14 comments

Wall Street STILL flying corporate jets

source: http://news.yahoo.com/s/ap/20081222/ap_on_bi_ge/meltdown_corporate_jets

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http://news.yahoo.com/s/ap/20081222/ap_on_bi_ge/meltdown_corporate_jets

Crisscrossing the country in corporate jets may no longer fly in Detroit after car executives got a dressing down from Congress. But on Wall Street, the coveted executive perk has hardly been grounded.

Six financial firms that received billions in bailout dollars still own and operate fleets of jets to carry executives to company events and sometimes personal trips, according to an Associated Press review.

The jets serve as airborne offices, time-savers for executives for whom time is money — lots of money. And some firms are cutting back, either by selling the planes or leasing them.

Still, Wall Street's reliance of the rarified mode of travel has largely escaped the scorn poured on the Big Three automakers.

Insurance giant American International Group Inc., which has received about $150 billion in bailout money, has one of the largest fleets among bailout recipients, with seven planes, according to a review of Federal Aviation Administration records.

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Why do you guys think this 700 billion dollar bailout went largely unscrutinized while the 17 billion dollar loan to the auto companies got the sh** ripped out of it by the American public?

I think it's because the wall street bailout happened while the country was so caught up in the election and the Obama frenziness which makes sense.
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