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Embattled bank JPMorgan Chase, the recipient of $25 billion in TARP funds, is going ahead with a $138 million plan to buy two new luxury corporate jets and build "the premiere corporate aircraft hangar on the eastern seaboard" to house them, ABC News has learned.

The recipient of $25 billion in TARP money plans to buy two new corporate jets.The financial giant's upgrade includes nearly $120 million for two Gulfstream 650 planes and $18 million for a lavish renovation of a hangar at the Westchester Airport outside New York City.

A public hearing will be held by Westchester County officials tonight regarding JPMorgan's request for new hangar space.

http://abcnews.go.com/Blotter/WallStree ... 474&page=1

Corporate Perks Take a Hit
TARP-funded corporations have been harshly criticized recently for continued use of luxury perks and corporate waste. President Obama has voiced his outrage, introducing regulations on executive compensation and on the disclosure of money spent on such perks. After pressure from his administration, Citigroup abandoned plans for a new $50 million corporate jet from France. And in February, Obama said the days of bank executives flying corporate jets "were over."

But on March 11, the chairman of JPMorgan Chase, Jamie Dimon, said he could not understand why corporate America has such a bad image.

"When I hear the constant vilification of corporate America I personally don't understand it," Dimon said.

Dimon, whose 2008 compensation package, according to SEC documents, was worth more than $19 million in salary, stock and options, declined to speak with ABC News about the proposed plans.









Idiots like the Chase CEO are why Americans are ready to lynch Wall Street/Big Bank Executives. No concept of reality

While an idiot, JPMorgan is not at fault here, if you ask me. The only reason they received this money is because they aquired WaMu. I guess the complete failure and need to tap into the FDIC would have been more appropriate, but JPMorgan is one of the only firms in this country that actually was fine prior to the aquisition. Politically stupid, fundamentally, with $200 billion more cash than debt, I really could care less if they do this. Especially when, once the stress tests are complete, they may just pay off the debt early.

Until the Wall Street elitist capitalist criminals are being shot and stabbed in the street for their crimes or hauled off in public and hung from a telephone poll, I would expect nothing to change...

The billion dollar clubs sense of entitlement runs very deep...

to top it off:
When you've got millionaires (The House & Senate) watching over Billionaires I wouldn't expect much other than "tough talk" and more of the same...

Go Freeeee Market Capitalism Go..!!!!!

They just don't get it.

JPMorgan is taking me out to dinner on the 1st if anyone wants to be outraged by that as well

wideright82 wrote:JPMorgan is taking me out to dinner on the 1st if anyone wants to be outraged by that as well

As a taxpayer, please report back about the service.....and a two drink max.....

Ivytalk wrote:They just don't get it.

And that is the problem - especially the CEO yahoo who's making $20 million and has no concept of why people might be upset by this.