View Single Post
Old 06-19-2009, 05:57 PM
rockdawg21's Avatar
rockdawg21 rockdawg21 is offline
I'm kind of a big deal
Join Date: Jan 2009
Location: San Antonio, TX
Posts: 5,584
Default Report: Bailed-out execs used jets for holidays

Maybe this should go under the Woodshed, but since it's in regards to the bailout, I decided to put it in the Politics section.

This is ridiculous! These guys need a serious dose of what it's like to live in the real world. When I went to the Philippines back in 2007, I could have lied and written some of it off as a business expense but chose not to do so. Then these pricks get special treatment from the government for doing bad business and they still continue to do bad business after asking for help. Next time, the military should shoot down their freaking planes in flight.

Report: Bailed-out execs used jets for holidays
Bank of America unveils new policy banning ‘personal use of aircraft’

Chief executives of some banks that received federal money, including Bank of America Corp., Morgan Stanley and Regions Financial Corp., used company jets for their personal use, the Wall Street Journal reported on its Web site.

Flight records showed many occasions when banks receiving federal money flew their planes to destinations near resorts or executives' vacation homes in Europe, Mexico, the Caribbean, south Florida and Aspen, according to the paper.

"We are implementing a new policy in 2009, under which personal use of aircraft will not be permitted," a Bank of America spokesman told the paper, but declined to comment on specific trips.

Some personal flights
In some cases, it was clear that bank executives were traveling for personal reasons; for other flights, many of which were over weekends or holidays, the passengers and purpose couldn't be established, the paper added.

A spokesman for Morgan Stanley declined to comment to the paper on individual flights, but said its policy was to allow CEO John Mack personal use of corporate jets, with the cost "fully disclosed" in annual proxy filings.

A Regions spokesman also declined to comment to the paper on the trip or the cost estimate, but said all travel on company jets "either for personal or business was within our policy."

The banks could not be immediately reached for comment by Reuters.
Reply With Quote