Ever wonder what Lenders and Bank CEO's do after they finish crying on CNN and beg congress to bail them out with your tax payer dollars?
Do you know what they do once they leave the CNN stage .........????????
They jet around the globe on Lear Jets and Corporate Owned Gulfstream's !!!!
Isn‘t that nice and you (the taxpayers) just contributed an extra 25 BILLION dollars for their luxury travels! That's right, you paid for it! The bailout, which banks freely accepted, included an added 25 million in TARP money (Troubled Asset Relief Program). So let's forget my suit wearing, Mercedes driving jab at city hall. Who needs the low level Mercedes when you can commute in a 47 million dollar G550 Gulfstream? Allow me to brief you on some lender travel expenditures during 2008: A year when home foreclosures hit historic highs, nationwide home equity loss equated to approximately a negative 2 trillion dollars, and while hundreds and thousands of families where thrown out of their homes, banking executives could care less. Here's a bird's eye view of 5 of the nation's largest lenders and how they scrapped by in 2008.
If you thought they trimmed the fat and traveled via commercial airliners at LAX, you're wrong. Why would they travel as common citizens when:
• CITIGROUP: has their own airline / flight subsidiary named, Citiflight Inc. Citiflight handles all air travel for their executives. Citiflight states that they have "reduced" their fleet by two-thirds over the past eight years. Nevertheless, 2008 FAA records show they still own four jets and one helicopter.
• MORGAN STANLEY: Has made a BOLD move !! They reduced their executive jet fleet size from three planes down to two since 2005. FAA records still show two Gulfstream G-Vs are registered to the company. In 2007, CEO John Mack's personal use of company aircraft totaled $355,882, according to a February proxy filing. Mack is "required" to use company aircraft for personal trips for......... get this......... "security reasons". Michael Jackson he is not.
• JPMORGAN: is the registered owner of four Gulfstream jets, including a 2007 ultra-long range flagship G550 model, FAA records show. A G550 ordered for delivery that year would have cost roughly $47.5 million. CEO Jamie Dimon is "required" to use company aircraft for personal trips. In 2007, his personal use of company jets totaled $211,182, according to a May filing with the SEC.
• BANK OF AMERICA: Registered as the owner of NINE planes, including four Gulfstream‘s, FAA records show. B of A has refused to comment on whether the company has changed its policy on corporate aircraft use since taking $15 billion in bailout money. CEO Kenneth Lewis is also "required" to use company aircraft for personal trips that racked up $127,643 in travels last year, according to a March filing with the SEC.
• WELLS FARGO: Poor Wells Fargo - They only own one simple jet that is strictly for "business purposes and is to be used under appropriate circumstances only."
To date, these 5 lenders have so far received 120 BILLION DOLLARS in government cash infusions while the rest of the economy remains crippled. Just to give you an idea, a cross-country trip in a mid-sized jet costs about $20,000 just for fuel alone. Forget maintenance, storage and pilot fees. All those included would put the cost much, much higher.
Do you know what they do once they leave the CNN stage .........????????
They jet around the globe on Lear Jets and Corporate Owned Gulfstream's !!!!
Isn‘t that nice and you (the taxpayers) just contributed an extra 25 BILLION dollars for their luxury travels! That's right, you paid for it! The bailout, which banks freely accepted, included an added 25 million in TARP money (Troubled Asset Relief Program). So let's forget my suit wearing, Mercedes driving jab at city hall. Who needs the low level Mercedes when you can commute in a 47 million dollar G550 Gulfstream? Allow me to brief you on some lender travel expenditures during 2008: A year when home foreclosures hit historic highs, nationwide home equity loss equated to approximately a negative 2 trillion dollars, and while hundreds and thousands of families where thrown out of their homes, banking executives could care less. Here's a bird's eye view of 5 of the nation's largest lenders and how they scrapped by in 2008.
If you thought they trimmed the fat and traveled via commercial airliners at LAX, you're wrong. Why would they travel as common citizens when:
• CITIGROUP: has their own airline / flight subsidiary named, Citiflight Inc. Citiflight handles all air travel for their executives. Citiflight states that they have "reduced" their fleet by two-thirds over the past eight years. Nevertheless, 2008 FAA records show they still own four jets and one helicopter.
• MORGAN STANLEY: Has made a BOLD move !! They reduced their executive jet fleet size from three planes down to two since 2005. FAA records still show two Gulfstream G-Vs are registered to the company. In 2007, CEO John Mack's personal use of company aircraft totaled $355,882, according to a February proxy filing. Mack is "required" to use company aircraft for personal trips for......... get this......... "security reasons". Michael Jackson he is not.
• JPMORGAN: is the registered owner of four Gulfstream jets, including a 2007 ultra-long range flagship G550 model, FAA records show. A G550 ordered for delivery that year would have cost roughly $47.5 million. CEO Jamie Dimon is "required" to use company aircraft for personal trips. In 2007, his personal use of company jets totaled $211,182, according to a May filing with the SEC.
• BANK OF AMERICA: Registered as the owner of NINE planes, including four Gulfstream‘s, FAA records show. B of A has refused to comment on whether the company has changed its policy on corporate aircraft use since taking $15 billion in bailout money. CEO Kenneth Lewis is also "required" to use company aircraft for personal trips that racked up $127,643 in travels last year, according to a March filing with the SEC.
• WELLS FARGO: Poor Wells Fargo - They only own one simple jet that is strictly for "business purposes and is to be used under appropriate circumstances only."
To date, these 5 lenders have so far received 120 BILLION DOLLARS in government cash infusions while the rest of the economy remains crippled. Just to give you an idea, a cross-country trip in a mid-sized jet costs about $20,000 just for fuel alone. Forget maintenance, storage and pilot fees. All those included would put the cost much, much higher.
While thousands of families are getting ready to be kicked out of their homes and foreclosed on, please take comfort in knowing that your bank executives and CEO‘s still travel in style.
