Sunday, December 21, 2008

Bailed-out banks still use corporate jets

Must be nice to be a rich bank or insurance company. I guess there's no strings attached for financial institutions that got free bailout money from us taxpayers, judging by the fact that they're still not selling off their corporate jet fleets that enable their execs to fly in style.

Six financial firms that each got a gimme worth billions still fly their own fleets of jets - many of which are used for top execs' personal trips.

Insurance giant AIG still has 7 planes in its fleet, for instance, and Bank of America has 9.

This follows the discovery in October that AIG spent thousands on a hunting trip in England for its top execs - even while the company was begging for bailout dough. One of the AIG bosses boasted, "The recession will go on until about 2011 - but the shooting was great today and we are relaxing fine."

(Source: http://hosted.ap.org/dynamic/stories/M/MELTDOWN_CORPORATE_JETS?SITE=MIDTN&SECTION=HOME&TEMPLATE=DEFAULT)

No comments:

Post a Comment