Bailout Fund Recipient JPMorgan Chase To Spend $120 Million on New Jets and Luxury Airport Hangar

March 23, 2009

(ChattahBox) — In another public relations disaster for the financial sector, JPMorgan Chase, the recent recipient of $25 billion in TARP funds. bank, is going on a little luxury spending spree. The bank plans to spend $138 million to buy two new luxury corporate jets and build “the premiere corporate aircraft hangar on the eastern seaboard” to house them, ABC News reports.

The Gulfstream 650 jets are described by their manufacturer as the “fastest,” “widest,” and “most comfortable” aircraft ever designed. Currently, the company has four Gulfstream jets at its private facility at Westchester Airport. It also owns shares in two other private jets. Though JP Morgan says that no TARP funds will be used, corporate watchdog Nell Minnow called this a “remarkably boneheaded decision” and “completely tone deaf.”


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One Response to “Bailout Fund Recipient JPMorgan Chase To Spend $120 Million on New Jets and Luxury Airport Hangar”

  1. Topics about Airplanes » Archive » Bailout Fund Recipient JPMorgan Chase To Spend $120 Million on New… on March 23rd, 2009 2:52 pm

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