Another Corporate Jet Fiasco

I was wondering who this week's target for congressional demonization would be, and I think I found it:

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. ...

"It's a remarkably boneheaded decision," said corporate watchdog Nell Minnow, the editor and founder of The Corporate Library, a group that provides independent corporate governance research and analysis. "It's completely tone deaf."

After the auto executives had their bout with Congress over private jets, and Citibank was publicly skewered over their new Gulfstream order, you'd think these guys would have been a little more careful.

The bailout funds were designed to help the banks continue to operate their businesses, and for large corporations private jet aircraft make sense. However, there are lots of these planes on the market today and buying two brand new ones probably isn't necessary, not to mention the luxury hangar space. These guys are just asking for a public whipping and I'm sure some Congressman will be glad to give it to them if it gets him on TV.