Bailed out J P Morgan Chase to spend 120 m dollars on corporate jetsMarch 24th, 2009 - 2:48 pm ICT by ANI
New York, Mar.24 (ANI): A bailed out J P Morgan Chase has announced plans to spend 120 million dollars on buying two luxury corporate jets similar to the Gulfstream V model.
In the latest example of stunning tone deafness among the corporate swells, high-flying financiers will use these plush new luxury jets, and the company is also building a fancy new hangar to house them.
ABC News reports that the firm is forking out a monumental 138 million dollars for the two projects.
J P Morgan Chase spokesmen said no taxpayer money would be used to buy the planes and the purchases won”t go through until the bailout cash is repaid.
J PMorgan Chase got 25 billion dollars of the federal TARP money last year but as one of the last relatively healthy big banks, it had to be forced to take it.
The bank says it didn”t need the money - or the headaches that go with it. (ANI)
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