JPMorgan Chase Plans New Jet Purchases
Another day, another chance to be outraged over a corporate jet purchase. ABC News reports that JPMorgan Chase will proceed with a $138 million plan that calls for buying two new corporate jets and building a new aircraft hanger at Westchester Airport in New York. JPMorgan Chase has received $25 billion in TARP funds.
The planes are Gulfstream 650s and the hangar has "green" features including using reclaimed wood and quarry tile and adding a roof garden. The JPMorgan hangar would boot out a fixed-base operator Avitat Westchester partly because off the new hangar's green features. Gawker points out that Avitat pampers clients including JPMorgan Chase in a lavish hangar that includes a baby grand piano, giant fishtanks and a food service set up. JPMorgan Chase has four jets at the Westchester Airport. The new Gulfstreams aren't set to arrive until 2013.
JPMorgan Chase has said no TARP money will be used and that future jet purchases are just part of its "normal aircraft replacement policy" and that the company will repay the TARP money before making payments for new planes and renovation.
Gallery: Corporate Jets For Sale