CorporateJet

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.

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Tags: corporate jet, CorporateJet, gulfstream 650, Gulfstream650, jet, jpmorgan chase, JpmorganChase, tarp

Royal Bank of Scotland Canceled Its Private Jet Too

by Deidre Woollard (RSS feed) —

Filed under: Wings

For once a bank story that doesn't involve a U.S. bailout. The Royal Bank of Scotland is yet another troubled bank that had to surrender a plane. It reportedly canceled a $45 million order for a Dassault Aviation Falcon 7X business jet last fall.

This is the same type of plane that Citigroup ordered and then did not take possession of after censure from the White House.

The cancellation took place right around the time that the British government gave the bank a £20 billion bailout and took a majority stake in the company. The private jet was to have been used by the now ousted chief executive, Sir Fred Goodwin who also received a £16.6 million pension, part of which the government would like him to return.

Gallery: Corporate Jets For Sale

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Tags: corporate jet, CorporateJet, dassault aviation, DassaultAviation, private jet, PrivateJet, royal bank of scotland, RoyalBankOfScotland

The NY Times Corporate Jet Is For Sale

by Deidre Woollard (RSS feed) —

Filed under: Wings

The NY Times Co.'s annual proxy revealed an interesting detail, the company is selling its private jet. Cityfile shows that the company has been trying to sell the 1997 Dassault Falcon for close to two months. It costs $9.5 million and listing pics reveal a cozy cabin with gleaming wood and soft gray padded seats.

Gallery: Corporate Jets For Sale

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Tags: corporate jet, CorporateJet, dassault falcon, DassaultFalcon, new york times, NewYorkTimes, private jet, PrivateJet

Starbucks Puts The Corporate Jet Up For Sale

by Deidre Woollard (RSS feed) —

Filed under: Wings

Well that was fast, Starbucks had their new corporate jet for less than a month before succumbing to economic pressures and putting it up for sale. Aero-News Network reports that the company had less than 20 flights on the new Gulfstream G550 before putting it up for sale with Avpro. The news comes as Starbucks reported lower earnings and plans to close more stores.

The $45 million Gulfstream 550 was ordered four years ago during boom times for the coffee company. Unlike Citigroup and other companies on the hot seat for private jet usage, Starbucks hasn't asked for federal funds. The company has also been trying to sell off its Gulfstream G-V. Now Starbucks just has to find a willing buyer.

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Tags: corporate jet, CorporateJet, gulfstream 550, Gulfstream550, private plane, PrivatePlane, starbucks