tarp

TARP Wife's Tale Of Woe Angers Many

Filed under: Wealth

The case of the mystery "TARP wife" who spilled the secrets of her diminished spending capacity on Portfolio yesterday has many wondering who she is. The article tells the story of the wife as she turns down invitations, goes shopping in her own closet and forgoes a Michelin-starred restaurant for her husband's birthday celebration. The wife concedes that she "may not win much sympathy" because she and her husband "still live in relative luxury, we can afford almost everything we need" but says that they are getting "squeezed." The media has savaged the piece as being yet another in a series of the tales of the formerly rich that the many news outlets have doted on in recent months. NY Magazine's Daily Intel goes one step further, positing a potential suspect for the mystery wife, Liz Peek, whose husband is Jeffrey Peek of CIT Group.

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Tags: cit group, CitGroup, jeffrey peek, JeffreyPeek, tarp, tarp wife, TarpWife

JPMorgan Chase Plans New Jet Purchases

by Deidre Woollard (RSS feed) —

Filed under: Wings, Wealth

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