Six banks with $540 billion in bailout money still flying 27 corporate jets

Well we are all aware that these funds are not being used as they were intended to be used. So, this is no surprise to me. What does P*** me off. Is that our Government gave all these billions to the banks etc. And never stipulated in written contracts with the borrowers/banks, how the funds were to be used. And could only be used. Once again Mr. Paulson is totally incompetent, in handling the allocation of tax payer dollars for emergency use of funding/bailouts/loans.

Im shocked that Bank of America has 9 jets?? Why dont they sell a few and get their stock price back over $20?? Why do they have over 5 billion shares outstanding also?? I thought these banks are supposed to now use the best fiscal policy in all of their history.... The greed that was rampant under the Republican Administration is still somewhat alive.. it needs to be killed off and soon.. Including these large, unjustified bonuses to the upper echelon. Its time things must change.

I thought the Corporate Jet criticism was overblown when it was used against the Automakers, and I still think it is overblown. There is certainly some level of legitimate usage that results in better corporate governance.

At this time in history, though - if I were an administrator in a corporation's jet fleet, I would scrutinize every takeoff and landing and make sure I was spending fuel funds as though it were 100% taxpayer money.

Mr. Cohan, I'm glad to see you have now criticised the banks on some level - but I hope you continue to pry a little deeper. I'm quite sure that corporate jet use is the least of their sins.

Seeing that you have a personal interest in three of the aforementioned banks, I guess I'm proud that you at least levelled this much criticism at them. Please keep at it. I expect that soon enough we will start to hear of mind-blowing excesses at each of these companies.

I don't think that these companies need private jets. They actually can help the ailing airlines buy actually taking commercial flights. I hope our tax dollars are more wisely spent on figuring out strategies to improve the financial markets, relieve mortgage stressors for the common people, create new jobs, and paid down the debt. Otherwise the best 700 billion dollars would have been spent on paying off our national debt. The gall of these corporate executives with platinum parachutes.

Let them walk. It will cut down on their spa and personal trainer fees. Walking does wonders for the waistline (especially cross country), and they can tan as they go. No more need for a fake bake.

Since they got governnment money, i.e., tax money, i.e., my money, I need to book a couple flights on these jets. If someone could provide the contact information to do this, let me know.
Oh, and by the way- since Citi got all that cash I want to let them know to use some of it to pay off my mortgage with them.

Since these corporations seem to be unable to control their spending, after getting billions in tax payer bailout funding.

The consumer needs to control their spending for them. Unless its mandatory that you (the consumer) do business with them. DON'T DO BUSINESS WITH THEM.

While much of this criticism is just, finish doing your research before you post or put some info into context. Wells Fargo one of the best banks right now. They were never really into sub primes which is what caused much of the turmoil in the financial sector to begin with. Additionally they never wanted the funds the government gave them... they only recieived them because the US gov didnt want to reveial who really needed the money. Wells has only 1 jet, didnt need the govs money and is still a sound bank.... dont really care about the others but I think wells fargo should be taken off this list... they can pay their bills and should be able to use their money how they see fit.... if the gov wants to give them money then fine but dont criticize how they spend it.... would love to c what others think

I do not believe they should release the remaining 350 billion without a full accounting and serious restrictions on how they can use it. Theree is no end to tne corporate geed and contempt for ordinary peop;e who somehow manage to fly commercial.No new money intil the new admisnistration comes in. paulson is taking care of his Wall Street Buddies

This is a corporate jet wich hunt. He owns one and he owns one.. next thing we will have senate hearings on private flight departments.. The fact of the matter is that if these companies lose their airplanes they may as well just shut down. They cannot do business or respond to a deal without these airplanes. When a guy flies to Asia for a 2 billion dollar deal and spends a few hundred thousand to get there his net gain is a lot better that you driving 3 hours in your Jetta to a job interview. Corporate jets like other things can be misued but nothing has a greater direct value on business than the corporate jet. ...nothing!
To write legislation that ties up business in such a way is childish and shows a lack of understanding of business.

So yeah lets string em' up and just shut down the companies. Rather than focus on the problems that got these companies here like management. Oh that's not as fun of a target. oh well.

This article presents an inaccurate and misleading picture of business aviation in the United States. It completely misses the reality that, every day, tens of thousands of well-managed and cost conscious U.S. companies use business aviation to help them survive and effectively compete in an intensely unforgiving marketplace.

Although perceptions may be to the contrary, the fact is that eighty-five percent of the companies that utilize business aviation are small and mid-size. And the passengers on business aircraft are usually salespersons, engineers, technicians and other employees below the senior executive rank.

Business aviation is often used to fly to locations with little or no scheduled airline service. In fact, business aviation reaches ten times the number of communities served by commercial airlines. Business aviation is also routinely used to visit multiple sites in a single day or respond to business situations when time is of the essence.

The basic value of business aviation is that it is a tool that allows companies to do more in less time, and often at lower cost than other alternatives. It helps companies maximize employee productivity, reduce total travel times, and have the flexibility they need to quickly adjust to changing business circumstances and schedules.

This is not to suggest that business aviation is the best transportation option in every instance. Good businesses match the right transportation mode to the mission at hand. Most companies have integrated transportation policies that help them determine the most appropriate mode of transportation in any circumstance. Surveys published by the NBAA have found that companies that use business aviation as a solution to some of their transportation challenges also rely heavily on the commercial airlines, purchasing $12 billion worth of airline tickets annually.

But business aviation is the most prudent and cost-effective transportation solution in a wide number of situations. That is why it is a critical link in our nation’s transportation system and an important tool for businesses of all sizes. It’s unfortunate that this story leaves readers with a view of business aviation that reflects none of these realities.

Y O U_____ "WE the people" are the reason why the banks are in trouble. Because YOU borrowed THEIR money and YOU did not repay. THE BANKS only sin was being kind enough to lend YOU their money____ALL of the money that YOU wanted and that YOU asked to borow from them.

sgentilejr; If Banks lend money out of their kindness, why make do they make their customers sign papers? Banks lend money for profit, which is good, but be honest. Greed is to blame on both sides, in too many cases banks offered initially attractive terms to people who really couldn't afford what they were buying (i.e. sub-prime), and then after the initial period, the rates became unaffordable to these people. The homeowner mistakenly thought "if I can't make the payment I'll sell it for a profit." The banks said if the homeowner can't make the payment, I'll kick their butt in the street and get my money back. You were both wrong and now the rest of us are paying for their mistakes. And the govt. encouraged it up until a few months ago. Rep. President and Dem. Congress did nothing to change anything until it was too late. What gall for either party to blame the other. Show me the bills that Bush vetoed!

It makes me so mad to think that i have been asking for my interest rate on my wamu credit to be lowered it is 23.99% and i have been paying on time and they won't they say i can't just call and ask for that. I hope they all go under and have to live like we do that will not happen because our government will keep giving to themand taking from the us this should be stopped it is a crime i hope the silver spoon gets stuck in his a-- and when are we going to get something out of this? I can't get my interest rate lowered so i can pay the minimum but do you think they care about that?I think loan sharks are more honest and they sure don't charge a much higher interest rate!!!!!!!!!!!!!!!!!!!!

I would only need 85 billion split it up equally amongst the legal US citizens over the age of 18 everyone would get about $500,000 pay 30% taxes right away and still have over $200,000 and guess what? the banks would have their money mortgage companies would have theirs and credit cards would get theirs instead of us having to pay back hundreds of billions of dollars for them (mortgage companies, banks, credit card companies) to give out million dollar bonuses and retirements and any company that gets money should have to pay it back and anyone with bonuses, raises should be jailed and forced to pay back the money

The (legal) US population is now roughly 300 million people. One Billion dollars is $1,000 million. So the $700 Billion "bailout" split equally 300 Million ways is about $2.45 million per legal resident. Please correct me if my math is incorrect (all those zeros can be confusing you know).

Our government could have given about $1 million to each and every US citizen and still have over $400 billion left over for the bailout. Sounds like a pretty decent bailout for the distressed companies & banks AND there would be no more financial crisis among the American working class.

Something seems pretty "fishy" to me about all of this.

OK, OK, so the thing that's really fishy here is my basic arithmetic skill. My only defense is that I let my political "road rage" blind me to significant figures. Turns out it's only $2,450 per each American citizen. My bubble has burst...sigh.