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Bonds Are a 'Safe' Investment: A Big Lie Gets Even Bigger
Bank of America (NYSE: BAC) spokesman Scott Silvestri tells reporters that "As part of an ongoing cost reduction effort we have been scaling back on our use of corporate aircraft including selling three aircraft we own and the Merrill Lynch helicopter."What a great deal: Taxpayers who are struggling to make mortgage payments fork over tens of billions of dollar to Bank of America, and we're supposed to be impressed by the fact that the company is "scaling back" on the use of corporate aircraft.
It's also pretty shameless of the company to make a public announcement about the sales in an effort to generate good PR. In total, BofA owns nine planes including four Gulfstreams. That works out to about $15.3 billion in government aid per plane.
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Reader Comments (Page 1 of 1)
2-04-2009 @ 7:30PM
Dennis Robart said...
This is WHY those of us with debt to B Of A don't feel in any rush to repay it- they keep flaunting their wealth, and at the same time telling us how much we need to help them with bail outs, etc. The CEO gets his bonus REGARDLESS of B Of A debts, or depositor debts, etc.
NO WAY JOSE will I pay them back in any hurry even if i hit the LOTTERY!