No one would be shocked that more CEOs travel on commercial flights. Shareholders and workers don't understand why big companies should put management on nice private aircrafts while they suffer.

But in a downturn, stupidity often rules. According to The Wall Street Journal, more and more CEOs are taking public flights and companies are trying to sell company aircraft.

Flying a business jet from coast-to-coast can cost tens of thousands of dollars. What does it cost if senior management misses one critical meeting though? What is the value of time if four executives at one company, each of whom makes over a million dollars a year, spend an extra 100 hours per person in the air each year instead of doing their jobs?

Another aspect to the math of private aircraft is that selling used planes is nearly impossible. As The Journal points out, there is such a flood of these planes hitting the market that resale value has gone through the floor.

Shareholders may want to see every last dime taken out of costs as the recession deepens and share prices fall, but as the old saying goes, "cheap gets expensive." Putting CEOs on long and often delayed airline flights hurts management efficiency even if its appears to help the bottom line.

Douglas A. McIntyre is an editor at 24/7 Wall St.