Legal Commentary

J.P. Morgan to Spend $138 Milllion on Luxury Jets and Hangar

By Jeralyn

There's tone-deaf and there's just plain stupid. J.P. Morgan apparently is both. After receiving $25 billion in TARP funds, the company is proceeding with plans to spend $138 million on two luxury corporate jets and build ""the premier corporate aircraft hangar on the eastern seaboard" to house them."

According to JPMorgan Chase architects, the new hangar will be built with reclaimed wood, quarry tile and even a "vegetated roof garden."

The Gulfstream 650's are described by the manufacturer as the "fastest," "widest" and "most comfortable" private jet ever with superior cabin amenities, an optional stateroom, and 12 interior designs to choose from.

The company says it's not using the TARP funds for the project. [More...]

Apparently, the company feels victimized:

[O]n March 11, the chairman of JPMorgan Chase, Jamie Dimon, said he could not understand why corporate America has such a bad image.

"When I hear the constant vilification of corporate America I personally don't understand it," Dimon said.

Full post as published by TalkLeft on March 24, 2009 (boomark / email).