BofA to sell 3 corporate jets, Merrill helicopter

[tosh]

BofA to sell 3 corporate jets, Merrill helicopter

AP via MSN: http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=AP&date=20090204&id=9578714

CHARLOTTE, North Carolina (AP) - Bank of America Corp. said Wednesday it is selling some of its corporate aircraft as the bank looks to scale back costs.

The move comes as many financial firms are giving up private jet travel as scrutiny mounts over lavish spending after the companies received billions of dollars in rescue funds.

Since October, Charlotte-based Bank of America has received $45 billion in government assistance, including a $20 billion injection last month to help with its troubled Merrill Lynch & Co. acquisition.

"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," Bank of America spokesman Scott Silvestri said. He declined to say how many planes the bank still owns.

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[bluestateguy]

1. Obama's public shaming of them is working

Slowly, but surely.

[Juneboarder]

2. A mere three jets...

if only I had a jet to sell... :sarcasm:

[nykym]

3. Found this tidbit

here article from 12-08 so not too long ago

http://www.capitolhillblue.com/node/13616

• BANK OF AMERICA: Registered as the owner of nine planes, including four Gulfstreams, FAA records show. Company spokesman Scott Silvestri refused to say whether the company has changed its policy on corporate aircraft use since taking $15 billion in bailout money.

CEO Kenneth Lewis, also required to use company aircraft for personal trips, racked up $127,643 in such travel last year, according to a March filing with the SEC.

[tosh]

4. I wonder what Merril had besides the helicopter.

[woodsprite]

5. Probably to fund their Superbowl party. n/t