Barbara Ehrenreich/Chuck Collins: Corporate America, Ground Your Jets

[marmar]

from AlterNet:



Corporate America, Ground Your Jets

By Barbara Ehrenreich and Chuck Collins, AlterNet. Posted February 21, 2009.

The American taxpayer, reeling from the economic meltdown, doesn't feel like subsidizing lavish jets and bonuses any more.



If anything symbolizes the excesses and inequalities of the last few years, it's the private Learjet or Gulfstream. While the masses take off their shoes and line up for security screening, high-fliers inhabit a parallel transportation universe characterized by cozy private terminals, flexible departures and nonexistent security. In flight, the sky is the limit, with some private jet owners spending $10 million to $40 million on interior decorating, which could include gold bathroom fixtures and rare-wood paneling, as well as flight staffs, including chefs and masseuses.

But corporate America is finally waking up and smelling the jet fuel. The American taxpayer, reeling from the economic meltdown, doesn't feel like subsidizing lavish jets and bonuses any more. First there was the spectacle of the Big Three auto-industry CEOs flying in their separate private jets to beg for taxpayer bailout funds. Humbled by the blowback, they each drove energy-efficient cars on their subsequent visit to Washington.

Then it was revealed that Citigroup, recipient of $50 billion in federal bailout funds, was purchasing a $50 million French-made, 12-seat, Dassault Falcon private jet. Sen. Carl Levin, D-Mich., was livid: "To permit Citigroup to purchase a plush plane -- foreign-built no less -- while domestic auto companies are being required to sell off their jets is a ridiculous double standard." President Barack Obama weighed in, pressing Citigroup CEO Richard Parsons to forgo the jet. Yet, six other financial companies that received billions in bailout funds, including AIG, Morgan Stanley, JPMorgan Chase and Bank of America continue to operate fleets of private jets.

A ban on private jet ownership for recipients of funds from the Trouble Assets Relief Program passed the U.S. House of Representatives and awaits action in the Senate. .......(more)

The complete piece is at: http://www.alternet.org/workplace/128057/corporate_america%2C_ground_your_jets/