JPMorgan Spending $138M to Update Swank Jet Fleet

Two Gulfstreams and a new hangar are slated for purchase
By Clay Dillow,  Newser Staff
Posted Mar 23, 2009 9:14 AM CDT
A visitor walks past Gulfstream business jets at the Asia Business Aviation Conference & Exhibition in Hong Kong.   (AP Photo)
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(Newser) – JPMorgan Chase, recipient of $25 billion in taxpayer money, is about to be the proud owner of two new luxury private jets and a lavishly renovated Westchester County airport hangar, complete with roof garden, ABC News reports. The $138 million purchase, described as “completely tone deaf” by one watchdog, will push at least one small carrier out of the hangar, cutting its business, and staff, in half.

The Gulfstream 650s are billed as the “most comfortable” private jets ever, while the hangar is described as “the premiere corporate aircraft hanger on the eastern seaboard.” JPMorgan claims no bailout money will be used in the purchases—part of the company’s normal aircraft replacement policy—and no payments will be made until TARP funds have been repaid.

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