Tuesday, March 24, 2009

Bonuses are One Thing; Jets are Another

A friend of mine, Bruce, posted this on his Facebook wall and I had to go read the article. The AIG bonuses are a little galling to me. Most of the executives have agreed to return them. Good for them. However, buying corporate jets and renovating the hanger to make them more luxurious is another. I find it sickening.

According ABC News, "embattled bank JPMorgan Chase, the recipient of $25 billion in TARP funds, is going ahead with a $138 million plan to buy two new luxury corporate jets and build 'the premier corporate aircraft hangar on the eastern seaboard" to house them.'"

I guess none of this surprises me anymore. Executives believe they are entitled to these toys for their private use. The President's speech weeks ago, he talked about one executive who gave his bonus to his employees. Why can't corporate executives do things like that? That would inspire their employees to work harder and build morale. Instead, corporate executives "enjoy" laying people off and keeping their perks and toys at the expense of those who do the real work of the company on a daily basis.

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