March 23rd, 2009 // comments (0)

JPMorgan Buys Jets With TARP Cash

Jets to be housed in a hangar with a ‘vegetated roof garden’. How nice!

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 premiere corporate aircraft hangar on the eastern seaboard” to house them, ABC News has learned.

The financial giant’s upgrade includes nearly $120 million for two Gulfstream 650 planes and $18 million for a lavish renovation of a hangar at the Westchester Airport outside New York City.

A public hearing will be held by Westchester County officials tonight regarding JPMorgan’s request for new hangar space.

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