JP Morgan Chase buys 2 new luxurious private jets.

[Acanthus]

Has anyone else heard about this?

How retarded do you have to be at Chase to let this slide?

http://cosmos.bcst.yahoo.com/u...25&ch=4226720&src=news

 

[Aimster]

I am starting to think that the people who run these companies never went to college. They just had good sales and moved up the chain. They have no idea wtf they r doing

 

[zinfamous]

Originally posted by: Aimster
I am starting to think that the people who run these companies never went to college. They just had good sales and moved up the chain. They have no idea wtf they r doing

well, you don't really have to be smart to get an MBA...

 

[Acanthus]

Originally posted by: Aimster
I am starting to think that the people who run these companies never went to college. They just had good sales and moved up the chain. They have no idea wtf they r doing

You dont even have to be college level material to realize when your company is losing money that you dont dump funds into extreme luxuries...

 

[Cattlegod]

IIRC JPM doesn't need the TARP money but can't give it back.

 

[Acanthus]

Originally posted by: Cattlegod
IIRC JPM doesn't need the TARP money but can't give it back.

Couldnt they simply pay it in full?

How did they wind up with TARP money in the 1st place if they didnt need it?

 

[Carmen813]

Hey, Gulfstream is American based, at least they aren't buying Airbus.

 

[StageLeft]

Originally posted by: Aimster
I am starting to think that the people who run these companies never went to college. They just had good sales and moved up the chain. They have no idea wtf they r doing

I disagree entirely. They made huge money during the boom making moves that should have sank their companies, received tons of tax money to subsidize themselves, and now in a recession/depression have the means to buy new jets. Seems pretty damn slick to me!

 

[Strk]

It always comes back to Futurama:

Guenter: All I want is to be a monkey of moderate intelligence who wears a suit... that's why I'm transferring to business school!

 

[winnar111]

Sounds like a stimulus package. Dumping money is good, right?

 

[bbdub333]

PHILADELPHIA (Reuters) - Investment bank JPMorgan Chase & Co (JPM.N) said on Monday it had no plans to purchase new corporate jets or build an airport hangar until it has repaid the funds it got through the U.S. governments Troubled Asset Relief Program (TARP).

ABC News had reported that JPMorgan, the recipient of $25 billion in TARP funds, planned to spend $138 million to buy two new luxury planes and build a corporate hangar.

JPMorgan spokesman Joseph Evangelisti, however, said the company would not buy any aircraft or spend money on a hangar until 100 percent of the TARP funds were repaid.

Does ABC even research their stories?

 

[cubeless]

so gulfstream going out of business would be good?

 

[PokerGuy]

Originally posted by: Acanthus

Originally posted by: Cattlegod
IIRC JPM doesn't need the TARP money but can't give it back.

Couldnt they simply pay it in full?

How did they wind up with TARP money in the 1st place if they didnt need it?

No, they can't just "repay it in full", they need treasury permission to do that, and treasury will not give it to them.

Also, pretty much all the major banks were told they were getting TARP money -- they didn't really have an option not to take it. The idea was that if only certain banks got TARP money, the public would realize which banks were less secure and there would be a run on those banks, making the TARP money a waste.

 

[Acanthus]

Originally posted by: PokerGuy

Originally posted by: Acanthus

Originally posted by: Cattlegod
IIRC JPM doesn't need the TARP money but can't give it back.

Couldnt they simply pay it in full?

How did they wind up with TARP money in the 1st place if they didnt need it?

No, they can't just "repay it in full", they need treasury permission to do that, and treasury will not give it to them.

Also, pretty much all the major banks were told they were getting TARP money -- they didn't really have an option not to take it. The idea was that if only certain banks got TARP money, the public would realize which banks were less secure and there would be a run on those banks, making the TARP money a waste.

It's all there in their historical writedowns before the TARP passed anyway...

I knew Nat City was insolvent and got out before they were sold to PNC based on capital and writedowns alone.

?UBS - $228.6B

?Credit Suisse - $94.5 B

?Citigroup - $301B

?Goldman Sachs - $98.5B

?JP Morgan Chase - $68.7B

?BNP Paribas - $10.4B

?Commerzbank - $32.1B

?Fifth Third Bancorp - $3.6B

?Mizuho MFG - $5.5B

?Mitsubishi Financial Group - $760M

?US Bancorp - $3.0B

?Merrill Lynch - >$115.4B

?Wells Fargo - $138.6B

?Morgan Stanley - $107.3 B

?CIBC - $10.7B

?Bank of Montreal - $1.2B

?Deutsche Bank - $68.0B

?Societe Generale - $30.1B

?HSBC Bank - $27.7B

?SunTrust - $2.0B

 

[EagleKeeper]

Originally posted by: bbdub333

PHILADELPHIA (Reuters) - Investment bank JPMorgan Chase & Co (JPM.N) said on Monday it had no plans to purchase new corporate jets or build an airport hangar until it has repaid the funds it got through the U.S. governments Troubled Asset Relief Program (TARP).

ABC News had reported that JPMorgan, the recipient of $25 billion in TARP funds, planned to spend $138 million to buy two new luxury planes and build a corporate hangar.

JPMorgan spokesman Joseph Evangelisti, however, said the company would not buy any aircraft or spend money on a hangar until 100 percent of the TARP funds were repaid.

Does ABC even research their stories?

I would suspect that JP had plans and in order to retain the high ground is stating that this is planned AFTER.