Why Wall Street still flying corporate jets while they received billions in bailout dollars? Should they give up this so called "airborne offices" like automaker CEOs? The CEOs of the Big Three automakers were challenged hard for this when they flied to the Congress for federal bailout money. But nobody asked the same questions to the executives of big firms in the Wall Street, who received much more money than the automakers. What a big different! Are people forgetting that it were those finance CEOs who created the bubble of this devastating crisis and dragged US economy into the largest recession since 1929s. Should they be blamed for or at least, restrained from wasting money from tax payers. Let's see the data:
- GM and Chrysler: Received $17.4 Billion only for 300 million people in auto industry, which contributed 4 percent of US GDP, and also the real industry to manufacture something for the people living in this land.
- American International Group Inc.: Received about $150 billion in bailout money. But they have 7 planes, which are the largest fleets among bailout losers.
- Citigroup Inc., Wells Fargo &Co., Bankof America Corp., JPMorgan Chase & Co., and Morgan Stanley: Got a combined $120 billion
- Citigroup Inc.: 4 jets and 1 helicopter
- Wells Fargo & Co.: a single jet
- Bank of American Corp.: 9 planes
- JPMorgan Chase & Co.: 4 Gulfstream jets
- Morgan Stanley.: 2 Gulfstream G-Vs
One thing I noticed that in this article, Goldman Sachs was not mentioned. As we know, Goldman Sachs also received big cash injections, at least $10 billion, directly from the government. Per one article published on September 20 in NY Times, Goldman Sachs was AIG's largest trading partner, and has as much as $20 billion of exposure to the troubled AIG. Could we conclude that Mr Paulson's policy of bailout AIG equals to saving Goldman Sachs indirectly ? Haha, You know what I means.
