Go go go, free media!
For the reporters, the heightened interest in corporate spending means long hours staking out places like Teterboro Airport in New Jersey, an airport that is frequently used for private travel into New York. On the last Friday in February, the ABC producer Asa Eslocker was on assignment outside the airport, armed with a miniature camera and searching for a corporate jet belonging to a troubled insurance company.
While there, Mr. Eslocker discovered that a jet belonging to Bank of America was on the move. A $50 million Gulfstream G5 was about to shuttle Kenneth D. Lewis, the embattled chief executive of Bank of America, from Charlotte, N.C., to Teterboro.
ABC scrambled camera crews at both airports, and by the time Mr. Lewis touched down, the network had a helicopter hovering above to film his expensive arrival.
“The corporate jets never cease to disappoint,” said Rhonda Schwartz, the chief of investigative projects for ABC News. “It’s like they never get the message.”
The video clips of Mr. Lewis exiting his private plane were featured on “Good Morning America” the next day, along with the amount of government support the bank has received ($45 billion), the number of jets in the bank’s fleet (nine), an estimated cost per hour to operate the G5 (at least $5,000), and a listing for a comparable commercial flight at the same time ($440).
From the New York Times -- free registration required.
Let's be honest -- isn't it about time some of the media outlets started asking pointed questions of these arrogant, money-wasting jackass executives? If you are on government welfare -- and let's face it, that's what these bailouts should be -- you shouldn't get to just splurge money on wasteful crap like this or multimillion-dollar galas and golf expeditions.
What was that line from Real Genius? "Having some work done on the old house, eh Jer? Fraud is a felony..."
While there, Mr. Eslocker discovered that a jet belonging to Bank of America was on the move. A $50 million Gulfstream G5 was about to shuttle Kenneth D. Lewis, the embattled chief executive of Bank of America, from Charlotte, N.C., to Teterboro.
ABC scrambled camera crews at both airports, and by the time Mr. Lewis touched down, the network had a helicopter hovering above to film his expensive arrival.
“The corporate jets never cease to disappoint,” said Rhonda Schwartz, the chief of investigative projects for ABC News. “It’s like they never get the message.”
The video clips of Mr. Lewis exiting his private plane were featured on “Good Morning America” the next day, along with the amount of government support the bank has received ($45 billion), the number of jets in the bank’s fleet (nine), an estimated cost per hour to operate the G5 (at least $5,000), and a listing for a comparable commercial flight at the same time ($440).
From the New York Times -- free registration required.
Let's be honest -- isn't it about time some of the media outlets started asking pointed questions of these arrogant, money-wasting jackass executives? If you are on government welfare -- and let's face it, that's what these bailouts should be -- you shouldn't get to just splurge money on wasteful crap like this or multimillion-dollar galas and golf expeditions.
What was that line from Real Genius? "Having some work done on the old house, eh Jer? Fraud is a felony..."