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11/25/2008

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Again, the flap over the corporate aviation is class warfare misdirection meant to inflame the rubes populating our proletariat! The 20 bil downpayment for the Citi bailout was granted with a phone call so no groveling before congress was required and no private jet was summoned. Other than a stern look, congress did nothing to AIG after their party foul in California.....nothing except promise them another 75 billion. Nobody gives a second thought to the cash given to our newest bank holding company Goldman Sachs. Remember, 6 billion in begging bowl money followed by 7 billion in bonuses to execs. Goldman Sachs stock has been getting slaughtered so apparently those bonuses were well earned.

Try not to be so easily distracted!

Not to be dissin' your blog, Dawg, but looks like we could talk about this one on the phone.
"The jet GM CEO Rick Wagoner flew in on reportedly cost $36 million. (One of eight luxury jets, according to ABC, in financially strapped GM’s fleet."
Your per hour calculations work for a leased aircraft. The cost of owning and maintaining eight, $10 million+ jets and their crews is very different than rent-a-jet of joint leasing arrangments. I've never flown private jet for business but having been picked up by friends for a quick trip out west, I am thinking your 75% work effectiveness is waaay high. Refigure your commercial costs with fully equipped cars to the airport (fax/internet) and the first class seating so consigliare sits next to Ceo, briefing for the Congressional hearing.
Then figure the public relations cost of owning eight jets that you keep at the same airport you would need to go to in order to fly commercial. As the ads say, "Priceless".

So who's in the seats right behind the CEO and consigliere while they prep for the congressional hearing?
I doubt that it would be a good idea for the CEO of any Fortune 500 CEO to have a work-related conversation in a public first-class cabin. Just what are they going to talk about when they don't know who's sitting around them?
The same factors don't, of course, apply equally to everyone who winds up riding the corporate jet. I think Tom's analysis is pretty sound at the CEO level, though.

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