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| Name: |
lotowner
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| Subject: |
Region's Bank, Corp. Jets
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Date:
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6/19/2009 3:34:18 PM
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Corporation's BoD's and CEO's continue to demonstrate incompetence in managing corporate assets. Corporate jets should be restricted for company business only. Taking the CEO and his family to a plush resort on two company jets is clearly an abuse of power and indicates that the problems that got us into this mess are still present. Change will not occur until the CEO's in power when the crisis happened are dismissed with ZERO severance packages and replaced.
Some bailout banks, including Regions, hold on to jet perks
Posted by Staff, Wire Reports June 19, 2009 10:22 AM
NEW YORK -- A number of executives of banks that received federal bailout money have continued to use corporate jets for personal use despite controversy over such perks, according to a report today.
The Wall Street Journal said flight records show that executives at Birmingham-based Regions Financial Corp., Bank of America Corp., Morgan Stanley and Citigroup Inc. had used corporate jets for personal use throughout the financial crisis. The Journal reviewed Federal Aviation Administration flight records of 14 federally aided banks that register planes in their own names.
Regions received $3.5 billion from the Treasury Department's Troubled Asset Relief Program on Nov. 14.
Twelve days later, according to the Wall Street Journal report, two Regions jets left Birmingham within minutes of each other, bound for a small airport in West Virginia.
The destination was the historic Greenbrier resort, where Regions' chief executive Dowd Ritter and his family spent four nights over the Thanksgiving holiday, according to the Journal, which cited a person familiar with his accommodations.
The round-trip flights cost the bank about $17,700, according to a calculation by a consulting firm, Conklin & de Decker Aviation Information, the paper said.
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| Name: |
Barneget
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| Subject: |
Region's Bank, Corp. Jets
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Date:
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6/19/2009 3:54:39 PM
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Executive non business access to corporate jets is normally part of the total compensation package. My experience included a maximum number of flight time hours, with the associated corporate cost listed as taxable income to me.
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| Name: |
Talullahhound
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| Subject: |
Region's Bank, Corp. Jets
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Date:
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6/19/2009 5:07:43 PM
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What you say is true. But, in a struggling economy does it present a good picture to their investors? I think not. To those of us without the use of a corporate jet, it seems wasteful and arrogant.
And I'm not down on corporate perks. But my favorite saying is "even though you can, doesn't mean you should". Fits an awful lot of situations, including this one.
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| Name: |
water_watcher
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| Subject: |
Region's Bank, Corp. Jets
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Date:
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6/19/2009 5:15:29 PM
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You do know that personal use of corporate aircrafts is compensation and goes in the the executives W2.
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| Name: |
water_watcher
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| Subject: |
Is Pelosi and Obama better?
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Date:
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6/19/2009 5:21:11 PM
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You have to keep in mind the stress and hours those exec's work ... they get very little time off ... the reason that is made "available" to them is for time efficiency and their personal security. How much does it cost the tax payers to fly Nancy Pelosi back and forth to SF almost every week? And she works for you and I?
What about Obama jetting off to NYC for dinner and a show at tax payers expense when we have the worst budget deficits ever and the highest unemployments. Does that present any better image?
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| Name: |
lotowner
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| Subject: |
Region's Bank, Corp. Jets
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Date:
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6/19/2009 5:27:14 PM
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What would be the difference if the CEO traveled by commercial jet?
1. No delays
2. no cramped seating
3. Private terminal loading versus the std. terminal.
4. No standing in line
5. "I'm the man" treatment
6. on and on
I've traveled private jet and it's great. When the CEO travels by corporate jet, comments are that these charges are added to his W2? Some tax advantages? When he takes this same vacation via commercial aviation, no deductions?
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| Name: |
Swimmer27
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| Subject: |
This is BO stimulas?
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Date:
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6/19/2009 5:31:57 PM
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So a vile, repugnant, greedy CEO takes a flight on the corp jet. WE MUST villify him and all others who fly on coorporate jets, except politicians, celebrities, and globe trotting environmental activist.
Now the CEO reports 17K as income which is subject to at least 30% tax to the feds. The pilots keep a job, the flight attendants keep a job, the machanics keep a job, the airport personael keep a job, flight controllers keep a job, the guy who washes the jet keeps a job, This is called 'trickle down economics'. Like gravity, it works every time it has been tried.
Under BO, all these folks get laid off and go to work for AmeriCorps. Thats socialism and it has NEVER worked. Of course BO is so arrogant the he thinks it will work for him becasue he is after all "sort of a God".
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| Name: |
water_watcher
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| Subject: |
Region's Bank, Corp. Jets
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Date:
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6/19/2009 6:10:17 PM
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not following your logic. The point is it is part of their compensation just like Pelosi, Reid and Obama ... and they are living off tax payer money (we pay for it). The exec's do pay taxes for the compensation. It is provided for saftey and security as well as efficient use of their time. Until you have worked at that level, you can not appreciate that you do not have a personal life or personal time. When you can squeeze a few days in here and there every extra hour is precious vs sitting in an airport with flight delays and cancellations.
There are plenty of corporate abuses, but this is not one of them. I think Pelosi having to have a bigger plane at taxpayer dollars with each round trip costing us $75,000 is a huge waste of tax payer dollars and fuel when they won't open more drilling to keep our dollars in this country and create US jobs.
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They are not. They should not be doing it.
And I don't have a problem with the execs using the plane as they are allowed by their contract, but I'm just saying it doesn't give a good visual. And perceptions are important right now.
I had it pounded into my head as a gov't employee that I could not accept an upgrade to First Class, even if it would not cost the government a penny more. Why? Because the taxpayer would PERCEIVE that I, as a public servant, was not a good steward of the taxpayers money.
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| Name: |
Talullahhound
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| Subject: |
Region's Bank, Corp. Jets
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Date:
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6/19/2009 6:23:50 PM
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You know, I don't have a problem with the perk. But, I'm not sure I'm buying that they shouldn't have to fly commercial on vacation because they have unique security requirement or it's a more efficient use of their time.
The Chief of Staff of the Army, who is kinda a "CEO" got in trouble for taking a helicopter from the Pentagon to Andrews AFB to take a military plane. Now, if you had ever seen the CSA's schedule, you'd know that he needed efficient use of time. Yet, it was considered a waste of the tax payers money to do so. I thought it was ridiculous.
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That is really nuts ... if you fly a lot, like it sounds like you used to ... that was one nice benefit to get the upgrades. Others that fly understand that and would never question. Too late for you, but sometimes policies are made by those that do not have to live that life.
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| Name: |
lotowner
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| Subject: |
Region's Bank, Corp. Jets
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Date:
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6/20/2009 7:13:38 AM
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I very strongly think that corporate jets should be available if the corporation can afford them and they can be justified from a business perspective. They should be used for business purposes only. Transporting corporate employees to the different mfg. sites and using them to pick up clients for business purposes are normal uses.
However, giving a CEO free reign to use of the corporate jet even as part of his income is not reasonable. In no instance should the CEO have use of the jet to carry his family to a resort. Fly commercial. What happens when a junior executive needs the jet for a really importaant business mtg. and it is unavailable because the CEO is off on a trip to Europe for snow skiing.
I can remember a time when the CEO and BoD's felt that they had a responsibility to manage the corporation. CEOs were limited to a low value for capital expenditure approvals w/o BoD approval. The BoDs would then only approve major capital expenditures after a thorough study and a vote. Currently, this system appears to have gone astray. BoDs are made up of friends of the CEO and they are part of the executive clubs.
Stock options are enormous for the CEO even though the financial goals were not met. Severance packages are so large that the CEO leaves without any pain. In the past when an employee was terminated for cause, they were walked to the door and someone cleaned their desk out. No severance package was given. How things have changed.
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| Name: |
water_watcher
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| Subject: |
Region's Bank, Corp. Jets
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Date:
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6/20/2009 10:03:25 AM
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Typically the CEO has his/her own plane assigned to them. This is foolish to even have this discussion ... CEO's work for the shareholders and report to the BOD ... it is for them to decide compensation and perks. If people don't like it and they are shareholders, they should voice their opinion and ask for a vote (following the correct procedures) at an upcoming board meeting. That is how they can get it changed, provided enough shareholders agree.
Government or public perception should not matter. It is not governments role (and should not be) and it should only matter to shareholders/investors or the public that does business with the company. If you don't like it then don't do business with them. But you will find it is common and justified.
I know the hours CEO's work (typically 12 to 14 hour days) and it is very common to provide them the perk to get away for a weekend with their family using a company plane to take them and pick them up rather than dealing with commercial travel.
It is also why many CEO's have a driver as well ... so they can conduct productive business on their drive in the morning and for their security when they are leaving at 9 to 10pm in the evening.
If you have lived the life, you would understand.
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| Name: |
Talullahhound
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| Subject: |
Region's Bank, Corp. Jets
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Date:
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6/20/2009 4:51:30 PM
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I have never been a CEO, but I worked the hours you talk about. I understand "the life" only too well.
You can explain them in whatever terms you like, but if you've taken govenment bailout money, you better start worrying about what the tax payers think too. And when the company is not making money, you'd better start looking lean and mean for your investors and Board of Directors.
You know, Government isn't the only place where there is waste and abuse.
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| Name: |
water_watcher
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| Subject: |
Region's Bank, Corp. Jets
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Date:
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6/20/2009 6:36:02 PM
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don't disagree. If there is not the performance then the individual and the perks should go. I am just talking in general, not just banks that took TARP or were forced to.
But i do think congress talks out of both sides of their mouth when they are critical of corporate perks of tax revenue generating corporations when their are people in congress, specifically Pelosi (which i know you do not like as well), that live off tax payer dollars and get plenty of perks like jets to fly them around. What makes their time or security more valuable than a CEO of a major corporation.
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| Name: |
Talullahhound
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| Subject: |
Congress
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Date:
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6/20/2009 8:15:11 PM
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Congress is the worst. As soon as they changed the ethics laws, Congress was the first group to figure out a way around them. I personally find it disgusting. The worst part is they think they are "entitled".
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