In what must be some sort of a prank on Jamie Dimon's part to get Barney Frank and Friends to choke on a mixture of excess saliva and outrage, JPMorgan is apparently "going ahead with a $138 million plan to buy two new luxury corporate jets and build 'the premiere corporate aircraft hangar on the eastern seaboard' to house them," according to ABC News.
The financial giant's upgrade includes nearly $120 million for two Gulfstream 650 planes and $18 million for a lavish renovation of a hangar at the Westchester Airport outside New York City.According to JPMorgan Chase architects, the new hangar will be built with reclaimed wood, quarry tile and even a "vegetated roof garden."
The Gulfstream 650's are described by the manufacturer as the "fastest," "widest" and "most comfortable" private jet ever with superior cabin amenities, an optional stateroom, and 12 interior designs to choose from.
Though JPM spokesman Joseph Evangelisti said no TARP money will be used, "corporate watchdog" Nell Minow still finds the whole thing "completely tone deaf" and "remarkably boneheaded." Okay, but it it worse than Pandit's Zen garden? We submit it is not.
Update: JPMorgan to Repay TARP Money *Before* Buying Jets
Posted by guest , Mar 23, 2009 1:32PM
ANOTHER EXAMPLE OF WALL STREET GREED!
THIS IS BULLSHIT!
PAY BACK THE TARP MONEY!
Posted by guest , Mar 23, 2009 1:43PM
As long as we're getting all uppity about taxpayers' money not being put to good use, why not mention that Barry O's two 747's are also tone deaf? Ditto for Air Pelosi's Hercules. Sure, Prez Barry needs "his" plane but a GV (plus the decoy) should do nicely. Nancy can take Amtrak and a minivan from Alamo next time she flies home. Aren't they supposed to be into all of this Green shit anyway?
Posted by guest , Mar 23, 2009 1:48PM
Somebody has to stand up to these politcal babies, good for Dimon. I hope when they announce this it is accompanied by a tutorial in the economy and why business and capitalism are necessary to a fully functioning democratic republic. A Catholic Bishop recently said that Catholics need a refresher on their religion, well Americans need a refresher on freedom, democracy and the American way.
Posted by guest , Mar 23, 2009 1:53PM
Jamie Dimon = Awesome
Posted by Anal_yst , Mar 23, 2009 1:56PM
@2 EP already discussed a few months ago, but yes, obvious hypocrisy.
Also, yes, Dimon is Ballin' (you know this)
Posted by guest , Mar 23, 2009 1:57PM
dimon just can't quit the "read between the lines" joke.
Posted by guest , Mar 23, 2009 2:04PM
"No no no- this isn't 'the shocker', THIS is 'the shocker'"...
Posted by guest , Mar 23, 2009 2:11PM
@3
Yes, and the Boston Tea Party should never have occurred since all that tea was rightfully the property of the British East India Company.
Posted by guest , Mar 23, 2009 2:11PM
EAT IT capitol hill EAT IT
Posted by guest , Mar 23, 2009 2:30PM
he stuck those fingers in my 401.... ouch
Posted by guest , Mar 23, 2009 2:32PM
Jamie,
Obviously you just don't get it, so I am going to give you a little story to scare you straight.
Before we start:
Red Bull = stimulus package
Guy in red shorts = you, Jamie Dimon
Guy in black on left = John Paulson, former Treasury Secretary
Guy in black on top of you = Tim Geithner
now paste to this into your browser:
http://www.liveleak.com/view?i=dc9_1237800045
learn to be humble. Be the humble.
CSWTF
Posted by guest , Mar 23, 2009 2:41PM
YOU CAN DO IT JAMIE!
Posted by guest , Mar 23, 2009 2:42PM
@1 go back to your job as a a human test subject at a lethal injection plan.
Posted by guest , Mar 23, 2009 2:51PM
Bess - it should read: "No Tarp Money will be used".
Posted by guest , Mar 23, 2009 2:52PM
Good work Jamie, what a hitter. Fucking hoi polloi can hate, G 650 is some baller shit.
http://www.gulfstream.com/gulfstreamg650/
Posted by HAM05 , Mar 23, 2009 2:55PM
you greek sheep fucking asshole as much as i hate you you are my hero
Posted by guest , Mar 23, 2009 2:58PM
Name of first plane: "The Barney" (with little illustration of Barney Rubble from The Flintstones)
Name of second plane: "The Charlie" (with little illustration of Charlie Brown).
Suk on that, commies.
Posted by guest , Mar 23, 2009 3:04PM
@14
Doesn't matter, money is fungible. Without TARP, JPM would not exist and the socialist Jamie Dimon would not be buying planes. Must be nice not to do anything productive and still get paid. God bless the welfare state.
Posted by guest , Mar 23, 2009 3:08PM
@18- "Without TARP, JPM would not exist "
you know you're a complete and total idiot, right?
Posted by guest , Mar 23, 2009 3:12PM
That is a picture of Jamie telling Geither it's the third time he had to tell him to Fuck OFF
Posted by guest , Mar 23, 2009 3:13PM
I think this is a way of saying they are going to pass the stress-test with flying colors... is it tone-deaf? sure, but i'm not sure anyone is going to hold JD's feet to the fire. at the end of the day, it shows he has a mighty large brass pair, unlike many of his contemporaries. they should sell on pay-per-view his next appearance before Congress...
Posted by blndebnker , Mar 23, 2009 3:18PM
i <3 jamie d
Posted by guest , Mar 23, 2009 3:19PM
@19
Nope, not an idiot, they would have gone BK or at least, internally, they were extremely worried about going BK. You can claim that they were "forced" to take it, but that is BS. The board of directors has a fudicary responsibility to shareholders. If JPM really didn't need the money, then it should have told the government to pound sand since accepting the money, on the surface, was clearly detrimental to shareholders. Face it, with all the support the Jamie Dimon has received in the last 6 months he is the poster-boy for socialism.
Posted by guest , Mar 23, 2009 3:24PM
"they would have gone BK"
no, seriously. buy a clue. the only reason they even took TARP money is because Paulson forced them too.
Posted by guest , Mar 23, 2009 3:27PM
They were internally worried about bankruptcy? That's a huge story, dude, you might want to let the press know about this. I look forward to seeing you on the talkshow circuit when your book comes out. Also, can you tell us how close SUNY Binghamton cam eto knocking off Duke in the tournament this year? I heard that was a real nail-biter too. Douche.
Posted by guest , Mar 23, 2009 3:27PM
Love it. Look Congress, something else you can't afford. Suck it.
Posted by guest , Mar 23, 2009 3:29PM
24 Then why haven't they paid it back? You conveniently forget the mood at that time - banks were worried about rolling over short term paper, funding themselves for even a few days. Easy to claim now that they were forced. Reality is that for JPM the TARP funds were probably not life or death but did given them a useful cushion. REmember too they're having to digest BS and WaMu.
Posted by guest , Mar 23, 2009 3:30PM
Look how baller that guy is:
The Shocker! To Congress none the less.
Posted by guest , Mar 23, 2009 3:31PM
@27- i know you're an idiot, and this is a waste of time, but do you see the distinction between what you just said now, "Reality is that for JPM the TARP funds were probably not life or death but did given them a useful cushion."
and what you said less than 20 mins ago:
"Without TARP, JPM would not exist "
or are you really and truly that stupid?
Posted by guest , Mar 23, 2009 3:38PM
To # 2 and others re "Barry's jets"
Just calm down boys and girls - this is standard upgrade and won't be in service until 2017. This is off a Air Force One info site:
The USAF Air Mobility Command has been charged with looking into possible replacements, the new Boeing 747-8 and the Airbus A380.[9] On January 7, 2009, the USAF Air Materiel Command issued a new Sources Sought for replacement aircraft to enter service beginning in 2017.
As to JPM - bill them a like amount for refund of TARP received - call it an "Idiot Tax."
Posted by guest , Mar 23, 2009 3:40PM
Let us count all the government concessions given to JPM:
Bear Stearns guarantees
WaMu sellers' concessions
TARP
AIG payments
They are taking in government money through every orifice. They took the money because they needed it. Even now, with the 90% bonus tax hanging over their heads, they are opting to lobby against it instead of paying back the TARP. Clearly, paying back the TARP and recruiting the best talent would be the best decision, so why delay? Because they need that cash cushion. Fucking socialists.
Posted by guest , Mar 23, 2009 3:44PM
29: You should note that 27 and 18 are different people. And then calm down. Signed, 27 (not 18)
Posted by guest , Mar 23, 2009 3:53PM
@ 18. stop. get back to confirming my trades.
Posted by blndebnker , Mar 23, 2009 3:57PM
@27 - This is probably also pointless but FYI, the government won't allow the funds to be paid back prior to the 3 year schedule that was laid out when the funds were "given". Jamie said openly on a call that he'd wire it all back tomorrow with interest if they would let him.
Posted by blndebnker , Mar 23, 2009 4:04PM
@31 - Thanks for joining the idiot brigade. 18 and 27 have been keeping a seat warm for you.
Posted by guest , Mar 23, 2009 4:11PM
JPMorgan to Repay TARP Money Before Buying Jets
http://dealbook.blogs.nytimes.com/2009/03/23/jpmorgan-to-proceed-with-new-jets-and-hangar/?hp
Hell, even Jamie "the socialist" Dimon has more sense then some of the "ballers" on this board.
Posted by guest , Mar 23, 2009 4:17PM
"Jamie "the socialist" Dimon "?
@36- take your head out of your ass.
Posted by guest , Mar 23, 2009 4:23PM
So Obama forces JP to take TARP money we dont even have and Jamie goes off and spends 150M on planes?
Its like your mother gives you money to buy milk at the store and you come home with cigarettes. Who wouldnt have gotten their ass kicked like a step child on that one?
I am not banking with JP they dont seem to understand what the fuck is going on in the world...speaks volumes about their management. I bet Geitner knew about this too. Maybe obama should go on the View tomorrow.
Posted by FUNdamental , Mar 23, 2009 4:24PM
I appreciate jd's thought leadership here. I hope they paint a big middle finger on the tail.
Posted by guest , Mar 23, 2009 4:25PM
Government ownership of corporations is the definition of socialism and you cannot be just a little bit pregnant. Dimon is a total socialist. Why not give $25 billion in TARP to Warren "the capitalist" Buffet. Oh, ya, right, he wouldn't accept it even if it gave him a temporary competitive advantage.
Posted by guest , Mar 23, 2009 4:32PM
So between AIG and JP Morgan in the last 5 days they have cllectively blown over 300M of tax payer money on worthless shit.
I wonder if these planes are nice as Pelosi's.
Posted by blndebnker , Mar 23, 2009 4:32PM
@FUN - haha. I wouldn't past the man.
Posted by guest , Mar 23, 2009 4:44PM
It seems that Capitalists need a lesson in capitalism.
Private risk equals private gain or private loss.
It seems that the American way is freedom, democracy, and a taxpayer funded bailout for private enterprise after it fucks up.
Posted by guest , Mar 23, 2009 5:29PM
Barry and lil ' Tim are Jamie's bitches and in 4 years when they're out of office they be flying around on those jets making speeches to bank's clients
Posted by guest , Mar 23, 2009 6:08PM
@ 34, 35
blndebnker, you are as ditzy as your name implies
- the money can be paid back before the 'schedule', as noted during the congressional hearings when JD, VP, et al. were trotted out to testify, with the requirement that they replace the capital
- you are drinking the koolaid if you believe JD was 'forced'. he chose to take the capital, as he either a) needed it, or failing that, b) wisely thought it was cheap-a$$ money (see the amount that GS is paying Buffet for a comparable), or c) thought the PR hit of not taking the $ outweighed the benes of not being beholden to the gov. either way, it was a choice.
- "Jamie said openly on a call that he'd wire it all back tomorrow with interest if they would let him"... you are dead in the water. do you not see how gullible you sound, and did u think the same of Schwartz, Fuld, et al. when they stated they didn't need add'l capital? i suppose you are blonde, and a (junior) banker, so it's to be expected... and virtually allowing Herr JD to face-fuck you in front of us all is titillating. very feminine choice of career, btw... you're 'one of us', bullpenning the night away...
Posted by guest , Mar 23, 2009 6:32PM
@11: "John Paulson, former Treasury Secretary"
You mean Hank Paulson. Idiot.
Posted by Anal_yst , Mar 23, 2009 6:37PM
@ 45
Unless you have some sweet-a$$ inside information the rest of us are missing, methinks your presumptions are similar to those of which you accuse blndebnker.
While I don't disagree with your points per se, I think its a bit arrogant to make such claims with what comes off as such certainty.
I'm not going to address each specifically (at least not here or now) since you sound intelligent enough to grasp fully the implication(s) of my simple comment.
Posted by guest , Mar 23, 2009 7:34PM
@45 I hate you and your flabby ass.
Posted by guest , Mar 23, 2009 10:25PM
@40 - Make me feel better and tell me you never took a class in either economics or political science. That's the only way your dumbass "definition" and characterization of The Dimon would make sense.
Posted by guest , Mar 23, 2009 10:29PM
45 What are you people bullpenning in this economy? Unless you're in investment grade fixed income, don't bother and go home.
Posted by guest , Mar 23, 2009 11:01PM
@49
Capitalists pay the taxes, socialists take the taxes. Dimon is a socialist.
Posted by guest , Mar 23, 2009 11:08PM
50 I don't think anyone is bullpenning. People are actually home from work with nothing better to do than comment on DB. Which is even more sad than having to be at work.