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