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Bank CEOs Have A Lot To Learn About Spending Taxpayer Money

It's a now bit clearer why Congress was so pissed at corporate executives at bailed out institutions who used private jets to travel to their respective roasts. It wasn't because it was a misuse of taxpayer funds; it's because it was such a JV effort. During last year's financial meltdown, hundreds of lawmakers raided taxpayer coffers to the tune of $13 million for overseas travel. Among the critical issues that needed to be addressed in the midst of the crisis were:
-Senator Daniel Inouye's 4-day trip to the Paris airshow last June. He and 6 other senators hitched a ride on the Air Force's version of a Boeing 737- which runs about $5700/hour to operate.
-Rep. Brian Baird's 4-day trip last summer to the Galapagos Islands with his wife, four other lawmakers and their families. As everybody recalls, global warming was the real hot topic after Bear collapsed.
-And then there was Nancy Pelosi this year. Before spending 1 day in Afghanistan visiting US troops, the Pelosi entourage spent 8 days preparing for the journey to Kabul by touring Italy racking up $58k on hotels and meals alone.
Vik and Kenny take notice- the next time you have to appear in front of the taxpayer spending all-star team, at least do something like head to Washington via a 2-week stint in St. Barths under the guise of getting a feel for the Caribbean banking environment.
Congress's Travel Tab Swells [WSJ]