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If House Financial Services Committee Chairman Barney Frank (D-Mass) has his way, companies with corporate jets will not receive any future bailout money.
President-elect Obama has asked President Bush to seek the remaining $350 billion before he takes office. Meanwhile, Frank introduced legislation with a wide range of restrictions on how the rest of the funds from the Troubled Asset Relief Program (TARP) may be spent. One provision in Frank’s legislation specifically prohibits companies that own, lease, or hold an ownership stake in private planes from receiving money, unless they can show the Treasury secretary that they are in the process of getting rid of their access to the planes.
The restriction on corporate jets would apply as long as the company receives federal money under the bailout package.
Lawmakers scolded the heads of the Detroit automakers for traveling to Washington aboard their corporate jets as they sought billions of dollars in taxpayer assistance.
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What are your opinions? I agree with it, that they should have some consequences...While I don't expect a "zero-jet clause" to pass...If it did, how can it be ensured that they'd rid themselves of these jets and not just "sold" to friends/family?
If House Financial Services Committee Chairman Barney Frank (D-Mass) has his way, companies with corporate jets will not receive any future bailout money.
President-elect Obama has asked President Bush to seek the remaining $350 billion before he takes office. Meanwhile, Frank introduced legislation with a wide range of restrictions on how the rest of the funds from the Troubled Asset Relief Program (TARP) may be spent. One provision in Frank’s legislation specifically prohibits companies that own, lease, or hold an ownership stake in private planes from receiving money, unless they can show the Treasury secretary that they are in the process of getting rid of their access to the planes.
The restriction on corporate jets would apply as long as the company receives federal money under the bailout package.
Lawmakers scolded the heads of the Detroit automakers for traveling to Washington aboard their corporate jets as they sought billions of dollars in taxpayer assistance.
=============================
What are your opinions? I agree with it, that they should have some consequences...While I don't expect a "zero-jet clause" to pass...If it did, how can it be ensured that they'd rid themselves of these jets and not just "sold" to friends/family?
My opinion is this is just one big play on a stage and we the tax payers are the audience, freely we walk into the theater and took our seat! But the surprise is later to come, yes the suprise will be the ticket price for your seat. The $100,000.00 price tag for you and each member of your family paying their own $100,000.00 for years to come. My dear American Brothers and Sisters our nation is being looted by our own government, and we the poor slave race have to take it right up the ying yang because we our too busy watching football and baseball and soap operas and and and...
O feel so good!
Frank is right. We're the only nation that will arrive at its own second great depression on the wings of multi-million dollar private jets, symbols of greed, arrogance and the conspicuous consumption that got us here in the first place.
If House Financial Services Committee Chairman Barney Frank (D-Mass) has his way, companies with corporate jets will not receive any future bailout money.
President-elect Obama has asked President Bush to seek the remaining $350 billion before he takes office. Meanwhile, Frank introduced legislation with a wide range of restrictions on how the rest of the funds from the Troubled Asset Relief Program (TARP) may be spent. One provision in Frank’s legislation specifically prohibits companies that own, lease, or hold an ownership stake in private planes from receiving money, unless they can show the Treasury secretary that they are in the process of getting rid of their access to the planes.
The restriction on corporate jets would apply as long as the company receives federal money under the bailout package.
Lawmakers scolded the heads of the Detroit automakers for traveling to Washington aboard their corporate jets as they sought billions of dollars in taxpayer assistance.
=============================
What are your opinions? I agree with it, that they should have some consequences...While I don't expect a "zero-jet clause" to pass...If it did, how can it be ensured that they'd rid themselves of these jets and not just "sold" to friends/family?
That's rich! First he and the rest of the Democrats (especially the CBC) cause the financial crisis by forcing banks to provide risky loans to low income blacks with poor credit for houses in bad neighborhoods while resisting the oversight reform initiatives of Republicans including GWB and McCain.
Did'nt Pelosi get into a big dustup with the DoD over the size of her jet as Speaker? She wanted a 757, but they had something else for her, and she was'nt satisfied with it.
Don't these congressman frequently fly on jets as "guests".
Spare me the class warfare hi-jinx and let's focus on fixing the economy please.
Mr. Frank, you can start by stepping down for your role in the Fannie/Freddie mess.
If House Financial Services Committee Chairman Barney Frank (D-Mass) has his way, companies with corporate jets will not receive any future bailout money.
President-elect Obama has asked President Bush to seek the remaining $350 billion before he takes office. Meanwhile, Frank introduced legislation with a wide range of restrictions on how the rest of the funds from the Troubled Asset Relief Program (TARP) may be spent. One provision in Frank’s legislation specifically prohibits companies that own, lease, or hold an ownership stake in private planes from receiving money, unless they can show the Treasury secretary that they are in the process of getting rid of their access to the planes.
The restriction on corporate jets would apply as long as the company receives federal money under the bailout package.
Lawmakers scolded the heads of the Detroit automakers for traveling to Washington aboard their corporate jets as they sought billions of dollars in taxpayer assistance.
=============================
What are your opinions? I agree with it, that they should have some consequences...While I don't expect a "zero-jet clause" to pass...If it did, how can it be ensured that they'd rid themselves of these jets and not just "sold" to friends/family?
This was a personal hard one for me. I am a native Kansan. I lived all my youth there through high school and I have many friends and former classmates there that work for aircraft plants. The state's economy is highly dependent only on 2 things- farms and airplanes. So I do not wish to see harm done to the domestic aircraft companies that employ so many thousands of Kansas people.
BUT on the other hand, I have to consider the nation as a whole and the fairness of the whole thing and I have to conclude that Frank is right. Companies with their hands out to the working folks in this country should NOT have private jets parked out back. No more than me going to bankruptcy court and telling the judge I should be allowed to keep a fleet of Rolls Royces. As much as it might hurt the aircraft business, it is only right and fair to the taxpayers.
Captains of industry waiting for connections at airports makes no sense.
And to answer your next question. Yes their time is more valuable than yours (or mine). Note this means use for real business and not "meetings at Disney in Orlando".
And Frank had a part in this mess. Him pontificating is roughly equivalent of Teddy Kennedy lecturing us on not driving drunk and not womanizing.
Did'nt Pelosi get into a big dustup with the DoD over the size of her jet as Speaker? She wanted a 757, but they had something else for her, and she was'nt satisfied with it.
Don't these congressman frequently fly on jets as "guests".
Spare me the class warfare hi-jinx and let's focus on fixing the economy please.
Mr. Frank, you can start by stepping down for your role in the Fannie/Freddie mess.
Agreed. The best thing that Frank can do is shut up his bigoted rants and resign. His version of the DC two step has helped to devastate this nation.
Does that include private heli-pads, like Arturo Martinez had at Sears in Hoffman Estates, Il? How about the private no-stop elevators so they dont have to see the po folk?
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
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Quote:
Originally Posted by freefall
Does that include private heli-pads, like Arturo Martinez had at Sears in Hoffman Estates, Il? How about the private no-stop elevators so they dont have to see the po folk?
The private elevator thing is fine. If I were a CEO, I would want a private entrance and a private elevator to my office. Not because I do not want to see the other employees but because I do not want them to know when I am "in" and when I am "out". I want them to assume I may be in all the time and to conduct themselves in a manner as if I were there all the time. I would demand of employees what I would of myself- professional behaviour and a work ethic. Therefore it would be my policy that you assume I am here 24/7 because I may be.
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