Sure, about 450 Time Warner magazine workers will soon be jobless, but times are also tough for company executives: They just can't sell their company-sponsored private jets, and must continue to possess the posh mini-airliners. Such a bummer.
Drue Kataoka sells engulfing quick dips in art and culture to rich Silicon Valley workaholics. Now she's selling the ultimate fast immersion: the chance to "leave your mark" on Kataoka's art during a private jet ride.
Time Warner started cutting costs across its Time Inc. publishing division this week and is hoping to save as much as $100 million by paring back expenses and slashing several hundred jobs. One way the company could have made up the difference without sacrificing any of its employees? By selling off the three…
People really, really want to believe private jets are BACK. Just ask the Economist, or the Wall Street Journal. If we can ogle plutocratic excess again, things will finally feel normal. Never mind that it's a delusion.
Another way you can tell the recession has ended (in addition to hearing it from the chairman of the Federal Reserve, of course): When you start seeing articles with headlines like "How to Buy Your Own Private Jet." Too soon for this sort of thing? Maybe, but prices are down 25 to 50 percent, according to Barron's,…
In solidarity with the suffering American people, Nancy Pelosi has graciously agreed to limit her taxpayer-financed private jet fix to four brand-new aircraft totaling $220 million, as opposed to the $500 million worth of new jets she so richly deserved.
Not only have House lawmakers proposed blowing half a billion dollars of taxpayer money on eight new jets to ferry them around the world—the same taxpayer money that auto companies and banks were scolded for spending on their own corporate jets a few months ago, of course—now it turns out that the government is…
Back in March, the New York Times Co. put its 1997 Dassault Falcon jet up for sale for $9.5 million. Several months passed without a buyer stepping forward, and now we hear the plane has been pulled off the market entirely. Did the company finally find someone to take it off its hands? Did Arthur Sulzberger Jr.…
Did the Wall Street Journal really think people would fall over in disbelief at the news that the CEOs of a few bailed-out banks used their corporate jets to fly off on vacation? Like, last Christmas? By now, you've probably figured out that these companies blow tons of money on not-so-important things. (Like, say, …
When we revealed recently that Pfizer had put two of its corporate jets up for sale, we assumed it was a cost-cutting measure on the pharma conglomerate's part. It may be. But not necessarily! David Collins of the Connecticut newspaper The Day attempted to get to the bottom of things last week and was initially told…
When we mentioned yesterday that Pfizer had put two of its planes up for sale, we were reminded of that moment in late 2008 when every company in America seemed determined to dump their flying palaces in response to the downturn. That had us wondering about the fate of some of the jets that had been placed on the…
Pharmaceutical giant Pfizer raised $10 billion with a big bond sale in the UK on Tuesday. Closer to home, it's looking to raise $64.75 million by selling off two of its Gulfstream jets. The world's largest drugmaker has put a Gulfstream V up for sale for $29.25 million; the company is also looking for someone to…
American Poultry Queen Oprah Winfrey gave the commencement address to the starry-eyed, chickenless graduates of Duke University yesterday. Her message to them: I really love my private jet!
• Congress's efforts to recoup bonuses at AIG appear to have cooled over the past few days. And President Obama will make an effort to repair relations with Wall Street when he sits down with a dozen bank CEOs on Friday. [WSJ]
• More on Tim Geithner's proposal yesterday that the government be given the authority to…
A decade ago, Fortune pegged CNET founder Halsey Minor's net worth at $354 million. Today he's fending off lawsuits seeking $60 million. Has he run out of money?
So much for those two new jets and a "state-of-the-art" airplane hanger in Westchester—for the time being, at least. A spokesman for JPMorgan Chase now says the bank has no plans to move forward with the deal as long as it is holding on to taxpayer money: "We will not purchase any replacement plane or make any related…
The outrage beast is hungry, and ABC News is feeding it a new story: JPMorgan Chase officials are fighting hard to build a new, $18 million private-jet hangar in Westchester County.
The Post reported today that JPMorgan Chase, which collected $25 billion in bailout money last fall, has placed orders for two new Gulfstream 650 jets. The total cost? About $119 million. But ABC News reports that in addition to the cost of the planes, the bank is paying another $18 million to build "the premiere…
• Andrew Cuomo has won the battle to force Bank of America to turn over the names of the 200 Merrill employees who earned the largest bonuses right before the firm was acquired. He says he'll release the info today. [CNN, NYT]
• As you can probably imagine, it's been "the worst week in a string of bad weeks" for…
It isn't easy to be a gold digger in a deep recession. You can't just expect to hit a club and find bankers standing on banquettes with a bottle of Cristal in one hand and a handful of $100 bills in the other. And you can't just stand outside the Lamborghini dealership on Long Island and expect to meet that special…
