JPMORGAN OKS $119M FOR JET SET
Execs at "bailed-out" JPMorgan Chase are banking on smooth flying ahead.
The banking behemoth, which took $25 billion in tax funds last fall, has two new Gulfstream 650 jets on order, The Post has learned.
Currently, the company has four Gulfstream jets at its private facility at Westchester Airport. It also owns shares in two other private jets.
It has begun making payments on the two new, state-of-the-art Gulfstreams, which sell for $59.5 million each and can almost break the sound barrier, spokesman Joe Evangelisti said.
"We are not going to add any planes. Any purchases in the decade ahead will take the place of an existing plane," Evangelisti said.
"JPMorgan will not spend one penny for a new plane or renovation of the hangar until we've repaid the TARP money," he added, apparently limiting his definition of "new plane" to additional aircraft.
The bank is healthier than its rivals, but its stock is still down by half compared to last year.
Delivery of the jets is expected in 2012, at the earliest.