JPMorgan Chase To Spend Millions on New Jets

Embattled bank JPMorgan Chase, the recipient of $25 billion in TARP funds, is going ahead with a $138 million plan to buy two new luxury corporate jets and build “the premier corporate aircraft hangar on the eastern seaboard” to house them, ABC News reports.

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.

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.

JPMorgan Chase has already four jets at the Westchester Airport and the new Gulfstreams aren’t set to arrive until 2013.

JPMorgan Chase has said no TARP money will be used and that future jet purchases are just part of its “normal aircraft replacement policy” and that the company will repay the TARP money before making payments for new planes and renovation.