Quick Picks: Corporate Jets and Loans for Bank Execs
Our editors’ picks of the latest investigative stories around the Web:
- JPMorgan Chase, which has received $25 billion in bailout bucks, plans to spend $138 million on two corporate jets and “the premiere corporate aircraft hangar on the eastern seaboard,” reports ABC News. A spokesman for the bank told ABC News that it will repay all TARP funds before it makes any payments for new planes or hangar renovations.
- As lending froze across the country late last year, Bank of America’s loans to its executives and other insiders surged, reports the Charlotte Observer. Insider lending, which totals roughly $41 billion at banks nationwide, is legal, but corporate governance experts tell the Observer that it “carries serious potential for conflict of interest.”
Check out more of our roundup in “Breaking on the Web.” Was there a story we missed? Please keep sending us your picks.
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