ABC Scoop: JPMorgan Still in the Gilded Bubble

Good reporting here by ABC News’s I-team, led by Brian Ross, on multiple-time public-money recipient JPMorgan Chase’s over-the-top plans for new Gulfstreams and a luxury private terminal in tony Westchester. It’s spending $138 million on the stuff.

According to JPMorgan Chase architects, the new hangar will be built with reclaimed wood, quarry tile and even a “vegetated roof garden.”

Hey, a green roof and recycled wood: At least they’re green!

What about the planes?

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.

And JPMorgan already has four private jets at the Westchester airport.

Nice scoop by ABC, which also reports that a little guy is getting stepped on in the process.

(h/t the FT’s Alphaville)


It goes without saying that JPM has gotten taxpayer billions. But let’s not forget its shareholders, who bear the brunt of this kind of corporate spending with little say in it.

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Ryan Chittum is a former Wall Street Journal reporter, and deputy editor of The Audit, CJR's business section. If you see notable business journalism, give him a heads-up at Follow him on Twitter at @ryanchittum.