Despite unemployment in the US reaching 9.4% and foreclosure rates topping 300,000, as reported by Bloomberg, it's heartening to see some things don't change. Pay perks for chief executive officers, despite their abysmal performance, are soaring with reports that more are taking to using private jets. According to the reports, 79.2% of Fortune 100 CEOs got jet benefits last year, up from to 74.7% in 2007. Big winners included GMAC CEO Alvaro G. de Molina who knocked up $2,259,595 of jet expenses, American Express Chairman and CEO Kenneth I. Chenault ($414,702) and Ford President and CEO Alan R. Mulally ($344,109).
Despite the special pleading by AOPSA Pilot blogger and associate editor Ian Twombly that the aviation business is struggling (as are all other industries), the point is more about how companies are finding all sorts of creative ways of increasing CEO pay, despite the fall in their salaries and bonuses. Let's remember that hundreds of thousands of dollars spent flying around in private jets (and in de Molina's case, over $2 million) is more than what a lot of families earn over many years. As the East Texas Review points out, corporate jets is only part of the story. The money is also going on chauffeured limos, exclusive clubs and financial planners. While the rest of the economy continues to go down the drain.
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