Opinion

Felix Salmon

Personal jet usage datapoint of the day, Ken Lewis edition

By Felix Salmon
October 20, 2009

2008 was not exactly a pleasant, relaxing year for Ken Lewis. You can see how he might have spent a large part of the year on the BofA corporate jet, but it’s hard to see how he would have had much time to do so for personal reasons.

Yet after spending $111,000 on personal use of corporate aircraft in 2006, and $128,000 in 2007, he managed to spend an impressive $220,000 in 2008. (See page 29 of this proxy statement.) It’s all part of a more general spike in personal corporate-jet use last year at companies which have received bailout funds. Here’s the chart:

GR2009102000338.gif

I suppose that some of the increase might be explained by a rise in jet-fuel prices. But a rise of 123%? That seems a bit much. When did they find the time?

Comments
4 comments so far | RSS Comments RSS

“…When did they find the time?”

Just the nine holes today, Smithers…busy day ahead.

Posted by otto | Report as abusive
 

The automotive allowance also seems rather high, unless… He does know that you can use them for more than one trip, right?

Posted by Ken | Report as abusive
 

My guess would be that the previous two years he was putting through personal use as business expenses and this time around, knowing he’ll be under tighter scrutiny than ever before he’s decided to be 100% honest about his actual personal expenses.

Posted by Roga | Report as abusive
 

October 20th, 2009 7:57 pm GMT Ken: Thank you for the great observational comment!!!

http://blogs.reuters.com/felix-salmon/20 09/10/20/personal-jet-usage-datapoint-of -the-day-ken-lewis-edition/#comment-8101

Posted by econobiker | Report as abusive
 

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