I saw a advertisement for Netjets, it had Bill Gates and Warren Buffet relaxing in a private jet. I don't think either owns a jet, but has fractional ownership through netjets. So no Bill Gates is not flying coach anymore. Times have changed since the 90s, look at how many people has cell phones now? I do think the CEOs need access to a private jet. But it maybe cheaper to have fractional ownership or a certain hours on a jet than spending $30 million plus to to have one on standby. As a business gets profitable, they may upgrade more and more to new ways of doing things effeciently. But of course when the economy takes a turn for the worst, you can't just drop everything that quickly. One congressman asked them to raise their hand if they would sell their jet right now and fly back commercial. This was a tricky question since the CEOs themselves don't own the jet, it maybe owned by Ford or GM, or it maybe leased, so each individual can't make that decision to just seel their jet right there. And even if they could, what kind of price would they get? They need time to evaluate what its worth, the market rate, who would give the best price, etc.
Flying luxury private jets to beg for money?
- Thread starter bonusmarple
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True, but they could still have taken a symbolic gesture and chosen to fly back home commercial... again it's not about saving the money on that trip (or similarly, the trip they'll take next)... it's sending a message to the American public and media that, "We get it. We understand. We're going to change, we just need some help in the short-term."
That might even be the tune they're signing right now. Problem is, nobody is buying it/believing it.
