Top of the morning
JP Morgan Chase Chairman Jamie Dimon said recently that he didn’t understand why corporate America has such a bad image these days. Yea, that’s a tough one.
Dimon’s comments were included in a story by ABC News that his company is planning to buy two new corporate jets and build the “premier corporate aircraft hangar on the eastern seaboard.” The pricetag is a cool $138 million.
That would be the same JP Morgan Chase that has received $25 billion of our money in federal bailout funds. That’s sure to improve its corporate image with mainstream America.
The company has a North Carolina tie. Crandall Bowles, the CEO of Spring Industries, Inc. is a board member of JP Morgan Chase. Bowles’ husband Erskine knows something about federal bailout money too.
Mr. Bowles is a board member of Morgan Stanley, which has received $10 billion in bailout money, and General Motors, which so far has received $14.2 billion in rescue funds.