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Stock buyback gives GM execs permission to use corporate jets again

Posted Dec 20th 2012 6:28PM

Chevrolet jet emblem

General Motors executives are once again certified members of the jet set. As you may recall, one of the concessions made by automakers in accepting government assistance back in 2009 was a requirement to discontinue the use of private jets in lieu of standard commercial airline flights. The issue first reared its head after the three auto CEOs from Detroit flew in private jets to Washington to outline why the industry needed bailout money. Not so smart.

Now that The General has bought 200 million of its own shares back from the government, the private jet restriction has reportedly been lifted. The Wall Street Journal reports that General Motors has no current plans to buy or lease any private jets of its own. That doesn't mean, however, that execs will still be flying the friendly skies using mainstream commercial air travel all the time; it just means any corporate travel must be booked through a private service instead of in-house... for now.

GM Bailout Buyback Promise: $5.5 Billion


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Philippe Parisot

Damn it... I seriously think this is beyond ****** up. I hate GM

December 20 2012 at 7:11 PM Report abuse rate up rate down Reply