Personal Jet Usage Datapoint of the Day, Ken Lewis Edition

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 (BAC) 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:

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

[questioner5000:]

Felix;
With all the sincerity I can muster, please .... get a life!

Oct 20 12:22 PM

[Fussy and G...:]

It seems to me that the increase in personal use merely reflects close accounting for corporate expenses, not any real increase in personal use, because the government is looking over selected shoulders. Therefore the previous years' usage is what is suspect, since what passed for work then may really have been personal use. In other words we are witnessing a little more honesty now.

Oct 22 11:53 PM