Personal Jet Usage Datapoint of the Day, Ken Lewis Edition

Oct.20.09 | About: Bank of (BAC)

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 (NYSE: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?