ABC News reported on Monday that JPMorgan Chase intended to spend roughly $120 million for two Gulfstream planes and an $18 million renovation for Westchester Airport's hangar. The news didn't go over so well, but the bank had the sense to make the planned spending a non-issue by promptly getting the word out that it will not spend for the planes and hangar work until it has paid back the $25 billion TARP funds that it had accepted.

This is the right decision in this political climate. The public doesn't have the stomach for these kinds of purchases, even though many executives will see it as a mere cost of doing business. The jet fleet--JPMorgan owns four--may actually save on travel costs. But PR is driving lots of these sorts of decisions these days. The big loser in these corporate jet scandals is the business jet industry, which has been hit hard and is trying to repair its image. 

For more:
- here's the ABC News article

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