Entries for the Tag:Corporate Bailout
Local CBS News Outlet “apologizes” for Private Jet Bashing
In a rush to report a story about the sinful wasting of American Taxpayers money, one local news station erroneously reported that several banks who are recipeients of bailout money flew their high priced toys to the Masters Tournament. Shame on them for not getting the whole story before adding fuel to this already out of control fire. Hopefully, the lesson has been learned; no matter how good the soundbite is, it means nothing unless it can be backed up by accurate facts. Too bad News 12 wasn’t as public with their “apology” as with the damning story to begin with.
from http://www.wrdw.com (News12)
AUGUSTA—-Last week, News 12 brought you the story of several jets that flew into the Augusta area during Masters Week that are owned by some banks that have been in the headlines lately. News 12 has since learned that while the jets are owned by the Wachovia and Bank of America, they are not operated by them. We have been told the banks have no input on where the planes fly or when.
The banks provided loan money to private individuals to buy the planes, but they are not paid off yet and thus, they are still owned by the banks. It is not much different than a mortgage or car loan. You live in the house or drive the car, but the bank still technically is the owner until you pay off the balance.