Published 1/8/2009
at The Economist: Full print edition
Companies are rushing to get rid of their private jets—or are they? WHEN the bosses of General Motors, Ford and Chrysler flew in their corporate jets to Washington, DC, to beg for financial aid in November, they encountered some stormy weather. Outraged politicians lambasted them for their extravagance, and commentators noted the incongruity of travelling by luxury jet to ask for money. On their next visit to Washington the chastened executives travelled by car. This time it was those in the business-jet industry who cringed. The car bosses could have stood up for their corporate jets, defending them as time-saving tools. But because they “didn’t have the guts to defend their actions”, says Michael Boyd of the Boyd Group, a consultancy that studies aviation trends, business jets are now regarded as evil, “right up there with Saddam Hussein”. Companies are now racing to unload these symbols of corporate greed, and sales could fall by as much as 80%, says Mr Boyd. ...
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