Struggling Private Jet Manufacturers Request Bailout

In an economy largely fueled by spending, the fuss over the auto execs' recent use of corporate jets to travel to Washington seems ironic. Now comes more breathless "news" by the Associated Press that, horror of horrors, Wall Street executives are "still" flying by company-owned jets. This excellent and timely piece of journalism simultaneously points out that the use of corporate jets is a "coveted executive perk" and that the "jets serve as airborne offices, time-savers for executives for whom time is money - lots of money." The article goes on to say:

After years of railing against such costs, billionaire investor and Berkshire Hathaway Inc. CEO Warren Buffet broke down in 1989 and bought a Gulfstream IV-SP using $9.7 million in company funds. He named the aircraft "The Indefensible."

Yes, the WB-oracle himself, that champion of fiscal prudence, found it necessary to use a jet, presumably for reasons of efficiency. Now, I recognize that the use of jets is bad optics in this time of hat-in-hand-begging-for-money. Still, anyone who has traveled commercial knows how much time is wasted in waiting for planes and connections. That is a trade-off that is worth most people's time, but is probably not a prudent choice for everyone. The President, for example.

But, there you go. Here's your pyrrhic victory:

Many U.S. companies are giving up the perk. The inventory of used private jets was up 52 percent as of September, according to recent JPMorgan data on the health of the private aircraft industry.

How long do we have before private jet execs start asking for help and be harangued by the public for traveling by their own jets? This is what we get for mandating behavior instead of demanding results.