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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsCEOs Are Spending More And More Of Their Company’s Money On Vacations
http://thinkprogress.org/economy/2014/05/03/3433905/corporate-jet-vacations-rising/Corporate CEOs are back to using company jets for personal travel after the practice dipped briefly following the financial crisis, Bloomberg reports.
Non-business travel expenses increased for the third straight year, and the 10 largest S&P 500 companies that Bloomberg scrutinized spent 61 percent more last year on personal travel using corporate jets than they did in 2012. The costs rose 3.1 percent for the 50 largest companies that disclosed the relevant figures.
General Electric spent over $343,000 flying CEO Jeffrey Immelt around for personal travel on the company plane last year. Immelt made $19.7 million in 2013, according to Executive Paywatch.
Casino mogul Steve Wynn earned $19.6 million, and billed Wynn Resorts Ltd. about $927,000 in personal travel on the corporate jet. (The Wynn Resorts board did, however, force Wynn to start paying the $525,000 annual rent price for his Las Vegas house out of his own pocket last year.)
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CEOs Are Spending More And More Of Their Company’s Money On Vacations (Original Post)
xchrom
May 2014
OP
The political system does not tell corporations what they can and can't spend money on.
former9thward
May 2014
#5
ladjf
(17,320 posts)1. What kind of crazy political system is allowing this type of abuse to happen? nt
former9thward
(32,061 posts)5. The political system does not tell corporations what they can and can't spend money on.
In theory that is up to the shareholders.
hobbit709
(41,694 posts)2. It's good to be the king, or at least a satrap.
B Calm
(28,762 posts)3. My last CEO used a corporate jet to fly his 16 yr old daughter and
3 of her best friends to England for a Spice concert as a birthday present.
samplegirl
(11,488 posts)4. Not shocking
they have been the ruling class for longer than I want to remember.