While on that cruise with mom I missed a big story about two of my favorite topics: aviation and corporate looting.
GE is one of the world’s leading manufacturers of business jet engines (product line). Recently the company decided that it shouldn’t operate business jets: “GE to shut down corporate jet fleet in cost-cutting move”
Related:
- Now I get to pay some of GE’;s bills
- GE spouses in Connecticut should file their divorce lawsuits now?
- Stocks for the long run: GE since 2001
There’s an article in the news that says that previous GE CEO Immelt used to have an empty jet shadow the primary corporate jet just in case something broke down
and the primary plane became grounded.
Stuff is too expensive & people are too poor, again. Time for another economic stimulus package.
If the company was publicly traded, the words “corporate jet” led my colleagues and I to say “time to go short”
Warren Buffett nicknamed his jet “The Indefensible,” but later changed his tune and called it “The Indispensable.”
https://www.forbes.com/sites/matthewstibbe/2011/09/22/warren-buffeett-jet/#3c85758b76c6
I am not in a position to tell whether this is corporate hijinks or really does maximize the CEOs time.
Warren owns Netjets so he can give Jeff a ride. GE may be in a snit because they are not on the Gulfstream.