Three Jets, One Helicopter Now On Market

Faced with mounting pressure from lawmakers, and growing disdain from the (arguably misinformed) general public, on Wednesday Bank of America announced it would sell off three of its corporate jets, as well as a helicopter operated by recently-acquired Merrill Lynch.

BofA is just the latest of several companies that received taxpayer-funded bailout money, and have since been coerced to sell off their corporate jet fleets. The Associated Press reports Bank of America has received $45 billion in federal assistance.

"As part of an ongoing cost reduction effort we have been scaling back on our use of corporate aircraft including selling three aircraft we own and the Merrill Lynch helicopter," said Bank of America spokesman Scott Silvestri.

The spokesman declined to say how many aircraft BofA still owns. FAA records showed the Charlotte, NC-based bank owned nine aircraft as of last year.

BofA's decision comes just over a week after Citigroup reneged on its plans to take delivery of a new, $50 million Dassault Falcon 7X, after the White House decried what they perceived as an extravagant purchase for a company that, like Bank of America, had received billions in federal bailout money under the Troubled Asset Relief Program.

Largely unmentioned in that rhetoric was the fact Citi was also selling two older Falcon 900EX aircraft, listing at $27 million apiece... presumably to cover the cost of the single, more efficient 7X.

Banking analyst Bert Ely noted that despite the perception of business jets as a "perk," often companies use the planes simply because it makes sense for them to do so.

"They are offices in the sky," Ely said. "They all say it's for security purposes, and while true, corporate jets also represent a significant costs savings for executives. Time is money."

Someone get that guy a larger microphone...

FMI: www.bankofamerica.com