The Jet Set

Today’s New York Times wags its finger at top executives who use corporate jets for their personal use.

Richard D. Parsons, chairman and chief executive of Time Warner, owns a small vineyard in Tuscany that produces a Brunello di Montalcino selling for $80 a bottle, adorned with a crest of the Parsons family.
Twice a year, he boards one of his company’s four jets to visit his 20 acres in Italy. When he does, Time Warner shareholders pick up the bill.

Personally, if I were a Time Warner (TWX) shareholder, I’d gladly pay to get Parsons out of the country.
(Am I the only one dying to know what’s on his family crest? A laughing Steve Case? Someone’s gotta look into this.)
Some companies claim that the jets are needed for security.

Rollins Inc., a pest control company with a market value of $1.4 billion, has its chief executive, Gary W. Rollins, travel on company planes for security reasons. The company paid his taxes of $7,214, bringing his travel income to $116,988 last year.
Michelle Leder, who tracks corporate compensation on her Web site, Footnoted.org, wrote that the only rationale for security needs at Rollins could be if “one day cockroaches decide to start fighting back.”

Congrats to Michelle on making it into the Times! Woo!
My favorite corporate jet story is about (who else) Larry Ellison. The Oracle CEO tried to buy his own MIG-29 Soviet fighter but the wimps at customs wouldn’t allow it. See, that’s why I love Larry. He spends his own money.

Posted by on May 10th, 2006 at 6:50 am


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