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Merrill still tells its bosses to use private jets
21.10.09
Bailed out companies and banks in the US are adopting very different rules on how they should behave having taken taxpayers' money, Neil Barofsky, the overseer of recipients of $700 billion (£426.1 billion) of government money reported today.
Bank of America, which owns Merrill Lynch and employs 5500 people in London, encourages senior managers to use private jets “for safety and efficiency”.
But carmakers clearly learned from the lambasting they received when they first flew to Washington to arrange their bail-out.
General Motors now pretty much bans all use of private jets, while Chrysler has a 15-page list of banned expenses including spas, country club fees, black tie hire and shoe shines.
