Bailed Out Company Plans to Purchase Jets

Despite recent outrage over bailed out corporations spending money on what some call luxuries, some bailed-out banks are still planning to spend millions.

JP Morgan Chase reportedly plans to buy two new corporate jets and renovate an airport hangar for them in New York.

The total price tag is $138 million.

The bank has received $25 billion in federal bailout funds.

A spokesman for the company says bailout money will not be used for the purchase and the company will repay the bailout money before it pays for the planes and hangar.