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Friday, January 30, 2009

 
Maybe They Should Ask For A Bailout

The corporate jet industry is on the skids:

The world's largest maker of the planes, Textron Inc, said on Thursday that customers canceled orders for 23 of its aircraft in the fourth quarter and that an "unprecedented number" of customers asked to defer their orders.

"It's almost like political suicide" to buy a jet right now, said Perry Adams, vice president and senior portfolio manager at Huntington Private Financial Group of Traverse City, Michigan, which owns Textron shares.

"Thousands of people are being laid off and yet the company is going to go out and purchase a corporate jet? It's bad timing," he said.

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