Illinois Congressman To Head Transportation Department

Business Jet Traveler » February 2009
Sunday, February 1, 2009 - 4:00am

Rep. Ray LaHood (R-Ill.), who presided over the impeachment of President Clinton, will be Secretary of Transportation in President Barack Obama's administration and the second Republican selected for his cabinet. LaHood served on the House aviation subcommittee for several years and was cited by the Aircraft Owners and Pilots Association in 2000 as a "strong advocate of general aviation." According to his official biography, he has been a proponent of improving local airports through securing funds for construction and expansion, while also working with officials to increase air service.

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““CEOs go to their vacation homes just after companies report favorable news, and CEOs return to headquarters right before subsequent news is released. More good news is released when CEOs are back at work, and CEOs appear not to leave headquarters at all if a firm has adverse news to disclose. When CEOs are away from the office, stock prices behave quietly with sharply lower volatility. Volatility increases immediately when CEOs return to work.” —David Yermack, a New York University finance professor, whose recently released study shows a correlation between when CEOs take their private jets on vacation and movements in their companies’ stock price ”

-David Yermack