““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 ”
Rep. Costello Condemns Aviation User Fees
Rep. Jerry Costello (D-Ill.), who serves on the House Transportation and Infrastructure Committee, issued a statement on Friday urging President Obama not to include general aviation user fees in the fiscal 2012 federal budget. "A user-fee proposal would be a step backward," Costello wrote. "This is an issue that we have had bipartisan agreement on in recent years and there is no reason to reconsider it. I will not support a budget or an FAA reauthorization bill that includes user fees."
Costello is also circulating a letter opposing user fees to his House colleagues for their signature, mirroring a similar initiative he launched in 2009 that had strong bipartisan support. National Business Aviation Association president and CEO Ed Bolen applauded Costello "as an effective champion for general aviation" and added, "We thank him for taking this action early in the year to send a clear and strong message of opposition to user fees." The general aviation community has long been unified in advocating for the industry to help fund the FAA and modernize the country's aviation system through the existing fuel-tax structure rather than with user fees.