Follow the Money: The Corporate Jet Set

Everybody who's anybody is working a "security" angle these days. Chief Executive Stanley O'Neal pocketed $35 million in pay at Merrill Lynch (MER Quote) in 2005. His personal use of company planes and chauffeur-driven limousines cost stockholders $362,079. For security purposes.

General Motors (GM Quote) CEO Rick Wagoner may have grim news for thousands of workers, but it's good to know he isn't suffering. In 2005, he was paid $5.5 million, and his personal use of company planes cost another $95,856.

My personal favorite? Bank of America (BAC Quote) Chairman Chad Gifford, who spent $665,000 using company jets during 2005.

The kicker? He had already retired.

In fact, he'd worked there only for a year. Bank of America bought the company he ran, FleetBoston, in 2004. He remains, however, a part-time "consultant."

Lee Raymond walked away from Exxon(XOM Quote) with a half-billion dollars after 12 years at the top. But he didn't have to spend a penny of that money on vacation travel. Cost of personal flights: $89,925 in Raymond's last year.

I'll bet most stockholders wouldn't even be allowed into the swanky private clubs that Raymond belonged to, except maybe as a caddie. But isn't it great he let you pay his membership fees instead? Cost to stockholders: another $67,035. It's almost like you belong.

Exxon honchos even griped that the SEC made them disclose all this. "Although we consider these costs a necessary business expense rather than a perquisite, in line with SEC guidance the table includes the amounts attributable to the chairman's ... personal usage," they wrote.

Something to think about the next time you hear someone arguing for the repeal of Sarbanes-Oxley. These guys would love to sweep this stuff back under the carpet.

The red carpet, of course.