Last month, the New York Post outed retired CEO Sandy Weill for vacationing aboard a $45 million Citigroup jet as the foundering company he built received a $45 billion taxpayer bailout.
Ever since Congress scolded auto-industry executives for winging in on corporate jets to ask for government money, the flight habits of the highly paid have come under scrutiny.
But so far, the Adirondack Regional Airport in Lake Clear has seen no decrease in private plane traffic, according to manager Ross Dubarry. That’s good for the airport, because fuel sales, deicing and other services to Gulfstreams, Learjets, Falcons and other private craft cover approximately 75 percent of the airport’s $1 million annual operating budget. Lake Clear is the only place in the Adirondack Park with a runway long enough to accommodate big jets. Wealthy camp owners, including Weill, who has a retreat on Upper Saranac Lake, flock in on Fridays and out on Sundays. It can take as little as 40 minutes for them to soar in from Teterboro, just outside of New York City.
The other news at Adirondack Airport is that commercial-passenger numbers are way up, Dubarry reports, from about 2,000 emplanements in 2004 to more than 8,000 since Cape Air took over commuter service in February 2008. Cape Air flies nine-seaters and offers bargain rates (about $80 one-way) to Boston.
By far most visitors still reach the Adirondacks by car, but don’t expect to see Weill at a Northway rest stop. He voluntarily gave up his Citigroup Bombardier Global Express XRS the day after the Post story ran. But the 75-year-old, whose net worth Forbes placed at $1.3 billion in 2008, still pays the Adirondack Airport a $20,000 annual fee for services and space for his private hangar (the tallest building in Lake Clear). “He is coming in and out on a different aircraft,” Dubarry says.
Image courtesy of Mark Kurtz Photography