I see that American Airlines fired 19 THOUSAND people today, a few months after their $6 billion taxpayer-funded bailout.
Did you know that CEO Doug Parker cashed in $200 million in stock-based comp over the past 7 years?
From 2014 – 2019, the same years that CEO Doug Parker pocketed $200 million in stock-based comp, American Airlines had *negative* free cash flow of $3.2 billion.
And took on an additional $14 billion in debt.
And bought back $13 billion of its stock.
No more bailouts. The airlines can EASILY issue equity and/or debt into this booming market and let STOCK HOLDERS take the risk. THAT is how capitalism is supposed to work.
Here is the problem in a nutshell: you have maybe 30% of the population (I’ll call them the Haywoods) who won’t get on a plane no matter what, because they are petrified of Wuhan Flu as well as their own shadows. You can bail out the airlines until the cows come home – those idiots won’t be flying for a LONG TIME. They are essentially gone forever, no matter WHAT you do.
You ALSO have maybe another 40% of the people (I’ll call them Lampassholes since I’m in this group) who have cut their flying down to the absolute bare minimum because we refuse to comply with their retarded mask policy. No way I will sit on a plane for 3 hours breathing into a hot, damp diaper. No way.
So, the airlines better figure out pretty damn quick who butters their bread (hint: it ain’t the Haywoods). If you insist on enforcing moronic and retarded mask rules, then don’t be surprised when your revenue drops off a cliff and you go bankrupt. Suck it – you made your bed, now lie in it.
Christ, I’m old enough to remember when airlines went bankrupt about every other month back in the 1970s and 80s. It’s not the end of the world. The planes don’t disappear. The pilots don’t forget how to fly. What happens is the morons who invested in said airline lose their shirts and the business is re-organized and run by a group of people who know what the hell they are doing.
There was none of this bailout horseshit back then. John Cornyn and Doug Parker can kiss my beanbag.
