Airlines spent 96% of their free cash flow over the last decade on stock buybacks, boosting investor wealth & exec compensation, even as they fought consumer-friendly legislation, made flights routinely unpleasant for consumers, and, in one case, physically assaulted a passenger.
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The airlines have lobbied to block legislation that would require airlines to seat families together; set minimum seat sizes; and charge for use of bathrooms.
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In a letter to congressional leaders, the industry warned that it would “be forced to take draconian measures” if taxpayers didn’t give airlines at least $29B in grants so they could meet payrolls that cover ~750K workers. “Time is running out,” the airline chiefs warned.
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The airline executives have conceded the unpopularity of a bailout and offered in their letter to place limits on executive compensation, as well as eliminating stock repurchases and dividends over the life of the loans. This is certainly an industry to keep our eyes on.
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I... don't know about this art
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This just sucks in so many ways. I'm assuming there will be no oversight on how they spend the $61B, which really sucks for their employees. Our country is mess up in so many ways.
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They (Congress and Airlines) have been doing this since Howard Hughes got the airlines off the ground.
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