About that pending airline bailout

[RandomGuy]

“[F]rom 2010 to 2019, U.S. airlines spent 96% of their free cash flow, some $45 billion, to purchase shares of their own stock, according to data compiled by Bloomberg. The world’s largest carrier, American Airlines Group Inc., was the biggest buyer, spending $12.5 billion.

Share repurchase programs aim to help boost share prices. And that effort -- as opposed to using the cash to build up reserves -- is bound to draw attention as the question of aid is debated.”

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https://www.bloomberg.com/news/articles/2020-03-17/airlines-58-billion-bailout-request-puts-past-under-scrutiny

Seems like all these companies asking for welfare need financial literacy classes.

Where did all their money go, why didn't they have any savings?

[Thread]

Make them open their books. All profits for the past 10 years of a bull market should be given to their employees.

[boutons_deux]

Illegal for decades, stock buybacks were legalized by St Ronnie's Repugs, a legalization paid for and enriching BigCorp.

St Ronnie's gang also created the IRS loophole that allowed US companies to offshore their profits, evading taxes.

Pres Biden wouldn't touch either of those

Pres Sanders would at least try

[midnightpulp]

Make them open their books. All profits for the past 10 years of a bull market should be given to their employees.

Cub