Archive for March 22nd, 2020

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BailoutBS

March 22, 2020

So wait.  In the last 5 years, airlines spent $44B on stock buybacks.  That’s 96% of their free cash flow.  Plus billions more on dividends.  They did not improve their services, nor improve their structure, nor, and this is the biggie, did they save anything for the inevitable downturns or other acts of woe.*

They act fiscally irresponsible, line their pockets, impoverish us, and now they want a bailout?  They have the audacity to ask for a bailout?  A bailout that is essentially in size of what they spent on buybacks?

This is why good governance is important.  This is why oversight is important.  This is why societal involvement and accountability is important.

THIS is why your/our vote matters!

 

* Nor, of course, did they boost their employee pay, or working conditions, or aid the consumer in any way… but that’s a whole other story.

** As a whole, the top 500 companies spent $5T on buybacks + dividends vs $4.5T in earnings — they are willingly and wantonly enriching themselves while foisting their liabilities into debt and the public trust & our pocketbooks (by both charging more and paying employees less, plus foisting costs into the environment into which we all live).  All aided by the recent tax code “revision” (read: giveaway).