Airlines Want $50 billion Bailout, After Spending $45 Billion Buying Back Their Stock
The Stamford Advocate reports that airlines — American, Delta, Southwest, United — want a $50 billion coronavirus bailout (socialism), even though the same airlines have spent the past five years spending $45 billion to buy back their own stock and enrich shareholders:
Almost seven out of every eight dollars the four airlines sent Wall Street from 2015 through 2019 – $39.1 billion out of $44.7 billion – went for share buybacks. The rest went for dividends, according to my calculations based on the companies’ Securities and Exchange Commission filings...
In addition, in many cases higher share prices help trigger higher executive compensation because share price is one of the metrics that corporate boards often use to determine executives’ compensation packages.