Michael Hiltzik wrote in "Wall Street's grousing about American Airlines' worker raises shows what's wrong with Wall Street", 2017-04-28:
"This is frustrating," Kevin Crissey, an airlines analyst for Citigroup, bellyached to clients after the announcement. "Labor is being paid first again. Shareholders get leftovers."
One doesn't know what to say to this, except: Is he kidding? From 2014 through 2016, American Airlines authorized $9 billion in share buybacks, money that went directly into shareholders' pockets. The company also paid out 40 cents per share in shareholder dividends in both years. By contrast, the pay raises will cost American $1 billion over three years. Pilots will get 8% and flight attendants 5% through the end of the current contract.
BitterOldPunk (@BitterOldPunk) summarized this:
Parasite Wishes Host Would Eat Better
[Happy Labour Day to most of the world -- or in the US, Law Day or the extra creepy sounding Loyalty Day (creepy in that way that so many red-scare things from the 1950s are (yes, it's a red-scare thing; no, "recognition of the heritage of American freedom" isn't inherently creepy on its face; but its name and context -- "oh no, we must make sure nobody here is celebrating that scary Communist Labour Day!" -- are plenty creepy)). On a much more cheerful note, a blessed Beltane to all who celebrate it! Today is also Israel's Memorial Day, and tonight starts Israel's Independence Day.]
|← Previous day||(Calendar)||Next day →|