venividivicibj
Stylish Dinosaur
- Joined
- Apr 9, 2013
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STYLE. COMMUNITY. GREAT CLOTHING.
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CNBCThis is incredible. What network is this from/who is the dickbag host?
They’re both douches.Wait, are we supposed to not like the host? Social investor guy is a million times more of a prick, imo.
More of being embarrassed for the host than disliking him.Wait, are we supposed to not like the host? Social investor guy is a million times more of a prick, imo.
They won’t see. Also, even if “say on pay” fails, I don’t think they even have to change this years comp.Will the executives at my company see how I voted on the proxy form? If I down vote their comp will they find out and slap me? Or just laugh that my votes make any difference?
Except for the ones who monitor your online activity.They won’t see.
Wait, are we supposed to not like the host? Social investor guy is a million times more of a prick, imo.
Since 2000, US airlines have declared bankruptcy 66 times. Despite the obvious vulnerability of the sector, boards/CEOs of the six largest airlines have spent 96% of their free cash flow on share buybacks, bolstering the share price and compensation of management … who now want a bailout. They should be allowed to fail. Bondholders will own the firms. Ships and planes will continue to float and fly, and there will still be a steel tube with recirculated air waiting for you post molestation by Roy from TSA.
I don’t disagree with any of that, but the blithe “hey all those employees will be better off because they’ll just end up owning the company” is bullshit. The airlines didn’t exactly become employee-owned collectives as a result of the wave of bankruptcies in the first decade of the 2000’s.Billionaires don’t always come across as likable but I happen to agree with this guy almost 100%. It’s not an easy call - the airlines aren’t super sympathetic but they are being forced to take a disproportionate hit here and pandemic where the federal government prohibits travel isn’t exactly a known risk factor for investors.
At the same time, the ramifications of failing to contain the virus early on are going to bankrupt thousands of good companies and their equity holders will all be wiped out. At the end of the day, the government is now in the “picking winners and losers” business.
I pretty much never listen to podcasts, but that guest recently outlined his view on investing in this market and I think it’s pretty interesting. He’s obviously a thoughtful guy and not just giving a hot take on CNBC. I don’t know him personally by the way.
I think the point though, is that the employees were likely to be laid off/screwed anyway, and the bailout would not help a majority of them. The only people seeing a significant gain are the shareholders. And people act like the airlines would just poof disappear. No, the airplanes and fixed assets will just be rebadged under the new company that purchases it in BK.I don’t disagree with any of that, but the blithe “hey all those employees will be better off because they’ll just end up owning the company” is bullshit. The airlines didn’t exactly become employee-owned collectives as a result of the wave of bankruptcies in the first decade of the 2000’s.
At the very least, in a bankruptcy it’s quite common for collective bargaining agreements to be rejected and for the employees to be forced to take a shittier overall deal than what they had previously fought for and achieved. He also hedges - with good reason - on the “they’ll probably get to keep their retirement plan” point. That’s far from certain. If they have 401ks, they’re probably better positioned. If they have pensions that are funded in whole or in part by the airline, they could very well get hosed.
Also: **** you, Jetblast!
I don’t disagree with any of that, but the blithe “hey all those employees will be better off because they’ll just end up owning the company” is bullshit. The airlines didn’t exactly become employee-owned collectives as a result of the wave of bankruptcies in the first decade of the 2000’s.
At the very least, in a bankruptcy it’s quite common for collective bargaining agreements to be rejected and for the employees to be forced to take a shittier overall deal than what they had previously fought for and achieved. He also hedges - with good reason - on the “they’ll probably get to keep their retirement plan” point. That’s far from certain. If they have 401ks, they’re probably better positioned. If they have pensions that are funded in whole or in part by the airline, they could very well get hosed.
Also: **** you, Jetblast!