On selfishness, bankruptcies and airlines

Here we go again Hobbes, a new example of double standards and lose-lose situation. This time around is the greed of a few –namely pilots- that is putting the livelihood of the many at risk. A dispute over seniority was holding back a possible merger between Northwest and Delta Air Lines.

With oil prices at more than $100 a barrel, reducing non-aircraft capital expenditures, number of seats they fly and their operating costs through synergies generated after merging, seemed -and still seems- the sensible thing to do.

But the potential merger collapsed last week because the pilots at both airlines could not agree on seniority lists. For pilots –you know, the guys who sit by at the plane while the computers fly it-, seniority Continue reading

On Alitalia’s trade union lack of realism and long-term vision

Hobbes,

I don’t know if I am the only one seeing a pattern here, but it seems that Italy, and the air and banking industries keep topping up the ranking of self-interested/head-buried-in-the sand headlines.

Combining a few of them together, and after over a year on the papers, we’ve got the Alitalia saga. Reportedly, a grotesquely malfunctioning and grossly inefficient national flag carrier.

For some bizarre reason –namely landing slots- Air France-KLM has been on and off interested in the company, but our trade union friends keep seeing leaving the ill firm in public health while the government Continue reading

On executive pay and trade union nonsense

Hobbes, this time around the target is Bob Diamond, from Barclays. After 12 years with the bank, he reportedly took home £21m ($42m) in pay and bonuses last year.

The figure includes a miser £250,000 basic salary, plus shares worth up to £14.4m and a £6.5m cash bonus.

The figure includes his basic salary of £250,000, plus shares worth up to £14.9m and a £6.5m cash bonus. Performance-related bonus for the three years ending December 31 was based in the securities unit exceeded a £2bn economic profit target for the period. Continue reading