Article

2020-04-12 -Signs, Portents, and the Weather-

Airlines want U.S. Treasury to scrap proposal to make some grant money repayable

WASHINGTON/CHICAGO (Reuters) - Major U.S. airlines were urging Treasury officials and the federal government’s outside advisers on Saturday to scrap or revise a proposal that would make part of the $25 billion earmarked by Congress to help keep workers on the payroll repayable in the form of low-cost loans.

Treasury Secretary Steven Mnuchin told the airlines on Friday the government would require them to repay 30% of the grants in low-cost loans over 10 years — with the first five years at 1% interest — before the interest rate would rise. The government is also seeking warrants equal to 10% of the loan amount.

U.S. airlines have idled more than 2,200 airplanes, a third of the fleet, canceled hundreds of thousands of flights and sought to shore up their balance sheets as travel demand has fallen by about 95% because of the coronavirus pandemic.

Posted by Besoeker 2020-04-12 08:50|| || Front Page|| [11131 views ] Top

#1 Well, maybe, but let's negotiate some concessions in exchange:

1- No airline industry executive can have a chair more than 17" wide, or with more than 28" of leg room.

2- Any airline industry executive bringing a briefcase to work will be charged $25 per day for the privilege.

3- At random intervals a $17/hr employee will load all executive briefcases onto a cart and dump them in an open field a mile down the road.

4- Internet access for airline industry executives will be $5.95 per day.

Posted by Matt 2020-04-12 14:01|| 2020-04-12 14:01|| Front Page Top

#2 I'm so fooking tired of this airline industry (generally) making "demands". Let them fail/go under. If they are inefficient or make poor business decisions, that's on them, not the American taxpayer or the US Treasury.

I'll never forget years ago being on a United flight dealing with two of the most bitter flight attendants who had to take pay-cuts while the C-Suite pukes got bonuses. The cheek and the gall.

Posted by Clem 2020-04-12 14:40|| 2020-04-12 14:40|| Front Page Top

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