He argues that the “capital structure of private firms is meant to balance upside and downside”, and that airlines in the US spent $45bn on buybacks and now want a $54bn bailout, “disincentivising other firms (eg, Berkshire Hathaway) that have built huge cash piles foregoing current returns”.

“The rescue package should protect people, not businesses. From 2017 to 2019, the CEOs of Delta, American, United and Carnival Cruises earned over $150m in compensation. But, now … “we’re in this together”. (ie, “bail our asses out”) Worth a read.