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Corruption and the Pandemic Bailout

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  • Corruption and the Pandemic Bailout

    https://www.counterpunch.org/2020/05...demic-bailout/
    We might agree for example, that it is silly to oppose an airline bailout because it will help shareholders if the bailout will also save tens of thousands of jobs. The priority should be to preserve jobs and, as much as possible, keep viable corporations intact through this crisis. This is not only to keep employment as high as possible during the crisis but also to preserve the basis for a strong recovery.

    But let’s put some meat on the bones here. If we stay with the case of an airline bailout (which actually had some pretty good terms for workers, that were imposed as a result of pressure from industry unions), let’s imagine that the airlines planned to use much of their bailout money to pay out dividends to shareholders. Suppose that they plan to continue to pay CEOs salaries in the neighborhood of $20 million a year. And, they have plans to lay off a large portion of their workforce.

    Do we still think it’s a good idea to bail out the airlines? I’m slightly caricaturing the story here, but the basic problem arises in all sectors. We absolutely should place a priority on sustaining the economy through this crisis, but we also have to ask the question of who is benefiting and how much?
    I say “F” the Shareholders, their money investments should be a risk Gamble on Shares, my Gripe with shareholders is when they start messing with the labor lividly hood and implementing cuts is a problem, no bailout for them
    And for the CEO’s “F” them too, cut their salaries to a minimum, at least for a while until the Economy gets well !
    The bailout money should be used for the Labor that’s the backbones of the companies and helps the company grow again and produces the economy back...that’s my opinion
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