Get ready for the bailout - Air Transat merger with Air Canada cancelled

[jutes]

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If Air Canada and Bombardier failed the Country would cease to exist. It's simple economics.

Sometimes failure needs to happen.

[mr2mike]

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I think I'm >90% agreeing with you, but when Exec's receive bonuses while a company is being run into the ground, I'm sure you can see how the shareholders are ready to call BS.

It takes a lot of experience and an Ivy League MBA to figure out which government officials to kiss ass to for a bailout. They deserve that salary and a portion of the bailout as bonus/salary increases.

They're not just some little WE real estate swindlers.

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If Air Canada and Bombardier failed the Country would cease to exist. It's simple economics.

Don't forget SNC-Lavalin too.

[ExtraSlow]

SNC-Lavalin, building Canada and Libya!

[killramos]

Very profitable being in the business that rebuilds a country that tears itself down every couple decades. If only SNC lavalin had a weapons division then they would be cooking.

[suntan]

And that Quebec pharmaceutical company making the vaccine plant for COVID-22.

[Misterman]

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So, what's the proposed alternative? Stop paying the exec salaries/comp in order to retain a tiny fraction of those 20k jobs, only to lose them anyways when the company can't get a CEO to step in and volunteer 70-90 hours per week of their free time to run a company that size?

Don't get me wrong, bailouts of air canada are horse shit, full stop. I just don't like how so many discussions get shifted to "BuT THe CeO sTiLl goT TheiR BoNus!?!", which is generally a pretty ill-informed commentary on exec compensation.

Why is it ill informed commentary to point out that the tax payer is funding CEO bonuses to a private company, when that CEO can't take the company in a direction to earn a profit? It's one thing to subsidize a private company to keep them running a service that benefits a portion of the tax paying public(even though I vehemently oppose this too), but it's another to essentially be subsidizing CEO bonuses that the CEO never really earned.

[ThePenIsMightier]

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If Air Canada and Bombardier failed the Country would cease to exist. It's simple economics.

LoL!
+Rep

[ExtraSlow]

The right time to do the right thing is after you did the opposite.

https://www.reuters.com/business/aer...ry-2021-06-07/

[cdnsir]

The exec bonuses is just for show. As one of the 38M new shareholders from April, I shake my fist vigorously.

https://www.cp24.com/news/air-canada...uses-1.5458892

The statement does not include middle managers, whose bonuses made up more than $8 million of the $10-million bonus program, among those who are volunteering (to return) their bonuses

[ExtraSlow]

WestJet has pulled out of bailout talks with the Government of Canada.
https://calgaryherald.com/news/local...ks-with-ottawa

Following months of negotiations over pandemic relief for the carrier that’s been hit hard by the collapse in air travel, WestJet said Tuesday it’s officially broken off talks with Ottawa.

Sounds like they would rather operate at 1/3 capacity like they are now, than let Justin anywhere near their business. Good for them.

[Tik-Tok]

In reality, they probably didn't like the rules being offered, like no bonuses. I honestly hope they just stay small. They were better that way. As soon as they went international, they started sucking.

[ThePenIsMightier]

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In reality, they probably didn't like the rules being offered, like no bonuses. I honestly hope they just stay small. They were better that way. As soon as they went international, they started sucking.

Agree. They get worse by the day and by the needless update to their app and website. They are so awful now, I'd estimate that they are only 350% better than Air Canada.
12 years ago, they were 9750% better.

[Xtrema]

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Sounds like they would rather operate at 1/3 capacity like they are now, than let Justin anywhere near their business. Good for them.

AC has government mandated routes don't they where WJ can pick and choose?

Didn't think ONEX will take a handout given they don't even open their books to the market. Let alone to the government.

[killramos]

If government wants to give them free money it’s borderline silly not to take it

The stupid part is the government bailouts as always. I’m guessing the deal WJ was offered was nowhere near as sweet as what AC got.

[suntan]

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AC has government mandated routes don't they where WJ can pick and choose?

Didn't think ONEX will take a handout given they don't even open their books to the market. Let alone to the government.

Gov't gets to see their books. They have to send over their financial statements to them like any other corporation. I even have to send mine over.

[ExtraSlow]

Probably fit here.


There so many scandalous things about Air Canada. Not sure the language thing makes the top five.

[killramos]

I would lol so hard if they moved their headquarters to Ottawa or Toronto over this.

What are Quebecers going to do in protest? Fly WestJet? lol

People need to realize that Quebec and it’s language laws are incredibly toxic for business and have been for decades.

[Tik-Tok]

Quebecois being racist? Say whaaat?

[jutes]

Fuck Quebec and its useless language.

[finboy]

Canada really needs to Balkanize. Also the US really needs to Balkanize.

Fingers crossed we could make a petro-giant by merging Alaska to Texas