December 11, 2002

United Airlines finally filed for

United Airlines finally filed for bankruptcy, after the government denied United a $1.9 billion loan package. I suppose it's good to avoid corporate welfare, protests of the (Republican) House Speaker aside. On the other hand, the loan application was rejected mostly because the machinists union wouldn't accept wage cuts. So the government wouldn't bail out the airline because the union wouldn't bend over, and now the company is bankrupt, possibly wiping out the stockholders, the largest of which happens to be the employees of the company. Oh, there will probably be job cuts, too. So the workers get screwed both coming and going. They better not fuck with my frequent-flier miles, though.

Posted by mikewang on 11:07 PM