I knew it, I fucking knew it

[xoxoxoBruce]

I not only knew it would happen I called it days ago...

Behind the scenes, airlines, cruise lines, hotel companies and theme parks are already making the case that the government should simply hand over an initial tranche of cash to compensate them for the lost revenue they suffered as a result of government restrictions on travel or large gatherings. That would be a mistake...

Although there is precedent for such grants to the airlines in the 9/11 rescue package, that was a time when airlines were routinely reorganizing under the bankruptcy code. But after 20 years of unchecked consolidation, the airlines — along with hotel operators and theme parks — have become disciplined oligopolies characterized by high prices and profits. They should get no better deal from the government than if they were seeking capital from Warren Buffett and Berkshire Hathaway.

That’s not all the government should demand. Until the government gets its money back, the companies should be prevented from paying any executive more than $2 million a year in salary, bonus and stock incentives, which would be a comedown for the chief executives of nearly all of these companies. They should also be prevented from paying shareholders any dividends or buying back any shares of their stock. And rather than laying off a large number of employees, they should be required whenever possible to institute job-sharing programs so that all employees remain on the payroll part-time until the crisis has passed. The details of these deals should be posted on the Treasury website, along with an audited accounting of when and how the money has been repaid.
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As for the thousands of smaller companies affected by the pandemic, the Small Business Administration should be authorized to guarantee loans made by private banks. Such guarantees, however, should extend only to 75 percent of any loan, insuring that the banks accept the first loss from any loan that is not repaid. Only in that way will banks have sufficient incentive to insure that only creditworthy companies receive the loans. Without such safeguards, the program runs a high risk of becoming a costly and embarrassing boondoggle.
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One would hope that once the rescue is put in place, top executives of the rescued firms would have the good manners to thank taxpayers publicly for helping them through these tough times. And maybe — just maybe — they will have second thoughts the next time they are tempted to complain about excessive government interference in the workings of the free market.

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The Airlines Want A $58 Billion Bailout After Spending $45 Billion On Stock Buybacks

And where did they get $45 Billion? Tax "reform".
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Huge "loopholes" in the coronavirus relief package
In fact, the bill guarantees sick leave only to about 20 percent of workers. Big employers like McDonald’s and Amazon are not required to provide any paid sick leave, while companies with fewer than 50 employees can seek hardship exemptions from the Trump administration.

“If you are sick, stay home,” Vice President Mike Pence said at a news conference on Saturday afternoon. “You’re not going to miss a paycheck.”

But that’s simply not true. Sick workers should stay home, but there is no guarantee in the emergency legislation that most of them will get paid.

The White House and congressional Republicans, who insisted on the exemptions as the price of bipartisan support for the legislation, bear the primary responsibility for the indefensible decision to prioritize corporate profits in the midst of a public health emergency...

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You won't need toilet paper, taxpayer, after this bailout gets shoved up your ass.