As bailouts for the airline industry are bandied about keep this in mind:
U.S. Airlines Spent 96% of Free Cash Flow on Buybacks
The biggest U.S. airlines spent 96% of free cash flow last decade on buying back their own shares. American Airlines Group Inc. -- which is not shown in the chart but is included in overall figures -- led the pack, with negative cumulative free cash flow during the decade while it repurchased...www.bloomberg.com
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