Now that some of its unions have won some benefits in contract negotiations, the malefactors of great wealth are whining:
American Airlines is giving pay raises to its pilots and flight attendants, who have complained they are paid less than peers at other airlines. Wall Street isn't happy.(emphasis mine)
The raises come about two years before contract negotiations. Assuming they approve the increases, pilots and flight attendants will receive additional pay totaling close to $1 billion over three years.
At a time when American and other airlines are seeing higher costs for labor, fuel and maintenance while finding it difficult to raise airfares, this goodwill gesture didn't sit well with investors.
“This is frustrating. Labor is being paid first again. Shareholders get leftovers,” Citi analyst Kevin Crissey wrote in a note to clients. Investors showed their displeasure by sending American Airlines Group Inc.’s stock down 5.2% to $43.98 on Thursday.
Seriously, Mr. Crissey needs to be sent to China and forced to work at Foxconn 14 hours a day and 7 days a week for $300 a month making iPhones.
Airlines suck like 1000 Hoovers all going at once, and much of this is because the endless downward pressure on wages, working conditions, by senior management.
If American does not want to become the passenger beating/bunny killing United, it needs to improve its product, and its product is produced by those icky labor sorts.
Please Kevin Crissey, while you are dining on that excrement, could you do us the favor of expiring.