The four biggest U.S. carriers — Delta, American, Southwest and United — have collectively spent about $39 billion over the last five years buying back shares, according to a tally from S&P Dow Jones Indices.
“We fully recognize that the company had the opportunity to build up its cash reserves and repeatedly advocated for them to do so,” wrote Todd Insler, chairman of the union that represents United’s pilots, the Air Line Pilots Association. “In spite of ALPA’s warnings, they instead chose to spend company resources differently.
Sen. Edward Senator Markey, a Massachusetts Democrat said that “any infusion of money to the airlines must have some major strings attached,” which include protections for front-line airline employees like flight attendants, pilots and airport workers.