As far as the security and exchange commission is concerned, yes. In your scenario if sky chefs committed fraud Ed Bastian would go to jail.

Most major banks are set up in the same way. Retail banking Inc, institutional banking Inc, investment banking Inc.

The CEO of J.P Morgan doesn’t get to say “that fraud was the losers in retail banking At Chase, We’re the REAL JPM bankers, and not liable”.

Mainline pilots just believe it’s somehow different for them because surely, they must be on a higher level than everyone else.