Originally Posted by
StoneQOLdCrazy
I just think we need some counter-programming for the "Ed is good" narrative. I didn't even mention the stock buybacks and upside-down fuel hedges. Billions burned.
I'd be pleased to entertain any inaccuracies from my post you'd care to point out.
The bad fuel hedging was not under Ed and even if were the details were clearly laid out in the book, “The Secret Club That Runs The World”.
There is an entire chapter devoted to the Delta fuel hedge scandal that involved an executive that was a complete criminal.
He put the entire fuel book into outrageously complex contracts, front ran all of them, and was subsequently fired and even prosecuted if I remember.
In fact we do not hedge at all as it is a cash intensive investment. I emailed our fuel purchasing people inquiring about hedging when prices went negative in 2020, and was told no hedging.