US Airlines Used Up Spare Cash Buying Back Shares
America's biggest airlines have called on Washington for more than $50bn (£41bn) in aid as they suffer the effects of the coronavirus pandemic.
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March 17, 2020 - by bbc.com
US President Donald Trump on Monday pledged to back the industry "100%".
But figures suggest major carriers spent almost all their spare cash in the last decade buying back their own shares.
It comes as the airline industry is facing huge losses and widespread layoffs as passengers stay at home.
Data revealed by Bloomberg show major airlines including United and American Airlines used up an average 96% of their spare cash buying back their own shares.
Companies buy back their own shares for...