Food for thought:
If the ATSB had guaranteed the loans to UA
, the hit would have been anywhere from $0 (likely) to $1.1 billion (worst case, very unlikely). Now the PBGC is looking at inheriting a possible $7.5 billion pension shortfall. The government is going to have to bail out the PBGC with real taxpayer money.
Where's the outrage now? Didn't any of the "free market" airliners.net experts see this coming? The hue and cry was "no taxpayer money for UA
!!". Now UA
is going to cost the taxpayers dearly and everyone's favorite airline, whether it be CO
, or DL
will be left worse off for it; no Tokyo hub for DL
or Heathrow access for CO
, just more bloodletting.
Ain't free markets grand!