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American Airlines Files For Bankruptcy

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Tue, 11/29/2011 - 08:08 | 1924659 rosex229
rosex229's picture

Oil prices go up, airlines go bankrupt, economy goes down. Pretty simple equation for the future.

Tue, 11/29/2011 - 08:41 | 1924736 silver500
silver500's picture

$200 million in customer money that vanished from MF Global is believed to have surfaced at JPMorgan Chase in Britain

 

http://dealbook.nytimes.com/2011/11/28/money-found-in-britain-may-belong...

Tue, 11/29/2011 - 08:56 | 1924749 TruthInSunshine
TruthInSunshine's picture

Off topic post here, because it's the first place I could put it this morning for you to all enjoy (or get your blood pressure spiking).

From the new series, 'Hang 'Em High' (alternatively titled: 'History's Greatest Kleptocracy; Is That The Rotten Odor That We Smell?)':

in July 2008, then-Treasury Secretary Hank Paulson met with several hedge fund managers  and told them that a government takeover of Fannie Mae and Freddie Mac was a very real possibility.

How Nank Paulson Gave Hedge Funds Advance Word of Fannie Mae Rescue

The entourage of hedge funders he addressed that day included at least five former Goldmanites who had gone into the hedge fund industry. They also included...

... such boldface names as Lone Pine Capital LLC founder Stephen Mandel, Dinakar Singh of TPG-Axon Capital Management LP and Daniel Och of Och-Ziff Capital Management Group LLC.

 

*Just a week prior to that meeting, he had testified in the Senate and told media outlets that government intervention in Fannie and Freddie was near impossible.

Tue, 11/29/2011 - 09:50 | 1924922 dwdollar
dwdollar's picture

I like flying, but I wouldn't ride commercial anymore, even if someone paid for my ticket. Between the TSA thugs and the declining budgets for proper airplane maintenance... NO FUCKING THANKS.

Tue, 11/29/2011 - 10:03 | 1924980 trav7777
trav7777's picture

AMR is bankrupt again??  Weren't they just flying high and in 1st place and shit a few years ago?

Tue, 11/29/2011 - 10:44 | 1925226 Harlequin001
Harlequin001's picture

There was a time when bankruptcy meant being taken to the woodshed and shot, once and for all...

Now we're 'kind of bankrupt' or  'a tad bust' or 'maybe you know, just a bit bankrupt but that's ok'.

Maybe one day we'll end this farce and insist that those who borrow real money pay it back, and those that don't work fucking starve until they put some fucking effort in...

Tue, 11/29/2011 - 10:06 | 1925008 pepperspray
pepperspray's picture

I last flew in 2002. I wouldn't even know what to do at the airport now.

Tue, 11/29/2011 - 10:46 | 1925252 Citxmech
Citxmech's picture

No one could have seen this coming. . .

 

Tue, 11/29/2011 - 10:25 | 1925130 Lemurian
Lemurian's picture

I just flew a few time after 5 years of not flying. Trust me its about as close to unbearable as it gets. 

Pretty soon they'll have subway straps in the aisles and call them "premium" seating

 

Tue, 11/29/2011 - 10:46 | 1925245 i-dog
i-dog's picture

"Good morning, ladies and gentlemen. This is your captain speaking. Feel free to get up and go to the toilets during this long flight. Those standing at the back will be more than happy to take your seats."

Tue, 11/29/2011 - 10:50 | 1925271 Harlequin001
Harlequin001's picture

I saw a plane once with 'crunchie' written on it, had a guy stood on the fuckin wing...

Now that's cattle class...

Tue, 11/29/2011 - 11:18 | 1925414 Bicycle Repairman
Bicycle Repairman's picture

AMR is bankrupt?  Shut down the whole freaking industry for reasons too numerous to mention.  I hate the airline "industry".  Bankrupt?  These guys are subsidized out the wazoo, and always have been.  <bleep> them in the <bleep> sideways.

Tue, 11/29/2011 - 10:47 | 1925257 Harlequin001
Harlequin001's picture

Truth, you never know, maybe someone should just shoot the bastard...

There has to be some justice somewhere, even if it's not in the land of the free...

Tue, 11/29/2011 - 08:49 | 1924750 CPL
CPL's picture

I've wondered about this. 

 

Airlines are the first to feel the impact because of their ancient practice in oil futures pricing, but it was the trains that got hit first years ago.  I know there is a revival of sorts because of the annoyances of airports and the perverts they hire at the TSA.  But, trains have been hit.  Both for people transport and food. 

Trucking has been getting clobbered because they download the costs and therefore lower profitability to the driver. Less people get into the industry because getting paid nothing to work long hours on the most dangerous place on the planet if going by numbers, the US highway system kills as many people as heart attacks in the US btw.

This effects North American bike sales and manufacturing because shipping becomes a premium and the cost differences between manufacturing and retail is now a +60% < +200% premium from shop to shelf.  By the time it gets to a consumer, a cheap used car is cheaper by price point.  Obviously not upkeep, remember we are talking about US consumers.  Think hand to mouth.

Airlines.  Too many of them anyways.

My guess is we'll hear news about greyhound or the regional bus-lines dropping dead soon.

 

Trains

Trucking

 - Increased cost of bikes ---> less bikes sold less profit..etc..

Airlines

Buses

personal cars

Cabs <--- Can adjust meter rates same day, same hour, same minute.

 

It's a straw man, but there has to be a daisy chain of transport industry that fail one after another.

Tue, 11/29/2011 - 08:58 | 1924773 chubbar
chubbar's picture

Don't forget that airlines in BK tend to reduce costs through abrogating contracts and renegotiating cheaper wages and pensions. They also stiff vendors through missed payments, renegotiate those contracts and thin margins for those folks as well. The point being that they (BK airline) can then undercut the competition which could also send more airlines into BK, kind of a competitive devaluation type phenomenon. Doesn't bode well for the several hundred thousand airline workers.

Tue, 11/29/2011 - 11:20 | 1925421 Citxmech
Citxmech's picture

Don't forget shipping.

Tue, 11/29/2011 - 08:57 | 1924766 johnQpublic
johnQpublic's picture

or....

passengers get groped or irradiated

decide not to fly

airlines go bankrupt

 

dont tell me i'm the only one who has chosen to forego flying due to ridiculous level of security measures

Tue, 11/29/2011 - 09:05 | 1924795 Sequitur
Sequitur's picture

I'm with you. I try to curtail flying as much as possible. We can afford to travel. But choose not to.

Tue, 11/29/2011 - 10:05 | 1925000 trav7777
trav7777's picture

I proudly wear my "certified patriot" barcode T-shirt through those groping lines.

PATRIOTS get fondled, terrorists choose not to fly.  What do you have to hide?  The only way to save our freedoms is to destroy them.

Tue, 11/29/2011 - 11:22 | 1925449 Bicycle Repairman
Bicycle Repairman's picture

Comrade, the true proletarians have their bar code tattooed on their kiesters.

Tue, 11/29/2011 - 10:14 | 1925055 PurePyrite
PurePyrite's picture

I used to fly to my parent's home for Thanksgiving, Christmas, and other family events.  Its an eight hour drive.  I haven't flown since TSA in conjunction with the airlines began molesting children.  It takes longer to get where I'm going, but I save money and can haul more stuff with me.

Tue, 11/29/2011 - 12:59 | 1925964 the tower
the tower's picture

Funny thing is that the security measures are only there to make you *feel* secure. It's well known that anyone can smuggle a bomb in his suitcase and have the detonator in his carry-on... The fact that not more planes blow up mid-air means there are no terrorists... and they still keep the security measures up, even though people fly less because of them... The security industry is killing the airlines... then again it 's the same stories with the war-industry, it's killing peace...

Tue, 11/29/2011 - 08:09 | 1924661 e-recep
e-recep's picture

Recession in USA is just around the corner.

Tue, 11/29/2011 - 08:13 | 1924672 LongSoupLine
LongSoupLine's picture

That corner was rounded looong ago my friend.

Tue, 11/29/2011 - 09:36 | 1924885 e-recep
e-recep's picture

I mean the official word.

Tue, 11/29/2011 - 10:09 | 1925027 CPL
CPL's picture

That will never happen in the MSM or TPTB.  Too much to lose, namely their heads.

Tue, 11/29/2011 - 08:18 | 1924685 peekcrackers
peekcrackers's picture

You mean complete collapse is around the corner

Tue, 11/29/2011 - 08:25 | 1924708 peekcrackers
peekcrackers's picture

Hey Buffet ad this in with your collection  why stop @ BoA

I,m sure JPM can use a few of these jets to drop food stamps for the fine peeps onthe U S .

Tue, 11/29/2011 - 08:10 | 1924663 Temporalist
Temporalist's picture

American Airlines is trying to set the record for bailouts.

Tue, 11/29/2011 - 08:37 | 1924729 BW
BW's picture

Aren't they already the record holder?

Tue, 11/29/2011 - 11:46 | 1925605 Iwanttoknow
Iwanttoknow's picture

US airways holds the guinnes book of serial airline bankruptcy.

Tue, 11/29/2011 - 12:06 | 1925727 MachoMan
MachoMan's picture

No way, tax payers always get repaid in full!

Tue, 11/29/2011 - 08:11 | 1924664 AngryGerman
AngryGerman's picture

classic crashlanding. but face it, amr has been broke for years

Tue, 11/29/2011 - 08:14 | 1924675 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

Do what is right, just file for liquidation. Save the misery of having a zombie airline.

Tue, 11/29/2011 - 08:32 | 1924717 Carlyle Groupie
Carlyle Groupie's picture

Zombie airlines. First thing to go is the maintenance program. Jack screws and fried wiring harnesses bitchez!

Remember once she's inverted there's no coming back.

Tue, 11/29/2011 - 08:48 | 1924747 Instant Wealth
Instant Wealth's picture

I'll miss those tattooed stewardesses.

Tue, 11/29/2011 - 10:07 | 1925006 unununium
unununium's picture

Beware the airline that doesn't file chapter 11 on a regular basis.  It's part of the business model.

Tue, 11/29/2011 - 08:11 | 1924665 darkpool2
darkpool2's picture

Air miles are just a proxy for fiat currencies

Tue, 11/29/2011 - 08:27 | 1924713 GeneMarchbanks
GeneMarchbanks's picture

*Poof*

Aaaaannd it's gone... it's all gone.

http://www.youtube.com/watch?v=jrLbY4-Q99A&feature=related

Tue, 11/29/2011 - 08:12 | 1924666 Xibalba
Xibalba's picture

doh!

Tue, 11/29/2011 - 08:12 | 1924668 Ted Baker
Ted Baker's picture

NEXT ONE TO FILE FOR BANKRUPTCY IS BANK OF AMERICA I.E. ANYTHING WITH AMERICA ON IT (OR EVEN USD) IT IS AT RISK THESE DAYS...WATCH OUT..

Tue, 11/29/2011 - 10:08 | 1925021 unununium
unununium's picture

< BAC hits the 4's today

< later

Tue, 11/29/2011 - 08:12 | 1924669 adyaner
adyaner's picture

Yep, the corner behind, around 2009, depression ahead...

Tue, 11/29/2011 - 08:12 | 1924670 gojam
gojam's picture

Any idea who is owed the $29 billion ?

What's the knock on ?

Tue, 11/29/2011 - 08:58 | 1924778 Miss Expectations
Miss Expectations's picture

July 20, 2011

American Airlines is excited to announce that we've placed an order for 460 narrowbody planes from Boeing & Airbus. This marks the largest aircraft purchase in history!

http://www.youtube.com/watch?v=B9w4xP5NiO8&feature=related

Tue, 11/29/2011 - 08:13 | 1924673 Hober Mallow
Hober Mallow's picture

Fckn pilots. So pretentious.

Tue, 11/29/2011 - 08:14 | 1924677 zilverreiger
zilverreiger's picture

So the Rothschilds advised AA a private little jubilee?

I wonder how the suppliers and employees feel about this.

Tue, 11/29/2011 - 08:16 | 1924680 Spooky Polish
Spooky Polish's picture

Now they'll fly just like Kiwi's do ... 

 

excuse my english 

Tue, 11/29/2011 - 08:16 | 1924681 LongSoupLine
LongSoupLine's picture

annnndddd....wait for it....futures are up.

more shocking is Tiffany "missing" earnings.  Boy, the 1% must be really struggling

/sarc

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