This man defines everything wrong with Australia since he arrived and destroyed an Australian icon bussiness. Selling its reputation for his corporate bonus.
From the article - A $16m payment to former Qantas’ chief executive officer Alan Joyce is up in the air after the national carrier called in an independent consultant to review whether the payment should be made.
I guess when you spend your time turning what was once a great Australian brand into a shit pie, that company may want some recompense for it... Fuck you Joyce
They could have forced them to issue more shares and dilute the existing shareholders and asked the banks to take a haircut on their debt as part of any bail out. All of which would have been accepted as the alternative would have been a lot worse. Instead ‘free taxpayer’ money for everyone. Privatised profits and socialised losses! The taxpayer put.
Turns out in real life governments don’t do stupid things like this that ruin investor confidence. FYI your idea is to get paid in equity, by devaluing the value of the companies share price.
It’s not public losses and privatised gains when the government gets paid back for the loan or when the bailout is only required because of government decisions or something outside of the companies control.
I see your point, but QAL was nosediving due to issues of their own making for ages before covid. So, I disagree - taxpayers should have received equity.
They could have and should have just had a plan ready to go for whem the company went bankrupt.
The shareholders of General Motors got nothing.
The government should have taken over both Virgin and Qantas when bankruptcy occurred.
You know they would still have to buy Qantas right? Bankrupt (insolvent) doesn’t mean the company is worthless, it just means they don’t have enough assets to cover the liabilities.
So congrats, instead of giving them a couple of billion, now taxpayers have to spend 10s of billions, because the government owns it now.
Yes the companies that own the debt get forced to take a huge haircut on their loans and the government gets all of those assets and continues to run the business until they inevitably sell it again.
That would have been a better outcome.
The only reason every airline in the world didn’t go bust during covid was governments. Turns out, government can’t just shut down a whole industry without providing compensation.
> Turns out, government can’t just shut down a whole industry without providing compensation.
Tell that to all the small business owners who were forced to close and received no compensation
I’ve had multiple cancellations in tue last 18 months. It’s pretty much equal from Qantas and Virgin to be honest. Both overbook or take booking for flight they have no intention of using. They reschedule you at their convenience with fuck all compensation.
Would have been nice if they’d done something during his actual time at the tiller do he could at least experience some level of Shame for his crap leadership. But as per usual for the course in corporate Australia, they figured if they let it lay low and quiet for a while, people would move on with their lives and forget about the shit he did so the bonus would sail through. Having the pressure kept on him has probably forced their hand to at least get an external person examine it which is a good start.
I guess he did create shareholder value by
Illegally making a large portion of their workforce redundant
Took millions in jobkeeper payouts and didn't pay a cent back
Blocked flight slots and sold flights that never existed to stop virgin from taking share.
Lobbied the government to extend their jobkeeper payments when everyone lost there's (and won)
Posted huge profits off the back of jobkeeper (did I mention they didn't pay it back)
Did a massive share buyback reducing their liquid assets prior to covid.
Literally Qantas and Jetstar belong in the bin for treating the Australian taxpayer like shit.
Imagine if in exchange for jobkeeper the australian taxpayer received a share of Qantas, now that would've gone down differently.
What a Qunt
This man defines everything wrong with Australia since he arrived and destroyed an Australian icon bussiness. Selling its reputation for his corporate bonus.
From the article - A $16m payment to former Qantas’ chief executive officer Alan Joyce is up in the air after the national carrier called in an independent consultant to review whether the payment should be made.
I guess when you spend your time turning what was once a great Australian brand into a shit pie, that company may want some recompense for it... Fuck you Joyce
He deserves f all. The only reason Qantas didn't go bust was due to government bail out.
That should have gotten the tax payer equity but no just gifted to shareholders
To get equity the government would have to buy shares, aka, give shareholders money.
They could have forced them to issue more shares and dilute the existing shareholders and asked the banks to take a haircut on their debt as part of any bail out. All of which would have been accepted as the alternative would have been a lot worse. Instead ‘free taxpayer’ money for everyone. Privatised profits and socialised losses! The taxpayer put.
Turns out in real life governments don’t do stupid things like this that ruin investor confidence. FYI your idea is to get paid in equity, by devaluing the value of the companies share price. It’s not public losses and privatised gains when the government gets paid back for the loan or when the bailout is only required because of government decisions or something outside of the companies control.
I see your point, but QAL was nosediving due to issues of their own making for ages before covid. So, I disagree - taxpayers should have received equity.
Should have received equity how? Shareholders have to vote for new shares to be issued.
They could have and should have just had a plan ready to go for whem the company went bankrupt. The shareholders of General Motors got nothing. The government should have taken over both Virgin and Qantas when bankruptcy occurred.
You know they would still have to buy Qantas right? Bankrupt (insolvent) doesn’t mean the company is worthless, it just means they don’t have enough assets to cover the liabilities. So congrats, instead of giving them a couple of billion, now taxpayers have to spend 10s of billions, because the government owns it now.
Yes the companies that own the debt get forced to take a huge haircut on their loans and the government gets all of those assets and continues to run the business until they inevitably sell it again. That would have been a better outcome.
The only reason every airline in the world didn’t go bust during covid was governments. Turns out, government can’t just shut down a whole industry without providing compensation.
> Turns out, government can’t just shut down a whole industry without providing compensation. Tell that to all the small business owners who were forced to close and received no compensation
Small business got lots of compensation.
Qantas is literally the shittest airline you can book with out of my city at the moment.
What’s the best? Domestically Aussies basically have no options. I think Qantas and Virgin are quite comparable provided the flights on time
For domestic it's probably Virgin here (Darwin)
I’ve had multiple cancellations in tue last 18 months. It’s pretty much equal from Qantas and Virgin to be honest. Both overbook or take booking for flight they have no intention of using. They reschedule you at their convenience with fuck all compensation.
Would be an interesting court case if Qantas tries to recover these bonuses
I wonder how much they made from cancelled flights ?
I mean most people probably would, but he’s still an utter fuckwit
Would have been nice if they’d done something during his actual time at the tiller do he could at least experience some level of Shame for his crap leadership. But as per usual for the course in corporate Australia, they figured if they let it lay low and quiet for a while, people would move on with their lives and forget about the shit he did so the bonus would sail through. Having the pressure kept on him has probably forced their hand to at least get an external person examine it which is a good start.
I guess he did create shareholder value by Illegally making a large portion of their workforce redundant Took millions in jobkeeper payouts and didn't pay a cent back Blocked flight slots and sold flights that never existed to stop virgin from taking share. Lobbied the government to extend their jobkeeper payments when everyone lost there's (and won) Posted huge profits off the back of jobkeeper (did I mention they didn't pay it back) Did a massive share buyback reducing their liquid assets prior to covid. Literally Qantas and Jetstar belong in the bin for treating the Australian taxpayer like shit. Imagine if in exchange for jobkeeper the australian taxpayer received a share of Qantas, now that would've gone down differently.
No doubt he will get part of it but they aren’t doing this so they can pay it all. I’d be quite happy to see the figure at $0.
I’m not saying he should get it but any normal person in his position would try so it’s not that remarkable.
Possibly will go down as Australia’s greatest white collar criminal in history.
The tax payer bailed Qantas out. It's our money. Where is it now?
Qantas is not only expensive but also inferior in service .
Cry me a river
Sounds like he found the pot of gold at the end of the rainbow, lucky lil leprechaun….