Sunday, June 21, 2015

O'Leary's Disdain Fits Bilderberg

Ryanair CEO Michael O'Leary attended the annual Bilderberg meeting in Austria.  The Bidlerberg Group is as trustworthy as its attendees.  Consider Mr. Leary's record as a chief executive.  Time reported:

Airlines aren’t exactly renowned as the most honest, upfront, and trustworthy of businesses. Years ago, the industry told travelers that fees for checked baggage were necessary to cover the cost of higher fuel prices. Fuel surcharges were added as well, supposedly for the same reason. Yet even as fuel prices have plummeted, fuel surcharges remain commonplace and baggage fees are pricier and more widespread than ever.

For that matter, travelers have constantly been told that the “debundling” of the airline ticket, in which passengers pay fees a la carte for only the services they want, results in lower prices for strictly the flights themselves. How that concept jibes with the fact that average airfares have soared to all-time highs (over $500) for domestic round trips is rather puzzling.

Among this untrustworthy bunch, European low-fare carrier Ryanair is routinely considered the worst of the pack. Led by brash, headline-grabbing CEO Michael O’Leary—known for calling customers “idiots” for thinking they won’t be hit with fees at the airport, among other things—Ryanair has a long, storied history of bad, misleading behavior.
O'Leary will be valuable to Bilderbergers as he brings skills in manipulating the public in a dishonest way.  That has significant value in today's world where citizens, like customers, are idiots.

Ryanair's Board Chair David Bonderman is founder of TPG, a private equity underwriter (PEU).  Ryanair pilots experienced the PEU treatment.

FT reported Bonderman personally invested £1m for a 20 per cent stake in Ryanair in 1996:

Addressing the International Air Transport Association in 2006, Mr Bonderman said: “It’s time to sell, ladies and gentlemen,” he told his audience in Paris. “This is as good as it gets in the airline industry. It’s only going to get worse.”

It got worse for airline pilots and numerous employees in firms bought out by private equity underwriters:

I have seen so many people -- particularly those in their 50s - 70s -- taken apart by what has happened in their industry as greed has hollowed out the economy. These are people took pride in their jobs and held themselves to this invisible standard that we all just took for granted, but is being wiped out.
Bilderberg is full of greed and power addicts.  Mr O"Leary is a prime example of what this crew will deliver over time.