What’s the incentive for Bombardier to make a profit when they just get bailed out every time they fail?
As Bombardier once again struggles to succeed even as many of their competitors do far better (and without needing bailouts), and even as they face an investigation into an ‘interesting’ stock sale plan for their executives, it looks like they could get bailed out again.
Here’s what Quebec’s Economy Minister Pierre Fitzgibbon said after a meeting with Bombardier CEO Alain ‘Bailout’ Bellemare:
“There’s no requirement for us to invest,” Pierre Fitzgibbon said Friday morning, but he said he made it clear to Bellemare “that would there be a requirement, would there be an opportunity, we would be open for business.” The aerospace industry is “of paramount importance to the province of Quebec,” he said.”
Both the Quebec government, and the Federal government have given Bombardier repeated taxpayer-funded bailouts.
And what have they gotten in return?
Job cuts, less Canadian ownership, and the sell-off of major assets to foreign companies.
Meanwhile, Bombardier execs betrayed their workers by slashing jobs even as they paid themselves gigantic bonuses – rewarding themselves for pathetic failure.
Yet, despite all of that, the Quebec government remains open to ‘investing’ (AKA bailing out Bombardier) again.
This is a big reason why Bombardier has become so uncompetitive. Rather than actually having to compete, their executives know that no matter how badly the perform, they can still get huge bonuses and just beg governments for more taxpayer money to keep things going.
And the politicians keep getting fooled over and over and over again.
Photo – YouTube