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American Morning
Minding Your Business: Airline Blanket Bingo
Aired November 11, 2002 - 09:44 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
ANDY SERWER, "FORTUNE" MAGAZINE: So many companies in trouble, and one that's really in the news this morning, United Airlines, executives there this morning meeting with federal regulators, trying to secure the $1.8 billion loan guarantee. Yesterday, United announced it got $412 million in wage concessions from its flight attendants. In other words, these are the stewards and stewardesses saying, we're just going to give back $412 million of pay over the next five years to keep this airline in business. It's just amazing that United is at brink like this, because I was just flying it over the weekend, and it's a huge company with hundreds and hundreds of airplanes. But it is in very, very critical condition.
PAULA ZAHN, CNN ANCHOR: So do you being it will get the bailout?
SERWER: I think it will. They need to get $5 billion in total of cost savings through, but the flight attendants are on board so to speak, and so are the pilots. Everyone has to pitch in to keep this company going, 4,800 flight attendant have lost their jobs or been furloughed since 9/11 at that company alone.
ZAHN: Wow.
SERWER: But you know, people love their airlines, and it's funny, we were on eBay.
ZAHN: You spend an awful lot of time on eBay...
SERWER: I do. I do.
ZAHN: I'm beginning to worry about you.
SERWER: You don't have to worry about me. Millions of people spend a lot of time on eBay. It's just amazing, people are auctioning off stuff from airlines. We have some stuff here. This is from United Airlines, people auctions off coffee cups and carts. Paula, they are stealing this stuff.
ZAHN: I was going to ask you that. How good would you feel about getting $2.89 when this is...
SERWER: This is why United Airlines is in trouble.
ZAHN: This is thievery.
SERWER: People are stealing.
And we found another thing that people are auctioning off, an Air Canada lap blanket. Look at the little chart in there from north of the border.
ZAHN: Wow. So they stole that, too?
SERWER: They stole that, too. They're auctioning it off for $20. So the point is, no wonder why the airlines are in trouble, people are stuffing this stuff in their clothes before they get off the plane, I guess.
ZAHN: You wouldn't feel bidding on stuff that you knew was stolen, would you?
SERWER: No, I would not buy that stuff.
ZAHN: See, he surfs eBay, he never buys. Although you had your eye on the big Enron sculpture.
SERWER: I wanted to get that, but it went for thousands of dollars.
ZAHN: Oh, it did?
SERWER: Yes, thousands.
ZAHN: Actually another company put it out in front of their company headquarters.
SERWER: An electronics store, yes.
ZAHN: Thanks, Andy. Have a good holiday.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Aired November 11, 2002 - 09:44 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
ANDY SERWER, "FORTUNE" MAGAZINE: So many companies in trouble, and one that's really in the news this morning, United Airlines, executives there this morning meeting with federal regulators, trying to secure the $1.8 billion loan guarantee. Yesterday, United announced it got $412 million in wage concessions from its flight attendants. In other words, these are the stewards and stewardesses saying, we're just going to give back $412 million of pay over the next five years to keep this airline in business. It's just amazing that United is at brink like this, because I was just flying it over the weekend, and it's a huge company with hundreds and hundreds of airplanes. But it is in very, very critical condition.
PAULA ZAHN, CNN ANCHOR: So do you being it will get the bailout?
SERWER: I think it will. They need to get $5 billion in total of cost savings through, but the flight attendants are on board so to speak, and so are the pilots. Everyone has to pitch in to keep this company going, 4,800 flight attendant have lost their jobs or been furloughed since 9/11 at that company alone.
ZAHN: Wow.
SERWER: But you know, people love their airlines, and it's funny, we were on eBay.
ZAHN: You spend an awful lot of time on eBay...
SERWER: I do. I do.
ZAHN: I'm beginning to worry about you.
SERWER: You don't have to worry about me. Millions of people spend a lot of time on eBay. It's just amazing, people are auctioning off stuff from airlines. We have some stuff here. This is from United Airlines, people auctions off coffee cups and carts. Paula, they are stealing this stuff.
ZAHN: I was going to ask you that. How good would you feel about getting $2.89 when this is...
SERWER: This is why United Airlines is in trouble.
ZAHN: This is thievery.
SERWER: People are stealing.
And we found another thing that people are auctioning off, an Air Canada lap blanket. Look at the little chart in there from north of the border.
ZAHN: Wow. So they stole that, too?
SERWER: They stole that, too. They're auctioning it off for $20. So the point is, no wonder why the airlines are in trouble, people are stuffing this stuff in their clothes before they get off the plane, I guess.
ZAHN: You wouldn't feel bidding on stuff that you knew was stolen, would you?
SERWER: No, I would not buy that stuff.
ZAHN: See, he surfs eBay, he never buys. Although you had your eye on the big Enron sculpture.
SERWER: I wanted to get that, but it went for thousands of dollars.
ZAHN: Oh, it did?
SERWER: Yes, thousands.
ZAHN: Actually another company put it out in front of their company headquarters.
SERWER: An electronics store, yes.
ZAHN: Thanks, Andy. Have a good holiday.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
