From CNBC:
The world's oldest travel firm Thomas Cook collapsed, stranding more than half a million holidaymakers around the globe and sparking the largest peacetime repatriation effort in British history. Employing 21,000, Thomas Cook currently has 600,000 travelers abroad, forcing governments and insurance companies to coordinate a huge rescue operation. (Reuters)
My comment.
This is the free market and capitalism at work. When the company is profitable, the shareholders made huge profits. When it goes insolvent, the govt has to step in to bail out the customers and employees.
Surely there must be a better business model? Some large organisations should be state owned, rather than privately owned.
The world's oldest travel firm Thomas Cook collapsed, stranding more than half a million holidaymakers around the globe and sparking the largest peacetime repatriation effort in British history. Employing 21,000, Thomas Cook currently has 600,000 travelers abroad, forcing governments and insurance companies to coordinate a huge rescue operation. (Reuters)
My comment.
This is the free market and capitalism at work. When the company is profitable, the shareholders made huge profits. When it goes insolvent, the govt has to step in to bail out the customers and employees.
Surely there must be a better business model? Some large organisations should be state owned, rather than privately owned.
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