Posted on 04/20/2020 6:52:02 AM PDT by Oldeconomybuyer
Sir Richard Branson has told staff that Virgin Atlantic and Virgin Australia will need financial help if they are to survive the coronavirus crisis.
The tycoon used an open letter to his 70,000 staff in 35 countries to reassure them he was "working day and night", doing all he could to invest across his business interests despite "no money coming in and lots going out".
He admitted his companies were exposed to many of the sectors worst affected by the COVID-19 pandemic - travel and leisure included - and also hit out at critics who have suggested he use his personal wealth to do more.
Sir Richard, who has an estimated fortune on paper of £4.4bn (£3.5bn) according to Forbes, wrote: "Over the five decades I have been in business, this is the most challenging time we have ever faced.
"It is hard to find the words to convey what a devastating impact this pandemic continues to have on so many communities, businesses and people around the world.
"From a business perspective, the damage to many is unprecedented and the length of the disruption remains worryingly unknown."
(Excerpt) Read more at news.sky.com ...
Mr. Branson, So?
Who decides which businesses, large or small “deserve” the people’s money ( tax dollars)?
Oh, the one’s that bribe the politicians the best?
Hmmm. Sink or swim, that’s business. A “pandemic” does not make the tax payer responsible.
Richard, when you’re down to $100,000 in your retirement account we’ll help you out.
(cue up the Sad Trombone for Sir Richard).
Normally I would agree with him that the government needs to bail him out but this is National I Don’t Give A Schiff About Billionaires Month so I guess he s out of luck.
Like a virgin................... Call mud-DUH-onna. Maybe she’ll sing a song to get you back on track.
He is a Globalist douche who put His American HQ in San Fransicko
let it collapse. why should the taxpayer prop-up a company with no customers?
Also hosted obama on his yacht.
Guess some people won’t get their ride into space.
There will be winners and losers when this is over.
If you wanted the general public to bail you out, maybe you shouldn’t have picked a name for your airline that is a thumb in the eye to traditional, normal people.
I’m just sayin’...
If Virgin airlines goes under, those planes will still exist, the people who need to get somewhere will still exist, and all the people who know how to run that airline will still exist.
Somebody will come along, buy up those airplanes, repaint them, and hire all those people to take those people to where they need to go.
It won’t go so well for Sir Richard Branson, but the rest of us will be fine.
The government has forced businesses to close. The calamity that is occurring in this country and others is due to the government and not the businesses.
If you don't like a particularly industry or company, so what?
No one is traveling and all airlines are about to go under. We all know hardly anyone is going to travel long after restrictions are lifted, so the airlines have already canceled 90% of all routes this summer.
The government is going to make all companies whole - they have no choice or risk a depression, which we may have anyway.
They are talking about bailouts totaling $10 trillion when all is said and done and all companies large and small will be the recipients.
Just to be clear, the government will be bailing out the hospital industry (many are near bankruptcy because of no patients and a massive amount of docs and nurses have been laid off), the entertainment industry, travel industry - airlines in particular, hotel chains, gyms, restaurants, hair salons and down to your local coin shop - not to mention bailing out state and local governments since sales taxes and income taxes have plunged. Retail businesses such as Macy's, Bed Bath and Beyond and on and on and on.
Some states are forecasting the peak to hit in August (they use a different model) and as crazy as that sounds if some businesses stay closed that long (doubtful) the number goes higher and higher.
At the moment, they are estimating a total cost of $10 trillion added to the national debt in a matter of a few months.
Re: Who decides which businesses, large or small “deserve” the people’s money ( tax dollars)?
Re: Oh, the one’s that bribe the politicians the best?
I agree with these statements!
How dense can you be? Any company affected by the government imposed shutdown is eligible. They can’t choose which ones which is why it will cost $10 trillion. And it isn’t your tax dollars either. It is money electronically created by the Fed that will never get paid back by any method tried.
I believe Sir Rchard’s companies are residents of the British Virgin Islands, as he is as well.
I’m sure the BVI government will spare no expense to help him out. HM Exchequer?
Probably not.
We don’t need the entertainment industry. All of the good music and movies have already been made to keep people entertained for decades.
That’s the beauty of fiat money.
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