I do think the problems ultimately go up to the Board.

There was a good episode on the Air Show podcast a few weeks ago on AA leadership. One of the points made on the podcast was that current chair, Greg Smith, is ex-CFO at Boeing who was responsible for the cost cuts that have caused them so much trouble. Appointing him to the AA board in 2023 was an...interesting...choice. But of course the poor leadership goes back further than 2023.

I'll also say that they are in a real fix, even if they aren't "cooked." Besides stock buybacks, they spent a massive amount of money on a fleet that, to my mind, isn't well suited to capturing a lot of the demand that's out there. And then there's Oasis, where they spent big money making their product less competitive.