American Airlines is one of the largest carriers on earth, but behind the scenes, it operates like a zombie corporation. After burning $12.4 billion on stock buybacks during a golden era of aviation, the pandemic pushed their debt to an apocalyptic $48 billion. So how did they survive? They mortgaged their frequent flyer program and relied on a massive taxpayer bailout because their regional hubs make them politically "too big to fail." Today, with razor-thin margins and compounding interest, they practically fly planes just to pay back Wall Street.

I found this report fascinating and informative.