AMR Leadership Top Drawer

Stand up and give Gerard Arpey, AMR's CEO, some credit. Show some appreciation as he demonstrates how it's done at the highest level.

Here's a guy who has quietly and conscientiously strengthened American Airlines over the years in the face of disgruntled pilots, disgruntled stewies, disgruntled passengers, disgruntled investors and, now, disgruntled analysts.

The WSJ has allowed a grave disservice to an admirable company by not naming the 'Is this all you got?' analyst. But then he's just an analyst, anonymous, never mind. Call him Farley. "We ask them if they're the enemy and if they say 'Yes', we shoot them."

So everybody's excited about UAL and Continental and the Journal suggests this merger means a demotion of American. Horse exhaust!

Mr. Arpey has chosen a delicate but sound policy of cementing his company's stengths through collaboration with other carriers. Mergers are fraught with pitfalls, as any analyst ought to know. A network may well provide a much more solid way of conducting business without the dysfunction of a far-flung empire. Think the Continental people and the UAL are going to get along? Wait 'til the layoffs. Look what happened when BP and Transocean faced off.

So, the pilots want to cash out their pensions or don't care, the flight attendants want more dough (who doesn't), the passengers don't know what they want, the investors want a home run and the analysts don't know anything.

When the sea is stormy, a steady hand on the helm is the only thing.

Pilots fly airplanes - what do they know about finance? Better to leave money management to the professionals. The flight attendants put up with an ill-mannered public who probably should take the bus. It's nice to hit a home run every now and then, but ain't it grand when the bases are loaded? The analysts need to get stuffed and watch the great man do his thing.

So the investors, Norte Americanos estupidos, are again pressing for a spinoff. That's going to strengthen   the company while the competition conducts a campaign of self-destruction? The word cretin comes to mind with respect to institutional investors, but its pronunciation and meaning don't have quite the same impact as dumbass.


When one looks at how many people it takes to get one airplane off the ground it is simply amazing anyone would try or could. Day in, day out it has got to be a grinder and at least moderately boring. Is that not the nature of life and business? Breathing is really pretty boring, but it can be awfully sweet.

So let Mr. Arpey do his thing while offering him the encouragement he so roundly deserves. Patience, friend; let him finish the game.