Booking.com gives €28m in bonuses to three top execs; Took €65m in State aid | Hacker News
news.ycombinator.com · 10,394 words · saved by 1 readers
Also rich people can sometimes take loans with interest lower than inflation, this is basically free money.
Directly via bailouts and indirectly via inflation, COVID was the biggest wealth transfer to the rich in history. This was version 2. Version 1 was the "great recession", when several investment banks found themselves insolvent after cluelessly underwriting an overvaluation of American homes. It had been their custom to play a sort of musical chairs with overvalued assets, unloading them on clients and other victims, but eventually they forgot how that game typically ends. After a small amount of public discussion, it was decided that a certain favored subgroup of the investment banks would…
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