From John Grubber at Daring Fireball:
Take the cruise line industry. They’re getting crushed by this pandemic for obvious reasons, and they very much want to be bailed out by the U.S. government. But why do they deserve it? For tax and regulatory reasons, they don’t even register their ships in the U.S. — Carnival Cruise Lines is incorporated in Panama, Norwegian in Bermuda, and Royal Caribbean in Liberia. Bermuda is not part of Norway and, last I checked, Liberia is not in the Caribbean. Not only do these companies want U.S. funded bailouts, they don’t even want to pay U.S. taxes or comply with U.S. laws during normal times.
The thing to remember is that if allowed to fail, the cruise ships won’t sink to the bottom of the ocean. The jobs won’t disappear. The companies will go into bankruptcy, existing shareholder equity will get wiped out, and new ownership will take over. A bailout won’t rescue the industry or the jobs — it will rescue the shareholders.