The banks unnecessary financing of widebody aircraft provides state-sponsored foreign airlines, many of which have ample cash reserves and top tier credit ratings, an annual economic advantage of about $2 million per aircraft, ALPA President Lee Moak wrote, in a letter to U.S. Rep. Jeb Hensarling
Emirates, Etihad and Qatar are all state-owned carriers capable of trading short-term profits for the potential of expansive air service, said Lee Moak, president of the Air Line Pilots Association, in a December interview with TheStreet TheStreet.
