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It’s a worthwhile question: have industries looking for bailout money used their cash effectively in the past? And if not, should they continue to be bailed out? This is being discussed in the US, where a $50bn airline bailout is on the cards. But airlines have always had a cyclical business, and could have used past profits to prop up their future. Instead, they bought back shares, “boosting shareholder returns without directly helping businesses”. Markets Insider has the story.

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