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9/23, 7:31 AM (Source: TeleTrader)
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Johnson slams Thomas Cook's management

The United Kingdom may analyze whether directors are "properly incentivized" to get troubled tourism companies above water, British Prime Minister Boris Johnson told reporters on Monday on the way to New York. He brushed off the notion that the government could have intervened and saved the world's oldest firm in the sector. Entities like Thomas Cook Group Plc, which collapsed overnight, need to be made more prepared to "protect themselves," in the prime minister's view.

A bailout "would have set up moral hazard," he said and estimated it would require substantial taxpayer money – £150 million in this case. Johnson also reflected on the demise of Monarch Airlines two years ago. He repeated the government's pledge to bring home passengers that are stuck abroad. Thomas Cook has more than 160,000 Britons away on holiday and 600,000 people in total. Its largest shareholder is Fosun International Ltd.

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