This is a sad day, and not only for El Al shareholders, employees, and customers who still don't know when they'll receive refunds for tickets they bought but couldn't use. It's mainly a sad day for the citizens of Israel, who have been forced to take ownership of a company that is losing money.
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The truth is that even if El Al were profitable, nationalization is a symptom of a disease. As citizens, we are happy about every profitable company in the country, because the government only profits from companies it doesn't own, as it is not a partner in their losses and risks.
The plan to nationalize the airline allows for the possibility that the government won't wind up owning a majority of shares in El Al, as they are being offered to the public, too, but that appears to be a very slim chance.
If anyone thinks this is a high price for the government to pay, wait for what comes next. After we pay a lot more for the company than has been paid thus far, a future government, maybe the 45th, will be prepared to pay even more for someone to take the airline off its hands. So any proposal that would bring in other owners and free the government from this burdensome ownership would be welcome.
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