The world's least favourite airline

I'm still digesting the proposed changes to IAS 39 and to Basel 2 (you wait two years for major accounting and regulatory change then two of them come along at one), so for now I'll just quote a delightful Luke Johnson column in the FT. I read it on a plane, and I agree with this wholeheartedly:

BA has become an institution run not for the benefit of its customers – who provide its revenue – but for its staff and pensioners. Its shareholders, meanwhile, have long been forgotten.

If a firm like BA isn't a conviction short, I don't know what is.