Meltdown

Live Nation Entertainment Inc. faced questions from lawmakers in Washington on Tuesday, in a Senate hearing stemming from Ticketmaster’s botched ticket sales last year for Taylor Swift’s coming tour. Senators pressed Live Nation, LYV 0.69% which owns Ticketmaster, over the company’s exclusive arrangements with venues, ticketing fees, defense against cyberattacks and consumer-data protection practices. Lawmakers also sought to portray the…

Travelers at Baltimore Washington International airport deal with the impact of Southwest Airlines canceling more than 12,000 flights around the Christmas holiday weekend across the country and in Baltimore, Maryland, December 27, 2022.Michael McCoy | ReutersSouthwest CEO Bob Jordan's message, after a holiday meltdown derailed the travel plans of millions, is clear: "I can't say it enough. We messed up."Jordan's focus now, he told CNBC in an interview, is ensuring a similar crisis never happens again. The airline has…

A Southwest Airlines passenger jet lands at Chicago Midway International Airport in Chicago, Illinois, on December 28, 2022.Kamil Krzaczynski | AFP | Getty ImagesThe Transportation Department said Wednesday that it is in the initial phase of an investigation of Southwest Airlines' holiday meltdown and looking at whether the carrier's schedules was unrealistic.Southwest has said it canceled more than 16,000 flights between Dec. 21 and Dec. 31 as it struggled to recover from severe winter weather while executives said they…

The U.S. Transportation Department is probing Southwest Airlines Co. LUV 0.52% ’s scheduling in the wake of its holiday meltdown last month, examining whether executives sold more flights than the airline could realistically operate. The DOT said it is in the initial phase of a comprehensive investigation into the late December debacle. As part of the investigation, the department said it is looking into whether Southwest engaged in an…

By the end of 2023, we could realistically be talking about Brie Larson having added another two billion-dollar hits to her resume, with the star lending her talents to both blockbuster action sequel Fast X and hotly-anticipated Marvel Cinematic Universe follow-up The Marvels. While there are plenty of ways to celebrate what’s set to be another banner year in a career that’s already been full of them, fans got the fright of their lives when it appeared as though the Academy Award winner had only gone ahead and covered…

Southwest Airlines Executive Vice President Bob Jordan speaks as he is interviewed by CNBC outside the New York Stock Exchange (NYSE) in New York City, U.S., December 9, 2021.Brendan McDermid | ReutersFifteen senators, including Bernie Sanders, Elizabeth Warren and Cory Booker, sent a letter to Southwest CEO Bob Jordan on Friday demanding answers about the airline's management of 2022 holiday travel disruptions, which left thousands of passengers stranded in airports.The questions push for details about the causes of the…

New York State Comptroller Thomas DiNapoli, who oversees the state’s pension system, has asked the Dallas-based carrier how it will prevent another widespread operations failure and rebuild trust with the flying public and its own employees. “Clearly this crisis has resulted in profound customer dissatisfaction and is expected to generate significant costs to the company,” Mr. DiNapoli said in a letter Friday to Southwest Chief Executive Bob Jordan. “The…

The meltdown that forced Southwest Airlines to cancel more than 16,700 holiday flights could cost the carrier between $725 million and $825 million, the airline said in a filing Friday. The total represents about as much as the airline earned in the first nine months of last year. The crisis shows what can go wrong when a company that millions of people rely on moves too slowly to invest in crucial but unglamorous parts of its operation. Southwest struggled to recover from frigid weather after its crew scheduling…

Southwest canceled more than 16,700 flights after a winter storm disrupted its operations. Photo: KAMIL KRZACZYNSKI/REUTERS…

The collapse of crypto exchange FTX sparked a run on Silvergate SI 27.10% Capital Corp., forcing the bank to sell assets at a steep loss to cover some $8.1 billion in withdrawals.  Crypto-related deposits plunged 68% in the fourth quarter, the bank said in an early release of some quarterly results. To satisfy the withdrawals, Silvergate liquidated debt it was holding on its balance sheet. The $718 million it lost selling the debt far…