Today I Found Out

The Pass That Allows People to Fly for Free Forever (2015x201)

Air date: Dec 24, 2015

→Subscribe for new videos every day! https://www.youtube.com/user/TodayIFoundOut?sub_confirmation=1 →How "Dick" came to be short for 'Richard': https://youtu.be/BH1NAwwKtcg?list=PLR0XuDegDqP2Acy6g9Ta7hzC0Rr3RDS6q Never run out of things to say at the water cooler with TodayIFoundOut! Brand new videos 7 days a week! More from TodayIFoundOut In this video: Back in 1981, in an effort to raise some quick funds, American Airlines introduced a $250,000 pass (about $641,000 today) that would allow customers to fly on its airlines for free for the rest of their lives. In 1990, they bumped the price to $600,000 (about $1.07 million today), and then in 1993 to $1.01 million (about 1.7 million today). Despite the sticker price, the airline has since admitted this is one of the costliest mistakes it has ever made. Want the text version?: http://www.todayifoundout.com/index.php/2015/10/pass-allows-people-fly-free-forever/ Sources: https://www.documentcloud.org/documents/353994-aairpass-tarriffs.html http://www.economist.com/blogs/gulliver/2012/05/lifetime-airline-passes http://www.slate.com/blogs/moneybox/2012/05/07/the_men_who_flew_to_much.html http://business.time.com/2012/05/08/the-250000-airline-pass-that-was-worth-every-penny/ https://www.documentcloud.org/documents/353984-rothstein-first-complaint.html http://nypost.com/2012/05/13/freequent-flier-has-wings-clipped-after-american-airlines-takes-away-his-unlimited-pass/