Let the market set the wages, but provide certain safeguards. First, make it illegal for commercial pilots to "pay" through training fees for the First Officer seat. Second require all airlines to require 1,500 hrs as a super-numery prior to the pilot being released to operate commerical aircraft. Third, include all the hours pilots work in their duty hours, regardless if they are flying or not. This will prevent pilots from taking second jobs and will push up wages.
On the ripping off of the companies by senior management, this is a matter for the shareholders and airlines should be treated no differently. However, we need tougher financial regulation anyway, so this should be addressed this way.
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