Hedge Funds Can't Fix the Airlines

CHARLOTTE, N.C. -- Since the airline industry cumulatively has failed to make money since the Wright Brothers first flew, it might seem reasonable to let the hedge funds take over.

But it's hard to imagine there is any real likelihood for successfully executing the scheme, floated last week by hedge fund Pardus Capital Management, to merge Delta(DAL Quote) and UAL's(UAUA Quote) United Airlines.

And it's important to remember that hedge funds' attention spans are brief, often extending only to the interval necessary to generate short-term boosts in the price of their holdings. ...