In many companies, the biggest execs are not even ALLOWED to fly the airlines, even if they wanted to! This has gotten bigger after 9/11 and the Concorde accident.
Your747 scenario is flawed a bit. They could very well make money if the belly is full of cargo. All airlines that fly international will bump passengers in order to take cargo. Yes, passengers to provide some revenue but not as much as the cargo does. this is probably true on some domestic routes as well.
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