Boeing’s free cash flow for 10 years totaled $58.37 billion, while the company spent $43.44 billion, or 74% of free cash flow, on stock repurchases.
https://dailytimewaster.blogspot.com/2020/03/nikki-haley-resigns-from-boeing-board.html
https://dailytimewaster.blogspot.com/2020/03/nikki-haley-resigns-from-boeing-board.html
They may be an aircraft company but I say let em SINK! We've let this shit go on for far to long. Let their incredibly brilliant CEO figure a way out. Hell, that's why he gets such huge bonuses on top of his huge salary! If I ruffled somebody's feathers... tough shit!
ReplyDeleteI agree with you.. and it's clear that the board of directors were soaking up the paychecks, using the corporate jets, etc etc and if things don't go well, and they lose the business to bankruptcy, they will still be immensely wealthy, and not in any way harmed by screwing up. They won't even need another job for the rest of their lives.
DeleteI got no problem with Boeing going out of business... they are not going to change the way we live if they go under.
After all, plenty of other companies, like Airbus, make better planes.
This isn't the Boeing I remember. Horrendous short sighted management. First the 737 fiasco, where they tried to introduce a virtually new aircraft but having its airworthiness certified under an existing aircraft, and then diving into the realm of criminal negligence by providing scant training for said virtually new aircraft and telling aircrews that the flying the Max was just like the previous iterations of the 737-only not. I read a shocking story of an American flight crew who were assigned to fly a Max on a regularly scheduled flight and they'd never sat in one, much less flown one. No simulator time, nothing; on the way from the hotel to the airport they ran through the flight manuals to figure out what to do. There were switches that they were unfamiliar with, displays that were different from the other 737's and warnings on the displays that didn't mean what they did on other 737's... it was appalling 130 people put their lives in the hands of two guys who were guessing on some of the plane's functions. Then there's the manufacturing issues where they're finding a lot of debris and foreign objects in the structure and even cracks in air frames that haven't flown yet. And now the airlines won't be buying any of their banked 737's anytime soon either. The iceberg that's punched a great sucking hole Boeing's ship however is their fixation on quarterly earnings results and boosting the share price, rather than the long-term health of the company and its ability to navigate storms. Most major airlines have been playing this game for a long time too, but Boeing is the biggest player. Contrast this to Apple Inc. who've been harshly criticized for hanging on to their capital, but will be able to weather the storm caused by the shutdown of their plant in China, and then the double wammy of a sales decline as the rest of the world shuts down. Nikki Haley was our governor here in SC and she did a very very good job, her critics complained that she was shill for Boeing, and now that she's left she's being criticized for bailing out to protect her chances of running for President.
ReplyDeleteit seems crazy that they are so greedy and shortsighted... but there is not much commitment from management to most companies and corporations, it seems to me.
DeleteThe focus always seems to be on those quarterly earning statements for stockholders, and never the long term goal of whats best for the company, customers, and employees.
That's probably due to executive bonuses being tied to earning statements, and nothing else
Exactly.
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