Boeing CEO Set To Resign After Ignoring Multiple Safety Failures
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- Опубликовано: 11 май 2024
- The CEO of Boeing announced that he’s leaving the company at the end of the year. His announcement came after a string of mechanical failures on Boeing jets, which employees say were the result of years of cutting corners. Mike Papantonio & Farron Cousins discuss more.
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*This transcript was generated by a third-party transcription software company, so please excuse any typos.
The CEO of Boeing announced that he's leaving the company at the end of this year. His announcement came after a string of mechanical failures on the Boeing jets, which employees were warning about for years. They said, this is coming, this is coming. But it was during a time when there was cost cutting and cutting corners at every, every step of the way. This is an industry, Farron, that is making so much money they can't spend it all. Right. They're the war, they are the weapons war industry. That's what this story, I wish they had got into more details on it, but they're the weapons war industry. They don't make money on building jets. They make money on selling missiles that blow the hell out of three quarters of the world. That's what they do. And so they're making a ton of money, but they still want to cut corners so they can pay this cat an exorbitant obscene bonus every year, while the workers keep getting cut and cut and cut. Pick it up.
Or worse, depending on what happens to the workers, as we've seen. But like you said, you got over 150 employees for Boeing that in the last couple years have sounded the alarm to regulators saying, hey, listen, they're cutting corners here. They're using shoddy materials. They're not following regulations. This is subpar material on this jet that will fail. Will you do something? 150 employees telling regulators this and regulators say, nah. I mean, we've got all these big contracts with Boeing. We're kind of bailing 'em out already with the 737 Max. So we're just gonna let it be. And of course, what happens? People die.
Yeah.
It's obscene.
Okay. 350 deaths just in two fatal crashes. 350 deaths. Not to say, what else is there? And okay, so not one time have they been criminally prosecuted. Okay. They always get these sweetheart deals. We're gonna defer prosecution. Can you get it right? No, Mr. CEO, you're not going to prison. If you killed that many people, you'd be in prison tomorrow. But we have a Department of Justice that is so tied to white collar, I mean, here's what happens. They're looking for jobs. You got lawyers there that are looking for jobs. Either that, or the lawyers with the Justice Department are career lawyers. They're tired. They don't have to work that hard. They're at GS, whatever the hell that is. And they're making all the money that they need, so they don't do anything to go after these folks. The other part, like I said, the other, two different divisions. One is the career person. Hell, why work hard? Right. I'm gonna be paid anyway. And then the other folks that are looking for jobs with corporations like this. So they kill all these people, no criminal prosecution, just like we saw with opioids. They killed 150 people a day for decades, Farron. The Department of Justice had everything they needed to prosecute, but they didn't prosecute. And we see it constantly. It's just a way of life in this country. But in this case, the 737 Max 9, what a disaster.
Yeah, absolutely. We're dealing with a company that there is no question they were intentionally making bad airplanes.
No. Which is the part of the criminal intent.
Right.
Which flows all the way to the top. Right?
Absolutely. And these non prosecution agreements from the DOJ are actually only meant for basically first time offenders. Okay, this is your first time doing something bad. You didn't actually even hurt anybody. So we will give you a non prosecution agreement here. But with companies like Boeing, these are repeat offenders. They should not even qualify for these non prosecutorial agreements.
His resignation equals a billion dollar compensation package.
But of course!
Failing upward!
Golden parachute
This is why we need regulations and unions.
Yes we do!!!!
This is why we need to END these giant monopolies. They are doing nothing but getting in the way.
Someone got rid of a ton of regulations...a huge stack of them.
Actually, Reprehensible Ideology, which started over forty years ago, has been pushing Ayn Rand ideology - which includes no restrictions whatsoever upon the 0.1%…. This also means *no regulations upon their corporate fiefdoms…*
Cooperatives especially.
These CEOs need to be in prison
I concur
Our DOJ is weak and pathetic
It's malice, not weakness. They are complicit, and the worst thing is, we have no way to fix it, because the Republicans would be so much worse.
Republicans have already done enough damage to the US.
But he will get a huge golden parachute. The problem with corporate accountability is that it fails to hold individual leaders accountable. If you want change, you have to punish the individuals responsible for their corruption.
Military industrial complex gone rabid, frothing mouth with greed and stupidity!
We also have to reverse a civil court ruling that mandates executives overclock shareholder returns at the outside world's expense. No idea which corporation it was, which CEO, or which shareholder, but the lawsuit that led to that precedent imperiled the world.
I don't understand what "overclock shareholder returns" means.
@@fr57ujf Overclocking is optimizing one or a few particular stats at the cost of destabilizing an overall system or bleeding all the other statistics.
Thanks.
When you fear integrity and accountability, you are NOT the good guys
Resignation , are You F’ing Kidding Me ..... With all of the People that He endangered , He should be in Prison
Endangered?? 340 dead cause of the Max ….
Anyone notice it is not the executives who mostly die in airplane crashes, it’s the general public.
“…the *valueless* general public. Only the 0.1% matters” - quoth the Reprehensible chorus.
They see deaths and the pittance fines, as just "the cost of doing business".
End stage capitalism. Enjoy the ride.
This is not the end stage, this is rich people dragging us back to an earlier stage.
Why is he getting a golden handshake as he walks out the door in shame? I am so sick of CEOs getting all that money. Pay the shareholders for gambling on the stock, and for God’s sake pay the employees more. He should have to pay the families of those who died!!!!
Pay the employees, fuck the fat lazy shareholders.
Did you know plans and materials to build a guillotine are really accessible for most people?
His resignation means nothing. McDonnell Boeing will continue
I don't know what Boeing was like before the McDonnell-Douglas takeover, but how could McDonnell-Douglas engulfing Boeing's corporate culture have possibly made anything worse?
@@dominicfucinari1942 It brought over the culture and executives from McDonnell
How about a little accountability, both financially and criminally?
He should be jailed.
This shit is what Reagan created!
NEVER...put a bean-counter in charge of quality control.
Boing plane: (has problems and fails)
CEO: It wasn’t me
Look how fast they went after VW and its executive after dieselgate.
Massive Golden Parachutes and a 2 tiered justice system.
He did ???
Well take his Passport.
Good!! Despicable. Ignoring safety sounds like a century ago. And HE KNEW!!! DOJ is an embarrassment.
This segment is why the justice department is so beyond pathetic that we need a president who is willing to restructure it and fire ANYONE who doesn’t go after people like this former Boeing CEO for their choice in ignoring safety concerns that caused people to die. I don’t care how a person dies in a plane crash, I care about why. It isn’t the pilot responsible for the crash, it’s the person who ok’d the commercial jet for air worthiness with no regard for safety. All for a profit.
He needs to be jailed like many others for ignoring security issues that end up costing lives. This also goes for those who protect these criminals.
So, the whole republican party and half the democrats ?
@@Tyranastrasza There's been multiple Boeing aircrafts that crashed around the globe killing hundreds of passengers. The inaction of officials encourage Being to sacrifice security of their products for increase profits. All those who had a hand in inaction (Protecting) Boeing are has responsible for the deaths of the passengers from these numerous crashes.
@@user-ln9ui9yn3j For the record, I don't disagree with you.
People definitely need to pay for this
You mean the ceo's need to pay. Not the country.
Incompetence starts at the top. Good grief!
And no criminal investigation? Pitiful.
Criminal negligence, pure and simple. Head bosses used to be engineers. Now they are accountants.
If they knew of the problems and did nothing, that isn't a accident, it is murder. Our justice system is bent and broken and bought and paid for.
Boeing hasn't been worth a damn since they merged with McDonnell Douglas. That was back in 1996.
Will this really change things at Boeing? I doubt it.
Very expected but nobody gets accounted or is responsible...😮😮😮?
As a shareholder I am furious at the board of directors!
He didn't ignore the safety failures, he had them dealt with with extreme prejudice.
Look at 2 of the top patron saints of American citizens. When you both walk, im sure your angel wings flutter. Blessings Mike and Farron
He should be charged for reckless endangerment
The problems with Boeing go back decades, all stemming from the merger between Boeing and McDonnell-Douglas.
When the merger deal was signed, Boeing took on McDonnell-Douglas' responsibilities, assets, and debts. These costs were astronomical. So, the corporate culture within Boeing changed. Before the merger, engineers from within were promoted up the corporate hierarchy ladder. After the merger, the bean counters were promoted up instead. I believe there is quote from a Boeing CEO who stated after the 787 and its related development headaches was flying that he wanted, "no more moonshots." Essentailly, all future projects and business decisions were made with idea of saving money and turning a profit more easily. Your own factories becoming too costly? Just divest from it and spin-off the responsibilities to an outside facility. There's a new design from a rival manufacturer that threatens your market share and losing your biggest customers? Just copy their line of thinking and re-engine our planes with no forethought on the engineering consequences and technical limitations of a design that first flew in the mid-1960s.
Thinking about the circumstances you described is like getting slapped unexpectedly in the face.
Boeing needs to be held accountable, but let's not forget that they are one of the largest American employers in the U.S. Accountability needs to happen at the top, don't let it impact those on the lower rungs.
Pulling the rip cord on his golden parachute
About time!
Isn't this old news? I thought I heard weeks ago that he was resigning and a new Chairman of the Board was elected to head up the search for a new CEO.
I hope that someone sues him for the deaths that have resulted like the two whistle blowers.
Was it his order?
@@dennisyoung4631 it was his responsibility to listen to his employees so they don't need to whistle blow and end up 6' under.
You can understand that can't you?
@@theofficialzombiewhisperer2 I was meaning “did he give an order to have them …. so as to cover his and the Firm’s backsides?”
@@dennisyoung4631 I wasn't there to hear something like that.
Hey Boeing your former CEO is about to blow the whistle
Boeing has lost its way since the accountants took over from the engineers.
If only there were a way: it is called proper regulations
There is never enough money for these people, don’t like this world, think I’ve seen enough.
Hardly ignoring, covering up. This is criminal.
This makes me always think does money corrupt or do the corrupt know how to get money?
Did you discuss the Starliner to the ISS? 5 years behind SpaceX AND they got more money. BIG failure.
Announcing a resignation 8 months in the future is not some OMG
Pap is the best! So are you, Farron!
#TeamAirbus
But he still gets to keep all his bonuses and stock option, right?
At least he's young enough that he can enjoy his separation package for the rest of his life with no worries for his family's future.
"Let them eat cake" party on full display.
Exactly!
The rich just keep on consolidating more and more power in this country.
Boeing has mid-level managers without engineering degrees making decisions to over-ride recommendations from actual engineers. It happens continually and it explains why competent engineers bail after a couple years.
Mid-level managers retire with 100% salary pensions ~ $250K while workers get their 401K.
Funny thing I knew Joe Estes who was the Boeing union president for years
What about the 2 whistle blowers that died "accidentally?"
Resign, that's a start. Now, I hope the families of the whistle blowers sues him.
Hmm what do you know it nothing to do with black pilots or dei program that some people were blaming it on.
It was about cutting corners to save a few dollars. That always comes from the top office.
It's ridiculous to think they would let someone be pilot just based on dei.
until CEOs and director boards start to really face prison time for their actions, this will continue.
this problem extends far, far beyond the aviation industry
He was due to leave anyway in2025
Heck the CEO can write a book like pap money is always greener on both sides
They murdered 2 whistleblowers already.
Now give em more billions of dollars.
Repulsive stuff.
The CEO of Boeing did the right thing by stepping down
$820 billion in 2023 for defense. Overhead markup rates in these companies of 400-1000%. So if they pay a skilled employee $50 an hour, they will charge the government $250 an hour. AND they are cutting corners? Time to really trim the fat and regulate where all the tax money is going.
well, he's free now....hope he doesn't leave the country
What about the two whistle blowers who died? The timing was REAL convenient - for Boeing.
How many dead Boeing whistleblowers are we up to now? Is it 3 yet?
There is a chance that Airbus will benifit from this.
With a big payoff. And I've only heard the first,6 seconds
Check out his golden parachute… it’s disgusting
Money is the law let's face it
Now Boeing is getting weaker, while Airbus is getting bigger, and it's a favorable opportunity for the European company. Being has been very greedy and it pays the price after all, a sheer scene of American manufacturing demise.
Money and profit comes before human lives. The politicians you vote for allow these companies to do this , so people you are partly responsible.
The “justice system” in america is an oxymoron
The only reason that he's living is because the big pay check he will receive
B.S. 😡😡😡😤😡
They are special, they did go to expensive schools. They should know better, triple the sentence as the average under educated, underpaid citizen would get for the same crime.
And he got paid while leaving
Outrageous to blame the overworked and underpaid civil servant. Outrageous.
Don't worry he will get a gold plated pension!
😮😅
Rats are leaving the sinking ship. While the workers suffer, the 10% of the high ranking executive management get millions for doing nothing.
The rich get richer and the poor die. Welcome to America.
Your capitalism at work.
America is failing.
They care nothing about LIFE, just profits. Money is the root of all evils with these Corrupt people.
DOJ is not fit for purpose - neither is Garland
A brilliant psychologist who has specialized in the treatment of the VICTIMS of sociopaths -- wrote an eye-opening book, "The Sociopath Next Door." One of the side-comments in her book is that U.S. corporations have for years deliberately SELECTED sociopaths as their CEOs and other senior management positions. Why? Because ONLY a "sociopath" (an emotionally DEFECTIVE person lacking any "circuit board" for ethics, empathy, caring for others, etc.) is GLEEFULLY willing to do ANYTHING to ANYBODY else, to make more money for "the holy shareholders." Sociopaths HAVE greatly increased the paper value of many giant monopolies, at repeated human costs. Maiming or killing hundreds or thousands of people is viewed by such as "just a calculable cost of doing business" -- to be "annoyingly" subtracted from obscene profits. Board members, major investors etc. are all guilty of this vile "strategy," due to their worship of ONLY ONE THING: MONEY. (Which "worship" itself is -- sociopathic.) At present, we inhabit a VERY sick nation, due to OUR having allowed such monsters to become corporate "leaders."
Their more worried about their own paychecks then public safety.why aren't they ARRESTED FOR MASS MURDER????