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The Boeing kleptocracy

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Will Boeing Workers Nix Givebacks in Forced Re-vote?

Immediately following the November 13 rejection, Boeing began soliciting “bids” from other states and localities for the 777X work. A couple of newspapers got to see what Boeing was demanding in its request for proposals. Pretty outrageous: free land, a building for free or low cost, worker training, lowered taxes… the list went on

Boeing Machinists Narrowly Approve End to Pensions

To the best of my knowledge, no Washington state politician has spoken out against this. To the best of my knowledge, NO politician has spoken out against this.

Boeing did this for one simple reason, because they can. There is no other reason for this, certainly not maximizing shareholder value. I certainly do not think it is ok to steal people's pensions in order to maximize shareholder value, I simply reject that Boeing was motivated by concerns over profitability.

Within the last six months Boeing insiders have dumped 119.800 shares of Boeing stock. Clearly they have zero confidence in their business model and management. CEO Jim McNerney dumped 282,037 shares this past August. This is not management, it is asset stripping.

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Submitted by Dromaius on

They didn't actually STEAL the pensions, merely froze them, only slightly better.....

However, ayep, they did it not just with the silence of Democrats, but with Inslee's encouragement and 9B in corporate welfare. Inslee and the rest of the Washington Democratic leadership are not on our side, needless to say.

What we need are national laws that prevent this bidding process. Corporations should pay the same taxes no matter which state they choose. But this will never happen.

hyperpolarizer's picture
Submitted by hyperpolarizer on

They did in fact steal the pensions. New workers will get a 401k instead of the old defined benefit pension.

A 401k is worthless in comparison with defined benefit.

This is outright theft.

This was also massive voter suppression.

Disgusting.

The power of accurate observation is commonly called 'cynicism', by those who have not got it.
--G. B. Shaw

Cujo359's picture
Submitted by Cujo359 on

Considering what happened when they pulled this crap with the 787, you'd think they'd be less eager this time. Sadly, they're not, and why should they? The CEO and his cronies look to be cashing in right now, and there's no way they're going to suffer any consequences if Boeing's reputation suffers after yet another long self-inflicted delay in production of a new aircraft.

As in many states, our Democratic leadership in WA isn't worth a fresh pile of natural fertilizer.

Rangoon78's picture
Submitted by Rangoon78 on

Boeing gave $1 million to Obama's 2012 inauguration festivities. Obama bragged (inthe presence of the Boeing CEO) that he was their best salesman, he quipped that he should be given a gold watch. His gold watch will have diamonds on it in the wake of his silence on Boeing ending pensions as we know them.

Submitted by lambert on

... built from components put together by two workforces, one newly trained, the other disgruntled.

Boeing hates its workforce, and you'd think the 787 would be a lesson to them. It's going to take airplanes falling out of the sky to stop these guys from doubling down.

First they ignore you, then they ridicule you, then they fight you, then you win. -- Mahatma Gandhi

Submitted by flora on

Boeing officers are selling stock and the company is buying back the stock. So officers are selling to the company, essentially. A form of looting? A kind of leveraged buyout? Officers liquidating capital to return the proceeds to themselves in the form of higher stock prices?
2013 was a very profitable year for Boeing.
Meanwhile, regular employees lose their pensions.

http://finance.yahoo.com/news/boeing-boosts-stock-buyback-plan-10-billio...
Dec. 16th, 2013
"The Boeing Co. said Monday that its board of directors approved a $10 billion increase in its stock buyback program. The aircraft maker will also raise its quarterly dividend payment by about 50 percent.
...Following the announcement, Boeing shares rose $1.78, or 1.8 percent, to $136.50 in after-hours trading. They closed at $134.72 Monday."

Flora