https://www.wsws.org/en/articles/2020/06/30/boei-j30.html
Can you say corruption?
This is crapitalism at its finest. It's how the system of rule moves from late-stage capitalism, to fascism.
US regulator approves re-certification flights for Boeing’s deadly 737 Max
In the aftermath of the crashes and the grounding of the Max 8—which both Boeing and the FAA initially opposed—a myriad of reports from aviation safety agencies internationally and leaked internal emails from Boeing employees and officials established that the company was well aware of the dangerous flaws in the aircraft, but carried out a cover-up in order to get the plane into the air.
Neither these damning facts nor the coronavirus pandemic have stopped Boeing and the FAA from plowing ahead with their plans to bring the aircraft back into service. Both the corporation and the regulator are more concerned with the value of the company’s stock, which shot up 14.4 percent, to $194.49 a share, the day the first test flight was completed. This is more than double the record low to which the stock collapsed in mid-March. The Dow Jones itself shot up 200 points, propelled by Boeing’s gains.
The company’s stock was initially bolstered by the $17 billion bailout it received as part of the bipartisan CARES Act corporate rescue package passed at the end of March. The money for Boeing was part of a broader package to inject cash into the aviation industry after air travel collapsed in response to the pandemic.
The massive sums being provided to Boeing sharply contrast with the pittance the corporate giant has provided for the 346 families that lost loved ones in the two crashes. Each family has received a mere $144,500 per crash victim from an account that is overseen by the notorious Wall Street “fixer” Kenneth Feinburg. He is working to defend the airplane manufacturer’s profits and refurbish its public image.
Even as Boeing executives have continued to make millions in salary and stock options, the corporation has slashed at least 12,300 jobs, about half of which are layoffs and half buyouts. According to CEO David Calhoun, the cuts will be focused on Boeing’s commercial division, as its defense-related projects have remained profitable. The cuts are little less than one-tenth of the company’s total workforce, and may rise to 16,000 in the near future.
Can you say corruption?
This is crapitalism at its finest. It's how the system of rule moves from late-stage capitalism, to fascism.