Federal officials on Saturday ordered the immediate grounding of Boeing 737-9 Max jetliners after an Alaska Airlines plane suffered a blowout that left a gaping hole in the side of the fuselage.
[…]
An Alaska Airlines jetliner blew out a window and a portion of its fuselage shortly after takeoff three miles above Oregon late Friday, creating a gaping hole that forced the pilots to make an emergency landing as its 174 passengers and six crew members donned oxygen masks.
No one was seriously hurt as the depressurized plane returned safely to Portland International Airport about 20 minutes after it had departed, but the airline grounded its 65 Boeing 737-9 Max aircraft until they can be inspected. The National Transportation Safety Board said Saturday it will also investigate.
Sorry, but the shareholders demand you stop wasting money on this “engineering” thing.
We always say shit like this, but do you think Boeing stockholders are psyched right now?
When are we gonna realize, fiscally, that it makes no sense to put idiotic psychopaths who cannot see the big picture in charge?
This is BAD FUCKIN BUSINESS.
Stock holders are glorified gamblers. They don’t care that a company crashes as long as they can dump the stock to schmucks left holding the bag.
That is not true. The largest percentage shareholder is that of the employee stock purchase plan for Boeing stocks.
They care about their work and their stock price.
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Technically they are both wrong. The employees usually quicksell the stock, meaning as soon as they get it, the system automatically sells it. So the stock participation plan owns the stock most of the year.
Since the stock is given to them at a discount on the lower price of the begining or ending of the usually 6 month period, they make money either way. That and the fact that most employees feel their work doesn’t impact the stock price leads most to simply not care about it. There are always some financially minded who care, but most blame the market for drops. Only a very few blame the leadership.
Source, worked at a similarly large corp that had engineering based CEOs and the a finance CEO who ruined everything. Worked there 15 years. Never going back.
For me, at least, between ESPP, RSU, and SOP, my portfolio is over exposed to my employer. I sell a lot, but due to mandatory holding periods, and recent dips in price, I’m holding more than I want. I don’t think that a sense of my work impacting stock really makes a difference in my choice to hold or sell. It’s more about long term vs short term capital gains. The only things I quick sell are my RSUs since those have no requirements and taxes are paid on distribution.
I think the worlds covid response says that this is literally never going to happen. Psychos run the world and we are all getting fucked by them.
Unfortunately stockholders have about as much capacity to see the consequences of their actions as a toddler does.
They don’t care that 5 or even 2 years from now their cuts will mean planes falling out of the sky, they just see profits go up next month.
The case where it was determined that a company has a fiduciary duty to share holders to maximize profit is up there with Dobbs and Citizens United in terms of damage caused to the fabric of society.