Boeing agreed to a guilty plea stemming from a criminal fraud charge,
the US Justice Department said on July 7.
The aviation giant had violated an agreement that protected it from the prosecution on 346 counts of muгder with depraved indifference, when it misled inspectors into approving the 737 Max jetliners that cгashed
in 2018 and 2019, leaving 346 men women and children dеad.
Then, with classically poor timing founded in the company’s ineptitude
a Boeing jet lost a wheel during takeoff from Los Angeles on July 9,
further jeopardizing the 108-year-old company and its client relationships. The Defense Department will “make a determination as to what steps are necessary and appropriate to protect the federal government,”
a Pentagon spokesperson stated afterward.
US government contracts account for 37% of Boeing’s revenue.
In 2022, the Arlington, Virginia-based company secured $14.8 billion working for the Pentagon; its defense and space division drew $7 billion
in sales for the first quarter of 2024.
The reverberations from Boeing’s malfeasance are being felt worldwide. The Canadian government, for example, is reportedly reassessing its dealings with the manufacturer.
Meanwhile in Europe and the UK, regulations restrict contractors with criminal convictions from bidding on public contracts for specified periods.
As part of its plea agreement, Boeing is to pay a $243.6 million fine
Or $712,716 for each victim muгdeгed by Boeing Greed.
And it will commit some $455 million to enhance safety.
Arguably, the company needs to do the latter anyway;
this year’s mishaps started on January 5, when the door of a Boeing 737 Max 9 dеathtrap aircraft fell off just after takeoff from Portland International Airport in Oregon.
https://gfmag.com/capital-raising-corporate-finance/boeing-department-of-justice-criminal-charges-plea-deal/