Boeing Made Mistakes. Now They Want Your Money.

Former U.N. envoy Nikki Haley quits Boeing's board over its plea for $60B in aid, Geekwire

"Earlier this week, Trump told reporters that he supported a Boeing bailout -- and referred indirectly to the company's 737 MAX troubles: "it was unthinkable what happened, with respect to Boeing. Probably I would consider it the greatest company in the world prior to a year ago. Now they get hit in 15 different ways and they have different management. I've met the new people running Boeing. I think it's going to be outstanding. "But, yeah, we have to protect Boeing. We have to absolutely help Boeing. They were doing a job. ... It was coming along well. And then all of a sudden, this hits. So, obviously, when the airlines aren't doing well, Boeing is not going to be doing well. So we'll be helping Boeing."

Boeing CEO says company may reject stimulus if Treasury seeks equity stake

"Boeing chief executive David Calhoun on Tuesday suggested that the aircraft manufacturer would not accept federal aid as part of a pending economic rescue bill if it meant giving the Treasury Department a stake in the company. ... Boeing is requesting $60 billion in federal loans from a $500 billion corporate assistance program created in the Senate's $2 trillion economic stimulus bill. The bill, which is still being negotiated, also allows the Treasury secretary to take a stake in bailed-out corporations, as the government did to major banks who received federal rescue funds in 2008."

Boeing to Emerge as Big Stimulus Winner, WS Journal

"The company has declined to detail the components of the $60 billion it has been seeking. After the Senate passed its stimulus bill late Wednesday, Boeing praised the package, saying its liquidity boost was "critical for airlines, airports, suppliers, and manufacturers to bridge to recovery." Faced with mounting financial strain, Boeing has suspended its dividend and has been considering potential layoffs. Executives have said they were working to avoid cutting or furloughing employees from its 65,000-worker commercial arm. Under the proposed stimulus plan, certain loan recipients must maintain at least 90% of their current workforce through Sept. 30, among other worker protections, eliciting praise from the International Association of Machinists and Aerospace Workers, which represents Boeing factory workers in the Seattle area."

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This page contains a single entry by Keith Cowing published on March 27, 2020 1:51 PM.

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