Re:Boeing charged with 737 Max fraud conspiracy and agrees t...
by 1024core on Thursday January 07, 2021 @04:28PM
(#25677755)
Unless decision-makers go to jail, this means nothing. Execs should not be able to buy themselves out of jail.
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Re:Boeing charged with 737 Max fraud conspiracy and agrees t...
by staticautomatic on Thursday January 07, 2021 @04:37PM
(#25677887)
We should probably consider charging and trying them first.
Re:Boeing charged with 737 Max fraud conspiracy and agrees t...
by jessaustin on Thursday January 07, 2021 @04:54PM
(#25678103)
That's a great suggestion. Unfortunately, press releases like TFA are seldom followed by criminal charges against executives. This is the big announcement, right here.
Re:Boeing charged with 737 Max fraud conspiracy and agrees t...
by frongpik on Thursday January 07, 2021 @08:56PM
(#25680465)
First you need to find them. It's not like those in charge leave paper trail that could pin responsibility to them.
Re:Boeing charged with 737 Max fraud conspiracy and agrees t...
by staticautomatic on Thursday January 07, 2021 @09:49PM
(#25680910)
You’d be surprised how often they do.
Re:Boeing charged with 737 Max fraud conspiracy and agrees t...
by sargun on Thursday January 07, 2021 @04:44PM
(#25677974)
How do you prevent the execs from delegating decision making (on paper) to engineering, and then forcing them to make certain decisions?
Re:Boeing charged with 737 Max fraud conspiracy and agrees t...
by yulaow on Thursday January 07, 2021 @04:48PM
(#25678021)
C-levels should be personally responsible for the decisions "made by the corp". They will need to obviously add checks and verification to what happens inside the company and could not claim anymore they "didn't know" because it would be explicit that their role is exactly to know and respond for it. Simple as that
Re:Boeing charged with 737 Max fraud conspiracy and agrees t...
by AnimalMuppet on Thursday January 07, 2021 @05:02PM
(#25678211)
"Knew or should have known". If you're a C-level exec, and you don't know, it's your fault that you don't know.
Re:Boeing charged with 737 Max fraud conspiracy and agrees t...
by robotdongs on Thursday January 07, 2021 @04:57PM
(#25678135)
This already occurs with SOX, it's definitely a workable model for processes and decisions not just impacting the finical statements.
Re:Boeing charged with 737 Max fraud conspiracy and agrees t...
by t0mas88 on Thursday January 07, 2021 @05:54PM
(#25678818)
In theory SOX only has benefits, but in practice the compliance costs due to it are very high. I'm sure some of that is for the better (bad oversight before SOX) but I can't imagine the insane paper tigers that come out of it are a net positive in the end.
Re:Boeing charged with 737 Max fraud conspiracy and agrees t...
by codebje on Thursday January 07, 2021 @04:47PM
(#25678009)
One delegates authority, not accountability.
Re:Boeing charged with 737 Max fraud conspiracy and agrees t...
by xiphias2 on Thursday January 07, 2021 @06:03PM
(#25678896)
Looking at chat records.
There are already enough laws to put top executives in jails, it's just that the laws aren't used.
Re:Boeing charged with 737 Max fraud conspiracy and agrees t...
by linuxftw on Thursday January 07, 2021 @04:47PM
(#25678017)
Don't forget about the regulators. Homicidal negligence.
Re:Boeing charged with 737 Max fraud conspiracy and agrees t...
by nickthegreek on Thursday January 07, 2021 @04:53PM
(#25678094)
At the very least fine could a MUCH higher percentage of annual profit. That would at least give the company incentive to fire people.
Re:Boeing charged with 737 Max fraud conspiracy and agrees t...
by bzbarsky on Thursday January 07, 2021 @05:17PM
(#25678407)
The number here ($2.5 billion) seems to be ~20% of Boeing's 2016 EBITDA (earnings before interest, taxes, depreciation, amortization) and ~18% of their 2017 EBITDA. It's ~700% of their 2019 EBITDA (they had a pretty bad year revenue-wise in 2019) and I expect they will have a significantly negative EBITDA for 2020 (it's -$4.6 billion for the 12 months through 2020-09-30).
Looking at historical trends at https://www.macrotrends.net/stocks/charts/BA/boeing/ebitda it looks like it's something like 25% of an eyeballed "average year" for Boeing.
I suspect you're right that this is a little low given what was going on here.