Thread regarding Boeing Co. layoffs

I think Dennis could do the world a huge favor, Write a Book, Expos Them All
Go from zero to hero try and put corporate America back on track until the next
Infestation

AGAIN
https://www.marketwatch.com/story/former-boeing-ceo-muilenburg-resigns-from-caterpillars-board-2020-01-27?mod=home-page

Former Boeing CEO Muilenburg resigns from Caterpillar's board
Published: Jan 27, 2020 5:16 p.m. ET

I think we all would like to see criminal charges brought against the board.
Let the facts come out in a court trial.

737 MAX fiasco fallout:
https://www.eturbonews.com/538425/737-max-fiasco-fallout-boeing-to-pay-turkish-airlines-225-million/
Dec. 31, 2019 15:11

Turkish Airlines officials announced today that the carrier has reached an
agreement with Boeing regarding “financial compensation” for losses incurred
by the airline due to grounded and undelivered 737 MAX planes.

One of Boeing’s biggest customers with 24 Max aircraft, Turkish Airlines, did not
specify how much Boeing will shell out. According to some reports, the payout will
Total $225 million, with $150 million in compensation and $75 million covering
Things such as spare parts and training.

The announcement comes after Turkish Airlines said earlier this month it was
preparing to bring a lawsuit against Boeing due to uncertainty regarding the
Max and its losses.

https://uk.reuters.com/article/uk-boeing-737-max-thy/turkish-airlines-boeing-reach-737-max-aircraft-compensation-deal-idUKKBN1YZ0A8?rpc=401&
Dec. 30, 2019

TUI said the grounding cost it 293 million Euros in its last financial year and the
bill could be as high as 400 million Euros in the current year depending on
when the 737 MAX returns to service.

@11CjeUhV-2mjv
@12E9z0F2-7vtp > Management Muckery, Buggering Up the works.
How true some pearls of wisdom

Fiasco Debacle Disaster Dud Humiliation Mess Ignominy Failure Flop…
Once bitten Twice shy, buy Airbus next time, get in line for the 321
If it fits your mission.

I would not know @4doy I came from the 4-21 shop floor, continued my
education while working full time. Am now in an engineering group in 4-21
Yes I would move back to the shop for a while, because I miss it.
I would also be looking for another Eng. job
Good Luck

Employees doing jobs they had no training in...

Is that like when layoffs happen and union folks get bumped back to jobs that have never done?

https://www.upi.com/Top_News/US/2019/12/11/FAA-official-former-Boeing-manager-testify-about-concerns-for-737-Max/5421576034706/?ur3=1

Enter the Link Twice and the UPI Story will Open

Ed Pierson, a former Boeing manager who raised concerns about potential safety
flaws with the now-grounded 737 Max airliners also testified before the committee
on Wednesday, Pierson, who worked as a senior manager at Boeing's Renton,
Wash., factory before retiring last year, said there was a push by the company
To increase monthly production of the 737 Max – and it led to some employees
working seven days a week, and in some cases performing jobs for which they
had no training.

According to prepared remarks, Pierson testified that a "factory in chaos"
contributed to failings that investigators believe resulted in two crashes
overseas and grounded the plane model worldwide.
The 737 Max has yet to return to the skies.

There has been no leadership change at Boeing - Calhoun the CEO is the
Same Man as Calhoun the Chairman; the rest of the board is unchanged.
{Calhoun green lighted the Max from start to its finish}

The same crooked people will steer the same crooked path.

The action items, needing to be checked off are the same, the earliest that
The Max can be recertified is April {IF} the agreed pilot training methods
And standards are a part of this recertification process. We still need pilots:
Then we have the FAA recertifying each plane, it will be drip, drip, drip.
The jobs exiting Boeing will be Splash, Splash, Splash.
This is a Long Term, Down Turn.
This Is Not A Drill.

@3eki
We are right there with you, home is paid for trucks are paid for
No Debt. While many others were spending it we were banking it.
That paid for peace of mind. Working for Airbus sounds like a nice change.

Shoot, House is paid for. I spent all my overtime checks paying off my house while the rest of the Boeing boys were taking Christmas break in Hawaii. Maybe I will sell it and go work for Airbus. Sell my house for big money and head to Alabama and maybe even retire early

A new Truck congratulation now sell your home quickly, and buy a camper.
https://www.youtube.com/watch?v=uynMyztqIiA

I think my 7 years will get me by no problem. Confident enough I just bought a new truck

MERRY CHRISTMAS!!!

Did Santa bring everyone a 60 WARN by special courier?

If you don't have it yet, you will by the end of the day.

Contract Contract Contract
Does anyone read
Contract Contract Contract
Don't worry their are a lot of company's that build 777 - Not
LOL

Turn out the lights, the party is over!

Exactly, 7 years & you don't know how it works yet.....?!

After the company moves people with more seniority into your job number for 30 days, guess what? They then have rights to that job number per Union Contract. Better start getting your resumes ready! Does not matter if they worked that job before. 7 years on 777 line ain’t gonna cut it!

Glad I work on the 777 I got 7 years I’ll be safe for sure!

David Calhoun has a good track record of being replaced.
Calhoun is the global head of private equity portfolio Operations at Blackstone

https://www.blackstone.com/the-firm/our-people/person?person=4266774

Primary Focus Wall Street; Not Engineering; Boeing’s Character is officially Gone

@kzx

2% raises? Don’t kid yourself. You’ be lucky to have a job at all.

Boeing is insolvent.

David Calhoun was recently CEO of Nielsen. Take a look at what he did to Nielsen to see Boeing's future. Expect layoffs almost immediately followed by benefit cuts and merit intervals will move to 18-24 months and average raises will fall below 2%.

https://sputniknews.com/analysis/201912241077755260-back-to-the-previous-after-market-minded-737-max-disasters-boeing-must-listen-to-engineers-again/

With Boeing CEO Dennis Muilenburg resigning Monday and being replaced by
David L. Calhoun, it appears the plane maker is desperate to change leadership
Amid two deadly crashes that were the direct result of
The company’s Managerial Class Drowning Out Engineers,
Steve Keen, the author of “Debunking Economics,” told Sputnik.
AND
Documents released earlier this month also revealed that the
FAA - knew that Boeing’s 737 Max 8
Would be prone to crashes without design changes,
Highlighting the FAA system’s extreme negligence. - {I Call It Collusion}

Nobody will be driving this company into the ground
They already flew it into the ground, Twice

We Could see the Board in new orange suites
https://www.seattletimes.com/business/boeing-aerospace/more-troubling-internal-boeing-documents-on-737-max-set-for-release/

Here's the Link 4 their New Suites
https://www.amazon.com/LOOK-UGLY-TODAY-Fluorescent-Orange-Large/dp/B01M58OWXD?psc=1&SubscriptionId=AKIAILSHYYTFIVPWUY6Q&tag=duckduckgo-ffab-20&linkCode=xm2&camp=2025&creative=165953&creativeASIN=B01M58OWXD

So from now until January 2 we are in the eye of the Hurricane. This is going to be a category 6 RIF.

10 years or less and your out the door. 15 years might not even save you on this one.

The Boeing's book value of one share is -7 USD (check Finviz.com). The Long Term Debt/Equity is not even listed; why? When equity as a denominator reaches 0, what number does the Long Term Debt reaches: Infinity. But the Equity is not zero, it is Negative. The pension fund is stuffed (in the billions) with Boeing stocks.

The bond ratings for Boeing are barely at the investment grade level. If they try to sell more bonds at this time, their rating might fall to the B category or Junk, depending on the amount they are trying to sell. GE bonds are rated Junk. The interests on Junk bonds are much higher than investment grade (proportional to perceived risks). Boeing had to stop is multi-billion stock repurchase program (the pump that allowed the stock to jump from $150 to $400). It stuffed the institutional investors' pockets (Vanguard being the biggest shareholder). Insiders own only 0.07% of Boeing stocks (why should you own it?)

So who would you bring as the next CEO and Chairman?

Accountants who can reassure the financial markets and manipulate the numbers, that is: David Calhoun and Lawrence (Larry) Kellner.

Both accountants are known for lay-offs, M&A, divestitures. Calhoun is a former GE exec, and Kellner is former CEO of Continental Airlines. Where is Continental today? Where is GE today?

If you are about to retire, consider cashing your pension.

They should of fired Stonecipher and McNerney back in the day.

I agree 💯 layoff will come be prepared. The new guy will be an axe and restructuring man. But Dennis new he was out so he left the layoffs dirty work for the new guy.

Wow, that's awesome that you guys get 60 day notice plus whatever additional perks. These are a lot better than what other companies do. If you are 50+ and can't weather this storm until retirement age, then it's on you!!!

Chapter 11 will be coming if max is delayed past April?

Well, y'all wanted him fired. You got your wish. It's too bad you did not understand that he was the only one standing between you and a pink slip for the past 9 months.

Be careful what you wish for.

This is going to hurt more than the day after winning a jalapeno eating contest.

Does Muilenburg get a trophy?

Be expecting your 60 day notices after the Christmas break.