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Thu Sep 22, 2022, 06:53 PM

Boeing agrees to pay $200 million for misleading the public about the 737 Max

Source: CNN

New York (CNN Business)Boeing and its former CEO Dennis Muilenburg agreed to pay hefty fines to settle charges from the Securities and Exchange Commission that they misled the public about the safety of the 737 Max following two fatal crashes in 2018 and 2019.

The SEC alleges that, following an October 2018 crash of a Lion Air 737 Max jet that killed 189 people, Boeing and Muilenburg knew that part of the plane's flight control system posed an ongoing safety concern yet told the public that the 737 Max was safe to fly. After a March 10, 2019 fatal 737 Max crash, the SEC alleges that Boeing and Muilenburg knowingly misled the public about "slips" and "gaps" in the certification process of that flight control system.

"In times of crisis and tragedy, it is especially important that public companies and executives provide full, fair, and truthful disclosures to the markets," said SEC Chair Gary Gensler in a statement. "The Boeing Company and its former CEO, Dennis Muilenburg, failed in this most basic obligation. They misled investors by providing assurances about the safety of the 737 MAX, despite knowing about serious safety concerns."

In a statement, Boeing said that the settlement "fully resolves the SEC's previously disclosed inquiry into matters relating to the 737 MAX accidents."



Read more: https://www.cnn.com/2022/09/22/business/boeing-737-sec/index.html

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Reply Boeing agrees to pay $200 million for misleading the public about the 737 Max (Original post)
brooklynite Thursday OP
oldsoftie Thursday #1
brooklynite Thursday #3
oldsoftie Thursday #6
Turbineguy Thursday #2
moreland01 Thursday #4
live love laugh Thursday #5
Bayard Thursday #7

Response to brooklynite (Original post)

Thu Sep 22, 2022, 06:55 PM

1. So have they resolved the problem correctly? Are MAX planes back in the air again?

I've heard of some new orders but not sure if its that model

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Response to oldsoftie (Reply #1)

Thu Sep 22, 2022, 07:02 PM

3. MAX 8 planes have been flying since November 2020.

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Response to brooklynite (Reply #3)

Thu Sep 22, 2022, 08:12 PM

6. Thank you.

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Response to brooklynite (Original post)

Thu Sep 22, 2022, 06:59 PM

2. Maybe they should have

some Trump-like rallies to raise the money.

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Response to brooklynite (Original post)

Thu Sep 22, 2022, 07:14 PM

4. On Amazon Prime

There's a really interesting documentary on Amazon Prime called Flight/Risk all about the 2 Boeing 737 Max crashes.
It delves into the research by a Seattle newspaper journalist and a Boeing whistle blower.

The bottom line, IMHO, of the documentary was that the Boeing whistle blower believes that the manufacturing process was so corrupted and flawed during the development of this airplane that he wouldn't recommend EVER flying on one of those planes. Their own calculations estimate that 15 of the Boeing 737 Max airplanes will crash in the lifetime of that model. Within the first years two have already crashed. Everyone ought to know that statistic and make their own decisions.



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Response to moreland01 (Reply #4)

Thu Sep 22, 2022, 08:11 PM

5. Note 📝 to self .... avoid 737s.

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Response to brooklynite (Original post)

Thu Sep 22, 2022, 10:50 PM

7. $200M for killing hundreds of people

So, they sell a few more jets, and make that amount back pretty easily.

Prosecute.

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