• Boeing Pleads Guilty To Fraud As Effort To Bring Manufacturing In-House Proceeds With Acquisition Of Spirit Aerosystems

    July 8, 2024
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    The story behind Boeing guilty plea today is the effort to bring its manufacturing futher 'in-house' after a disastrous focus on financial profitability, and not its core-competency - building airplanes.

    The acquisition of 'Spirit Aerosystems', which made the door which failed during an Alaskan Airlines flight, and a major subcontractor for Boeing, continues.

    Boeing agreed to plead guilty to a conspiracy fraud charge tied to the 737 Max crashes.

    Under the deal, Boeing agreed to pay a $243.6 million fine and for an third-party monitor to be installed to monitor the company’s compliance, reported CNBC.

    The deal spares Boeing from a trial just as the plane maker is trying to turn a corner in its safety and manufacturing crises.

    The guilty plea would brand the planemaker a felon and could complicate its ability to sell products to the U.S. government. About 32% of Boeing’s nearly $78 billion in revenue last year came from its defense, space and security unit.

    We spoke with former director of the F-22, and F-35 programs at Lockheed Martin, Tom Burbage about the manufacturing issue in U.S. aviation earlier in the year below.

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    L Todd Wood

    L Todd Wood, a graduate of the U.S. Air Force Academy, flew special operations helicopters supporting SEAL Team 6, Delta Force and others. After leaving the military, he pursued his other passion, finance, spending 18 years on Wall Street trading emerging market debt, and later, writing. The first of his many thrillers is "Currency." Todd has been a national security columnist for The Washington Times and contributed to One American News, Fox Business, Newsmax TV, Moscow Times, Novaya Vremya (Ukraine), the New York Post, National Review, the Jerusalem Post, Zero Hedge and others. He is also founder/publisher of CDM. For more information about L. Todd Wood, visit LToddWood.com.
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