Neither Boeing nor Muilenburg admitted wrongdoing, but they offered to settle and pay penalties, including $1 million to be paid by Muilenburg, who was The SEC said Boeing and Muilenburg knew that the flight system, known as MCAS, posed a safety issue but promised the public that the plane was safe. The SEC said they also falsely claimed that there had been no gaps in the process of certifying the plane in the first place.
Boeing said it has made “broad and deep changes across our company in response to those accidents” to improve safety and quality. A new Max operated by Indonesia’s Lion Air crashed into the Java Sea in October 2018, and another Max flown by Ethiopian Airlines nosedived into the ground near Addis Ababa in March 2019. In each crash, MCAS pushed the nose down after getting faulty readings from a single sensor, and pilots were unable to regain control.
How does that happen in reality? Like a $200M wire transfer? An ACH? Where does it go? The SEC sends Boeing a routing and acct number? I’ve always wondered…
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Boeing pays $200 million to settle SEC charges over 737 MaxBoeing Co. will pay $200 million to settle charges that the company and its former CEO misled investors about the safety of its 737 Max after two of the airliners crashed, killing 346 people. The Securities and Exchange Commission said Thursday that it charged the aircraft maker and former CEO Dennis Muilenburg with making significant misleading public statements about the plane and an automated flight-control system that was implicated in the crashes in Indonesia and Ethiopia. Another case of a peanuts fine for a mega corporation. Who gets that money? Hopefully families of the crash victims. Culpable homicide may be a more appropriate charge for Boeing?
Source: AP - 🏆 728. / 51 Read more »
Boeing to pay $200 million to settle charges it misled investors on 737 Max crashesThe aircraft maker and its former CEO allegedly misled the public and investors by claiming the plane was safe despite knowing that a flight-control system posed a safety risk, the Securities and Exchange Commission said on Thursday. 🛑News Flash: it’s deceitful Corporations, Universities, Police D and ponzi schemes having to payout millions in all kinds of LAWSUITS: Sex abuse, Opioids,defective products, food poisoning and bad killer cops causing increase pricing and tax base INCREASES supply chain my foot! Bad Actors are allowed to use law enforcement as a tool to cover up crimes like tax evasion, fraud, securitiesfraud... Cases: IRS_CI 2020-002634/2020-007235 TIGTA TRN-2009-0433 TIGTA TRN-2003-0591 The penalty is rather funny
Source: CBSNews - 🏆 87. / 68 Read more »
Boeing Will Pay $200 Million After SEC Says It Misled Investors About 737 MAX CrashesBoeing’s 737 MAX jets were grounded for nearly two years after two deadly crashes in 2018 and 2019—and on Thursday, the company resolved claims that it misled investors in the early months of that crisis. That's a very mediocre punishment. Does this satisfy its global investors or just the US investor. To them just the cost of doing business Yes this harsh penalty will sure help investors confidence. Let's just remember Boeing knew of the problem with their programming yet continued to blame the pilots. Even as they knew their programming overrode the pilots controls and still does.
Source: Forbes - 🏆 394. / 53 Read more »
Boeing to pay $200 mln to settle U.S. charges it misled investors about 737 MAXBoeing Co will pay $200 million to settle civil charges by the U.S. Securities and Exchange Commission that it misled investors about its 737 MAX, which was grounded for 20 months after two fatal crashes killed 346 people, the agency said on Thursday. Why do companies get fines. Why don't company executives get charged for fraud? Wow very nice plane
Source: Reuters - 🏆 2. / 97 Read more »
Boeing will pay $200 million to settle charges with SECBoeing Co. will pay $200 million to settle allegations that the company and its former CEO misled investors about the safety of its 737 Max after two of the airliners crashed, killing 346 people.
Source: chicagotribune - 🏆 8. / 91 Read more »