It’s a concerning turn for a US company that used to be...

It’s a concerning turn for a US company that used to be synonymous with safety and craftsmanship. Best known for revolutionizing commercial aviation, Boeing for decades maintained a sterling reputation for excellence.But in 1996, Boeing merged with McDonnell Douglas, a company known for building military planes with a terrible safety record. “Was merging with the McDonnell Douglas aerospace corporation slash murder emporium the worst decision that Boeing CEO’s worst decision? Probably not,” said Oliver, because the then CEO Philip Condit married his first cousin. “So the last decision I’d ask this guy to make is who it’s a good idea to couple up with.


A profit-driven culture took over; within a few years, the company introduced a stock buyback program, as priorities shifted from safety and product to stock prices. Oliver outlined how this process affected the development of the 787 Dreamliner in the 2000s, which was given less than half the budget of previous planes, and outsourced production to 50 different suppliers. “So basically, the plan was for Boeing to create the plane the same way someone ‘creates’ a gingerbread house from a kit,” said Oliver, “essentially assembling a bunch of pieces other people made, leading to a finished product that, structurally speaking, was always going to be a f*ing mess.”

The Dreamliner, released three years late and $25bn over budget, was eventually grounded due to several fires on board within days of each other, the result of defective batteries made by a subcontractor and not audited by Boeing.

The company tried to rebound with the 737 Max model under the slogan “more is less”. At the same time, from 2014 to 2018, the company diverted 92% of operating cash flow to dividends and share buybacks to benefit investors, far exceeding its investment in research and development. And then two catastrophic crashes – the 2018 Lion Air crash, killing 189, and the 2019 Ethiopian Airlines crash, which killed 157 people – highlighted significant safety concerns

After the Lion Air crash, Boeing promised to have a software fix for MCAS within six weeks. That didn’t happen; instead, the company authorized a record $20bn share buyback program. “So clearly they were concerned about safety – specifically, the safety of their f*ing stock price,” Oliver exclaimed.


One could say emblematic of the great American dream...ruined by incestuous corporate greed