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The Boeing strike has already cost the company and its workers $572 million – and the pace of losses is climbing (www.cnn.com)

submitted 1 month ago* (last edited 1 month ago) by [email protected] to c/[email protected]

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The strike at Boeing by 33,000 members of the International Association of Machinists union, which reaches its seventh day today, has already cost the company and workers $572 million, according to an estimate from Anderson Economic Group.

And the pace of losses will climb rapidly if there’s no settlement, as soon as the second week of the strike, said Patrick Anderson, the founder and president of the Michigan research firm, which has experience estimating the cost of economic disruptions like strikes.

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[–] [email protected] 28 points 1 month ago (2 children)

Last year, Boeing didn’t make a profit. In fact, the plane maker has lost money every year since 2018, when a series of deadly crashes and near-disasters left its reputation and finances in the gutter. If Boeing were any other business — and not a too-big-fail half of a global duopoly — it almost certainly would have declared bankruptcy.

Still, in 2023, the CEO — an accountant by training — got a 45% pay bump, to nearly $33 million.

https://www.cnn.com/2024/09/14/business/boeing-workers-strike/index.html?iid=cnn_buildContentRecirc_end_recirc

it would be hilarious if it weren't so nauseating

[–] [email protected] 6 points 1 month ago

I’ll do for just one million, same conditions no profit made.

[–] [email protected] 4 points 1 month ago (1 children)

Probably shouldn’t have done those stock buybacks:

[–] [email protected] 3 points 1 month ago

Airlines took 50b during covid...

Airlines were also bailed after 9/11 among other times.

Airports are in pathetic condition. Flying is unreliable and expensive.

Where is the money going?