Boeing's travails show what's wrong with modern capitalism | Matt Stoller

Deregulation means a company once run by engineers is now in the
thrall of financiers and its stock remains high even as its planes
fall from the sky

The plight of Boeing shows the perils of modern capitalism. The
corporation is a wounded giant. Much of its productive capacity has
been mothballed following two crashes in six months of the 737 Max,
the firm’s flagship product: the result of safety problems Boeing
hid from regulators.

Just a year ago Boeing appeared unstoppable. In 2018, the
company delivered more aircraft than its rival Airbus, with revenue

hitting $100
bn.
It was also a cash machine, shedding 20% of its workforce since
2012 while funneling
$43
bn
into stock buybacks in roughly the same period. Boeing’s board
rewarded its CEO, Dennis Muilenburg, lavishly, paying him
$23
m
in 2018
, up 27% from the year before.

Source: FS – All-News2-Economy
Boeing's travails show what's wrong with modern capitalism | Matt Stoller