True, aerospace reporter Dominic Gates, didn't mention my name in his longish article "Boeingâs long fall, and how it might recover," but he did (fucking finally) mention the negative impact Boeing's decade-long buyback bonanza had on the relationship with labor and, ultimately, the production of planes. Before that article, posted on April 7, there was no mention of buybacks from Gates and other business reporters employed by Seattle Times. The whole matter was, according to their judgment, entirely irrelevant. A lot of hot air. Fanciful even. But five years after the crashes, and during a year (2024) Boeing is facing increasing government and industry-wide scrutiny for a number of high-profile fuck ups, Gates finally got around to saying what I said in 2017:
Boeingâs leaders delivered gushers of cash to shareholders through stock buybacks and dividends â $68 billion since 2010, according to Melius Research â rather than investing in future all-new airplanes.
There you have it. And it's coming out because the Seattle Times has nothing to lose. They are kicking a horse that's on the ground. This was not the case in 2017 or 2012. Why? As an industry analyst explained to me in 2019, if the Seattle Times published a negative piece about Boeing, then the then-Chicago-based company would have closed the doors on its reporters. The result? You can find it in this post, which does not mince words: "Seattle Times Systematically Misinformed Readers About Boeing Until It Was Too Late."
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