FAA slaps Boeing on the wrist with $5.4mn fine over faulty 737 MAX parts… as sacked CEO departs with $62mn

CLICK HERE to Read This Article At The Original Source

The Federal Aviation Administration (FAA) has signaled that it will seek to fine Boeing for some $5.4 million, accusing the multi-billion dollar company of wittingly installing defective parts on its ill-fated 737 MAX jet.

The FAA said Boeing “failed to adequately oversee its suppliers to ensure they complied with the company’s quality assurance system” in a statement on Friday, adding it “knowingly submitted aircraft for final FAA airworthiness certification after determining that the parts could not be used due to a failed strength test.”

Also on rt.com

FILE PHOTO: Grounded Boeing 737 MAX aircraft are seen parked in an aerial photo at Boeing Field in Seattle, Washington.
‘Designed by clowns & supervised by monkeys’: Boeing employee shreds 737 MAX in internal messages

The aviation regulator announced in June that over 300 Boeing aircraft might contain faulty components which could injure passengers or prevent planes from landing safely, and said it would require the company to replace the parts.

While the company has taken a serious hit in quarterly earnings over the last year after a series of fatal crashes involving the 737 MAX – which has been grounded worldwide since last March – each year Boeing counts its profits in the billions, making the proposed fine a barely perceptible slap on the wrist.

Boeing’s recently ousted CEO Dennis Muilenburg, who was fired in December as the company struggled in the aftermath of the MAX crashes, was given $62 million in benefits as he departed the firm – a sum dwarfing the FAA’s latest fine. He was slated to receive a “severance” package and stocks worth millions more, but forfeited the offer.

Also on rt.com

FILE PHOTO: A 737 Max aircraft is pictured at the Boeing factory in Renton, Washington, US, on March 27, 2019.
Some Boeing 737 MAX planes may have ‘improperly manufactured’ parts that should be replaced – FAA

Like this story? Share it with a friend!

Share:

Author: HEDGE

Hedge Accordingly was founded ahead of the global financial crisis in January of 2008, with the goal of providing our readers our unique take on The Latest News on Wall Street, Stocks, #Politics and Business news. Hedge Accordingly produces both original, and aggregated #Wallst news content from top publishers around the world. We curate aggregated content covering the latest news on politics, stocks, wall street, and the tech industry. We also provide free stock charting, quotes and a bitcoin, forex and currency exchange. Learn More About HEDGEaccordingly.com