Posted at Hartmann Report on Apr. 17, 2024
Boeing Crisis Ignites Call for Strict U.S. Stock Buyback Laws
It's time to declare the 43-year Reagan Revolution's neoliberal experiment a failure, and outlaw or heavily tax the share buybacks that are one of its most visible markers…
I hate stock buybacks. I think they are one of the most self-serving things that corporate America does. Instead of investing in workers and in training and in research and in equipment, they don't do a thing to make their company better and they artificially raise the stock price by just reducing the number of shares. They're despicable. I'd like to abolish them.
—Senate Majority Leader Chuck Schumer August, 2022
A Boeing whistleblower is testifying before Congress today that the 787 has dangerous flaws in the way it's put together.
Senator Richard Blumenthal, who chairs the Senate Homeland Security and Governmental Affairs Committee's investigations subcommittee that will hear from the whistleblower, told The New York Times he has heard:
"Repeated, shocking allegations about Boeing's manufacturing failings [that] point to an appalling absence of safety culture and practices — where profit is prioritized over everything else."