Comment by toomuchtodo
4 months ago
Nah, Boeing management and shareholder comp crippled the org on its own just fine. Getting rid of pensions is what enabled more comp to go to these folks. "401k experiment failure" are the keywords you can search for on the topic.
Are we going to claw back all the comp and shareholder returns from the folks who stole from Boeing while it went down the drain? No, we'll just say that's the cost, even though it is obvious that is what crippled the org. "Pensions are absolutely crippling" while orgs are strip mined in plain site, with a noticeable lack of hand ringing over said strip mining.
https://www.epi.org/publication/retirement-in-america/
https://www.pionline.com/defined-contribution/401k-experimen...
https://www.nytimes.com/2024/05/08/magazine/401k-retirement-...
https://www.nbcnews.com/business/retirement/great-401-k-expe...
> Boeing management and shareholder comp crippled the org on its own just fine
Don’t get me wrong, I think the private equity model of financially oriented management is a problem. Employees and unions do share blame though. Remember, an IAM worker forgot bolts on the door plug. And SPEEA workers (the other union) designed MCAS poorly and didn’t build redundancy on dirt cheap sensors where there was no reason to avoid it. Boeing’s floor is inefficient and a shock to anyone who works with Boeing, due to union territorial issues and frankly a lazy culture. All these things have contributed significantly to Boeing’s decline, in addition to bad leadership.