Profits And Payouts Over Passenger Safety
While the companies responsible for the door plug that blew out of a plane in mid-air last week were cutting corners, outsourcing manufacturing, laying off employees, and working to evade expensive safety upgrades, they paid their top executives $817 million and showered Wall Street investors with $68 billion in dividends and stock buybacks over the past decade.
By some estimates, the amount spent on stock buybacks that enriched shareholders was more than the projected cost of making safety upgrades that experts say were necessary.
Boeing, manufacturer of the 737 Max 9 jet that suffered the mid-flight rupture last week, laid off tens of thousands of workers in 2020, following the grounding of its entire 737 Max fleet after two catastrophic crashes that together killed 346 people.