Boeing Workers Strike As Disastrous CEO Gets Golden Parachute

Boeing is facing even more problems as workers have now gone on strike, which means an almost complete halt to all aircraft production for the company. The employees are fighting for better wages after the company gave a golden parachute to their former CEO who should probably be in prison. Mike Papantonio & Farron Cousins discuss more.

Order a copy of Mike Papantonio's new book at

Subscribe to stay connected to our stories

Support us by becoming a member on YouTube

Or Support us on Patreon

Buy Ring of Fire merch

Find us on social media!

*This transcript was generated by a third-party transcription software company, so please excuse any typos.

Boeing is facing even more problems as workers have now gone on strike, which means an almost complete halt to all aircraft production for the company. The employees are fighting for better wages after the company gave a golden parachute to their former CEO, who bankrupt this company. This guy has taken the company into absolutely disaster. What do they owe $300 billion? The debt is unbelievable. What is it? Something in excess of $300 billion.

Yeah. Several hundred. I know that for sure.

$33 billion. I'm sorry.

So, you've got Dave Calhoun, who is the outgoing CEO. He's the one who oversaw all their disasters, all their little plea deals with the DOJ, where he didn't have to go to jail for his grotesque failures. He gets a golden parachute that could be worth up to $45 million. He was only CEO for three years, by the way. He made over $60 million during those three years. And the workers watching this, watching the corruption he brought to the company as he's out the door are saying, listen, we've been screwed for 16 years, since the last time we had to go on strike. You gave us a little bit of a raise at that time. However, you took away most of our benefits.

Right.

Here we are, 16 years later, we want it back. We want what we are owed because 15% of the cost that Boeing sells these plane for, only 15% of the cost goes towards their actual expenses, including labor.

Yeah. But Boeing says, oh, look how we treated you when we were making billions of dollars. Look how they treated them. They actually took benefits away from the workers while they're given this cat who bankrupt the company, they're giving him $15 million worth of stock, $45 million worth of total compensation. The numbers are crazy. The stock is in the tank. People won't even buy their product because this idiot allowed the whole supply chain to fall apart. There was no quality assurance. And now you know what the argument is now, I don't know if you've caught this, they're trying to blame it on the workers. They're trying to say, well, we need immigration right now to replace these workers. And you know what the workers were saying? The workers were saying, we don't even have adequate kind of machinery to do what you're asking us to do. We don't have enough people for quality control. So now Boeing, who is $33 billion in the hole, is saying, no, it's the workers, it's the workers' fault. That's why we're not giving 'em any breaks. At the same time, they're giving $45.7 million to a guy who is an absolute failure. Golden parachute the rest of his life. He never has to work. What is he 67 years old?

Yeah. He's got plenty of time to do whatever the hell he wants. He'll probably end up at another company, by the way. They always do.

Oh yeah. That's how it works. Okay. You know what this is called? This is called quick profits disaster. There's a term, and that is where a CEO moves into a company. The CEO says, I want to extract as much profit as I can in the 10 years, or the five years, or the four years that I might be here. So they extract every dime of profit. They build their own war chest, their own income, to a guy like this, $47 million and more and more every year. And at the same time, they put all the risks on the consumer, they put all the risks on the employees, and the employees are saying, don't dare say this is our fault. Don't you dare say this is our fault. We told you we needed better machinery. We told you we needed better oversight. We told you we needed more employees. But no, this guy thought, hell, I'm gonna make as much money as I can and move on. That's the new norm for a CEO.

It is because going back to about the mid eighties ish.