Boeing will plead guilty to a criminal fraud charge stemming from two deadly crashes of 737 Max jetliners after the government determined the company violated an agreement that had protected it from prosecution for more than three years, the Justice Department said Sunday night.
Federal prosecutors gave Boeing the choice this week of entering a guilty plea and paying a fine as part of its sentence or facing a trial on the felony criminal charge of conspiracy to defraud the United States.
Prosecutors accused the American aerospace giant of deceiving regulators who approved the airplane and pilot-training requirements for it.
The plea deal, which still must receive the approval of a federal judge to take effect, calls for Boeing to pay an additional $243.6 million fine. That was the same amount it paid under the 2021 settlement that the Justice Department said the company breached. An independent monitor would be named to oversee Boeing’s safety and quality procedures for three years.
The plea deal covers only wrongdoing by Boeing before the crashes, which killed all 346 passengers and crew members aboard two new Max jets. It does not give Boeing immunity for other incidents, including a panel that blew off a Max jetliner during an Alaska Airlines flight in January, a Justice Department official said.
I liked it better when large corps could go dark practically overnight, e.g. Enron. Andersen, et al.
And then the concept of “too big to fail” was born.
Too big to fail means too big to exist, you’re a defacto monopoly and need to be broken apart if you’re too big to fail.
Does duopoly count, the only competitor is Airbus
Being monopolistic does not mean you have no competitors, but that you are big enough to adversely affect the free market so that you can’t be competed with.
So yeah, it counts, and so does Apple for example.
More specifically, the government got Enron but the PR campaign waged by corporate lobbyists is directly responsible for the milquetoast prosecutions since then. They actually got a majority of Americans to believe the government was at fault for people losing their jobs and pensions. The pensions that were already embezzled. And the jobs that were already getting cut because the embezzling was starting in on the corporation.