LOOMING PENSION FUND AND CASH FLOW CRISIS AT BOEING-EMPLOYEE-WAIT TILL THE PENSIONS ACROSS THE COUNTRIES STRIKE SUDDENLY,WITH JOINT ANNOUNCEMENTS OF BANKRUPT PENSION POLICIES

I've worked at Boeing for several decades and so have others in my immediate area and the company seems to be in dire trouble. In addition to the billions wasted on the development on the 787 to include the airplanes up to aircraft 19 which may never be sold owing to the late development and delivery, the company seems to have cash flow problems. The company also has a problem with an aging workforce in the Puget Sound that it is desperate to get rid of at any cost, to the point of laying people off to the detriment of existing programs that are making money. The company in recent years has been undergoing deep cost cutting moves to include not mailing paper copies of pay stubs, implementing a one device (cell phone or desk phone) policy and a recent further delay of payments to suppliers from 60 to 120 days and further out which is raising eyebrows. It is desperately working to replace union workers which are well paid with contract workers and moving its workforce to lower cost regions like St Louis, North Charleston and Oklahoma City. But of most concern is the pension fund which is used by older, union workers:
http://www.zerohedge.com/news/2016-08-22/top-25-underfunded-corporate-pension-plans-are-225bn-underwater
The acquisition of McDonnell Douglas in 1997 seems to have been the turning point in the company where many old timers believe the company lost its soul and acquired people like Harry Stoneciper, Michael Sears, Darleen Druyun from McDonnell Douglas who had personal scandals of their own to discredit the company.

Aug 26, 2016

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