Former U.N. ambassador Nikki Haley leaves Boeing board, opposing federal aid

[webfact]

Former U.N. ambassador Nikki Haley leaves Boeing board, opposing federal aid

 

United States Ambassador to the United Nations Nikki Haley speaks during a meeting of the United Nations Security Council about the situation in Crimea at U.N. Headquarters in the Manhattan borough of New York City, New York, U.S., November 26, 2018. REUTERS/Carlo Allegri

 

(Reuters) - Former U.N. ambassador Nikki Haley has resigned from Boeing Co's board after opposing its bid for government financial assistance due to the crisis caused by the coronavirus outbreak.

 

"I cannot support a move to lean on the federal government for a stimulus or bailout that prioritizes our company over others and relies on taxpayers to guarantee our financial position," Haley said in a letter to the company's management released by Boeing on Thursday.

 

"I have long held strong convictions that this is not the role of government."

 

Haley, a former South Carolina governor, has often been mentioned as a future presidential candidate. "The board and executive team are going in a direction I cannot support," she wrote.

 

When asked to respond to Haley's concerns, Boeing said only the company appreciated her service on the board and wished her well.

 

Boeing this week said it was seeking on behalf of itself and the aviation manufacturing industry at least $60 billion in government loan guarantees and other assistance. The sector faces huge losses from the coronavirus pandemic as airlines halt flights and some delay orders.

 

A Senate Republican proposal introduced Thursday would allow aviation manufacturing firms like Boeing to seek collateralized loans and loan guarantees from a $150 billion fund but not provide any cash. The final decision on eligibility would be up to the U.S. Treasury.

 

"We are not bailing out the airlines or other industries – period," said Senator Richard Shelby, a Republican who chairs the Appropriations Committee.

 

To ensure the government is compensated for risks in making loans, the U.S. Treasury could seek equity, warrants stock or other instruments to ensure the government participates in any gains.

 

Haley's resignation letter was dated Monday, the same day Boeing confirmed it was in talks to seek short-term assistance from the U.S. government.

 

Boeing has racked up nearly $19 billion in costs tied to its 737 MAX aircraft, which has been grounded for the past year after two fatal crashes in five months. The company has been working to win approval for the plane to return to service.

 

(Reporting by Ankit Ajmera in Bengaluru and David Shepardson in Washington and Michelle Nichols in New York; Editing by Arun Koyyur and Tom Brown)

 

-- © Copyright Reuters 2020-03-20

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[pegman]

So she is ready to see 100K's of Boeing and it's  supplier's  jobs lost to preserve  her future  career in right wing politics. Wonder if she cashed out beforehand like her  fellow Republican? 

 

 

https://www.foxnews.com/politics/sen-richard-burr-sold-stock-stock-market-coronavirus

[Tug]

You can bet money her future boss Donald will be gobbling up lots and lots of hotel bailout money!

[mtls2005]

~ 7,000 employees at the North Charleston, SC plant must be pleased with her strong convictions.

 

31% of Boeing's revenue is from Defense (military), and DoD drops ~ 20% of their budget on Boeing.

 

At a minimum the defense business, and maybe repair (commercial) may have to be spun out?

 

Ms. Haley is a slippery one, riding the stock down from 400 to 100, and sitting through the 737Max (and potential 787/SC issues), then jumping out with a parachute is not exactly inspiring. 

 

 

[OneMoreFarang]

It's always amazing how incompetent people get such well paid jobs.

What exactly is her qualification?

I bet she wouldn't even be able to identify the Boeing plane models.

 

[Langsuan Man]

She is just clearing the deck so she can be Trump's VP running mate

 

The only hope Donald has of getting the woman's vote 

[ICELANDMAN]

Boing bought 45 billion of his own shares to support his stock market listing because the shareholders received high compensation, including management, and now he no longer has the necessary liquidity to stay afloat in times of crisis and all this management now weighs heavily on employees as always and no one in prison. This lady just wants to save her ass now and came back politic for next president staff

[stevenl]

She opposes this bail out, and takes action accordingly. I think that is a positive.

[simple1]

1 hour ago, stevenl said:

She opposes this bail out, and takes action accordingly. I think that is a positive.

Would it not have been more constructive for Haley to articulate her position on how Boeing moves forward, rather than just bailing out due to political ideology.

[stevenl]

2 minutes ago, simple1 said:

Would it not have been more constructive for Haley to articulate her position on how Boeing moves forward, rather than just bailing out due to political ideology.

Yes, to the Boeing board. I would presume she did so.

[simple1]

6 minutes ago, stevenl said:

Yes, to the Boeing board. I would presume she did so.

May be, but currently that is speculation. From the OP her resignation letter is stated below which is pure hard core right wing political ideology, which at this stage is not supported by trump as he attempts to cling to power.

 

"I cannot support a move to lean on the federal government for a stimulus or bailout that prioritizes our company over others and relies on taxpayers to guarantee our financial position," Haley said in a letter to the company's management released by Boeing on Thursday.

 

"I have long held strong convictions that this is not the role of government."

Edited March 20, 2020 by simple1

[lannarebirth]

Better to have gotten out while the getting was good, but now is the second best time. Pretty sure it wasn't over ideology.

[ThaiBunny]

I was listening to a human rights podcast the other day by a former member of the UN bureaucracy. According to him she was a total piece of work when she was UN ambassador

[stevenl]

35 minutes ago, simple1 said:

May be, but currently that is speculation. From the OP her resignation letter is stated below which is pure hard core right wing political ideology, which at this stage is not supported by trump as he attempts to cling to power.

 

"I cannot support a move to lean on the federal government for a stimulus or bailout that prioritizes our company over others and relies on taxpayers to guarantee our financial position," Haley said in a letter to the company's management released by Boeing on Thursday.

 

"I have long held strong convictions that this is not the role of government."

I don't see this as political ideology, but her personal belief that government should not be doing this. On that she based her conclusion and action, which I think it good.

 

I share her belief that Boeing, one of the companies that has been buying back their own shares at an incredible rate,  should not be eligible for this, but I don't share the underlying principle.

[legend49]

5 hours ago, Langsuan Man said:

She is just clearing the deck so she can be Trump's VP running mate

 

The only hope Donald has of getting the woman's vote 

Agreed . Pence has been set up as fall guy for the virus control group.

[simple1]

9 minutes ago, stevenl said:

I don't see this as political ideology<SNIP>

OK, but I disagree. She's very immersed in political posturing e.g...

 

Haley stated on Fox News and later tweeted that Democrats were "mourning the loss of Soleimani. PolitiFact described her claim as a "complete fabrication."

[blazes]

5 hours ago, OneMoreFarang said:

It's always amazing how incompetent people get such well paid jobs.

What exactly is her qualification?

I bet she wouldn't even be able to identify the Boeing plane models.

 

 

Ah yes, I agree totally, especially if you include among "incompetent people" the son of Sleepy Joe.  (Well, NOT so sleepy when it came to feathering his son's nest.)

 

On topic, however, how many on this thread actually believe that the US govt should bail out (or massively subsidise) Boeing????

[Jingthing]

I have zero respect for her or any republican that has been a 45 loyalist. Yes that includes over 99 percent of republican officials. Her entire game is obviously about her presidential ambitions. People shouldn't fall for her posturing as having ethics. She's already shown us what she is. 

Edited March 20, 2020 by Jingthing

[tyga]

Surely the destroyers of the planet should be left to go bankrupt and the money, instead of being used to bailout airlines and Boeing, put to providing jobs for workers in sustainable industries such as renewables etc. Before this crisis, there was never any money for the climate crisis or the extinction of species etc or anything else that helped get us into a postion of sustainablity with the the planet (the governments told everyone they couldn't afford it). Apparently, they couldn't afford to help prevent a catastrophe (because it was not going to bite then in the as in their election cycle) So we were supposed to accept this b**lsh*t and all live in a messed up world in 20 years. Now with corona, they suddenly find unlimited money to support the very industries which got us in this predicament in the first place. Think beyond corona and see the bigger picture! We don't need or want business as usual with airlines, fashion and other frivolous activities being resurrected so it is business as usual!  If everyone flies less then that gets my vote, especially if the money goes to help alleviate suffering of working people and sustain life on the planet as we know it.

[simple1]

1 hour ago, blazes said:

 

<SNIP>

 

On topic, however, how many on this thread actually believe that the US govt should bail out (or massively subsidise) Boeing????

In principal no issue as Boeing is a strategic supplier for the US, both military and commercial. Would assume government puts in-place T&Cs to claw back funds when Boeing's financial situation improves.

[TheFishman1]

She reminds me of one of those signs with an arrow on the road one way she one you slippery lady

[zydeco]

Not one penny to Boeing unless and until the stockholders are wiped out. They profited off the stock buybacks and now they want everyday working Americans to provide some sort of insurance for their profits. No. Stock must go zero.  If the stockholders don't like it, let them find their loan money some place else.

[Magenta408]

halitosis

[metisdead]

A troll post has been removed. 

[DoctorG]

37 minutes ago, Magenta408 said:

halitosis

Salt water gargle or mouthwash will probably fix your problem.

[Slain]

With this point of view, she is not acting in Boeing’s best interest, and should never have been on the board, responsible for the companies future. Imo, she has defrauded Boeing of whatever director fee had been paid. And she is an American leader. Wonderful

 

  I suspect she is just jumping off a sinking ship she wished she had got off a long time ago.

[Sydebolle]

Considering, that only a fraction of Boeing's output is not for military use and taking into account that d1ckhead Dennis Muilenberg screwed up royally on that B737Max ....

It took Boeing two years to dump the fellow with a golden parachute on the way out. How can Haley qualify for a board seat - except lobbying in the various halls of American politics - and she took the easy way out as well. Unless a miracle happens (and it will be coming from Washington), then Boeing would be toast. But as Airbus is sponsored and subsidized left, right and centre - Boeing will follow suit. 

Haley just made a populistic exit; we'll see and hear from her anytime soon in the future again, just be patient! 
 

[bristolboy]

5 minutes ago, Sydebolle said:

Considering, that only a fraction of Boeing's output is not for military use and taking into account that d1ckhead Dennis Muilenberg screwed up royally on that B737Max ....

It took Boeing two years to dump the fellow with a golden parachute on the way out. How can Haley qualify for a board seat - except lobbying in the various halls of American politics - and she took the easy way out as well. Unless a miracle happens (and it will be coming from Washington), then Boeing would be toast. But as Airbus is sponsored and subsidized left, right and centre - Boeing will follow suit. 

Haley just made a populistic exit; we'll see and hear from her anytime soon in the future again, just be patient! 
 

Actually most of Boeing's output is (or maybe was) is for civilian use.

How Much Of Boeing’s Revenues Comes From The U.S. Government?

Boeing’s 4 divisions are expected to make $92.3 Billion for the full year of 2019.

 

1. Commercial Airplanes: $45.6 Billion (49%)
2. Defense, Space & Security Systems: $27.4 Billion (30%)
3. Global Services: $19.0 Billion (21%)
4. Boeing Capital Corporation: $ 0.3 Billion (<1%)

https://www.forbes.com/sites/greatspeculations/2020/01/02/how-much-of-boeings-revenues-comes-from-the-us-government/#1a3687bb5144

[Misty]

9 hours ago, pegman said:

So she is ready to see 100K's of Boeing and it's  supplier's  jobs lost to preserve  her future  career in right wing politics. Wonder if she cashed out beforehand like her  fellow Republican? 

 

 

https://www.foxnews.com/politics/sen-richard-burr-sold-stock-stock-market-coronavirus

Hope she is smarter than that.  But it does look like there's more than one Senator who cashed out on inside information:

 

Sen. Richard Burr, chair of the Senate Select Committee on Intelligence, and Sen. Kelly Loeffler of Georgia, who is married to New York Stock Exchange Chairman Jeffrey Sprecher, reportedly dumped millions in stocks in wake of briefings on coronavirus. https://www.thestreet.com/politics/republican-senators-reportedly-sold-stocks-ahead-of-market-plunge

 

 

[Logosone]

Who would want to be on the board of Boeing now? Or British Airways? Or Rolls Royce? Or any company related to air travel? 

 

No wonder she's running as fast as she can.