A spokesperson for Boeing today explained why the company decided to move its headquarters from Chicago to Arlington, Virginia instead of returning to Seattle.
“Boeing left Seattle to escape its suffocating engineering culture and its maniacal focus on safety. While the company was profitable in Seattle, the top executives were working for chump change.
“Boeing was making a great, safe product while the CEO financial fiddlers were making fortunes. We moved to Chicago to get closer to the fiddlers, learn how to buy back our own stock, cook the books, goose earnings-per-share and levitate the stock price.
“From 2016 to 2018 Boeing bought back $25 billion of its own stock, jacking up our stock price by 123 percent. For this CEO Dennis Muhlenberg was paid a total of $72 million. Moving to Chicago enabled Boeing to reward performance.
“Then two Boeing 737 Max airplanes crashed. There are over 10,000 Boeing airplanes in commercial service. Did anyone even note that 99.98 percent were functioning safely? No. The press, the regulators, and the pols went wacko — headlines, congressional hearing, investigations., lawsuits. Boeing stock dropped by 40 percent.
“That is when Boeing decided financial fiddling was a distraction from its core business. Today the big bucks are in Washington, D.C. That why we are moving to Arlington to concentrate on lobbying, coopting regulators, buying politicians, sucking up to Generals, flattering bigwigs, cozying up to reporters, and misinforming the public.”