Boeing Tries to Get Off 346 Counts of Negligent Manslaughter With a Paltry $100 Million
A downright laughable sum for a $200 billion company with $100 billion in yearly revenue
Two weeks ago, we noted how, after ignoring them for months (presumably at the behest of its legal department), Boeing had decided to dedicate $100 million (roughly 1% of its 2018 revenue) to the families of the victims from the Lion Air and Ethiopian Air crashes. However, that number came with a catch: Some of the money would be used for ‘community development’ and ‘education efforts’.
Split among the families of the 346 victims, at $100 million, each family would receive just under $300,000 – a pittance when one considers that this is compensation meant to offset the taking of a human life.
But as it turns out, the families won’t even get that much, because as CNBC reported on Wednesday, Boeing is planning to distribute only $50 million to the families of victims, and will retain Ken Feinberg (famous for being the special master of the US government’s Sept. 11 Victim Compensation Fund) as co-administrator of victims’ fund. The rest will presumably go to these unspecified initiatives that the company has mentioned.
JUST IN: Boeing says it is dedicating $50M of its $100M pledged for "near-term relief" for families of the victims of the Lion Air and Ethiopian Air crashes; company retains Ken Feinberg as co-administrator of victims fund.https://t.co/jn8limUSe7
— CNBC Now (@CNBCnow) July 17, 2019
For the record, this breaks down to just $144,508 per human life.
We’re sure the callousness with which Boeing has treated the families of the victims of the two crashes that led to the global grounding of Boeing’s 737 MAX 8 (and exposed serious flaws in Boeing’s safety testing processes and the FAA’s oversight) will make them even more willing to settle the multitude of litigation that the aerospace company is facing.
Source: Zero Hedge