By Porter Stansberry
A year ago @Porter_and_Co published a dire warning about a mega-cap American stock. This was the only mega cap stock we told investors to avoid. And it is no ordinary business. It is America’s most strategically important company. We said it would soon “collapse.” Our January 27th 2023 headline? COMING SOON: THE BOEING COLLAPSE. How did we know? For the last 20 years there hasn’t been a company in America that’s embraced more bad ideas – from financial engineering to ESG – than Boeing.
In 1997, Boeing merged with fellow aerospace manufacturer McDonnell Douglas in a $13 billion stock swap. It was a match made in hell. Boeing was known for quality, and McDonnell was known for financial engineering – with a focus on cost cutting and the company’s share price.
Although the Boeing name survived, it was the McDonnell Douglas attitude that prevailed. McDonnell CEO Harry Stonecipher, who took over day-to-day operations at Boeing, immediately took a carving knife to Boeing's highly-paid engineering staff.
And in May 2001, Boeing management made a physical break with its engineers: manufacturing headquarters stayed in Seattle, while corporate moved to downtown Chicago, 1,700 miles away. That split symbolized the growing distance between builders and bosses. Read more
Related:
In 1997, Boeing merged with fellow aerospace manufacturer McDonnell Douglas in a $13 billion stock swap. It was a match made in hell. Boeing was known for quality, and McDonnell was known for financial engineering – with a focus on cost cutting and the company’s share price.
Although the Boeing name survived, it was the McDonnell Douglas attitude that prevailed. McDonnell CEO Harry Stonecipher, who took over day-to-day operations at Boeing, immediately took a carving knife to Boeing's highly-paid engineering staff.
And in May 2001, Boeing management made a physical break with its engineers: manufacturing headquarters stayed in Seattle, while corporate moved to downtown Chicago, 1,700 miles away. That split symbolized the growing distance between builders and bosses. Read more
Related:
Earlier Posts By CanSpeccy:
Boeing: Building Planes Designed by Clowns Supervised By Monkeys
Boeing: Building Planes Designed by Clowns Supervised By Monkeys
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