Biz

Boeing: King Of The Crony Capitalists

AEROSPACE GIANT SUCKS UP BILLIONS OF DOLLARS FROM STATE GOVERNMENTS || By FITSNEWS || The pitched battle taking place in North Charleston, S.C. between aircraft manufacturer Boeing and the International Association of Machinists and Aerospace Workers (IAM) has been a difficult one for us to watch. On the one hand…

AEROSPACE GIANT SUCKS UP BILLIONS OF DOLLARS FROM STATE GOVERNMENTS

|| By FITSNEWS || The pitched battle taking place in North Charleston, S.C. between aircraft manufacturer Boeing and the International Association of Machinists and Aerospace Workers (IAM) has been a difficult one for us to watch.

On the one hand we loathe unions … which we view as economic parasites exploiting workers, not standing up for them (sort of like Big Labor’s bought-and-paid-for president, Barack Obama).

On the other hand Boeing is a parasite in its own right … habitually exploiting taxpayers to pad its profits.

So who do we support in the fight over unionizing Boeing’s much-maligned South Carolina facility?

“A pox on both your houses,” as Shakespeare’s Mercutio would say.

Anyway …

Today the hammer falls on Boeing (well, not in the bought-and-paid-for MSM) … which has been identified by this Reason.org infographic as the runaway leader in state-level corporate handouts.  In fact Boeing’s $13.3 billion haul from state governments – including more than $1 billion from our cash-strapped citizens – is more than twice the amount of subsidies received by the No. 2 corporate whore (errr, citizen) on the list.

Take a look …

(Click to enlarge)

infographic

(Infographic: Via)

Amazing …

Obviously this isn’t the extent of Boeing’s reliance on government.  There’s the notorious U.S. Export-Import Bank (a.k.a. “Boeing’s Bank“) which puts American companies at a competitive disadvantage so that foreign airlines can get discounts on Boeing jets.

And let’s not forget Boeing’s reliance on U.S. government contracts … including billions of dollars from the American military-industrial complex.

***

Related posts

Biz

Blackbaud Confirms It Is Being Targeted For Acquisition

Will Folks
Biz

‘Bidenomics’ Jobs Report: Not All It’s Cracked Up To Be

Will Folks
Biz

Guest Column: ‘Bidenomics’ Is A Nightmare For Consumer Costs

FITSForum

18 comments

Centrist View March 12, 2015 at 12:41 pm

Subsidy Tracker 2.0
http://www.goodjobsfirst.org/subsidy-tracker

You can look at historical data for subsidies given in SC

Reply
The Colonel March 12, 2015 at 1:01 pm

Great link!

Reply
Rocky March 12, 2015 at 4:23 pm

Yes sir, and if you compare with other states, we sure shot the load on Boeing.

Reply
Bible Thumper March 12, 2015 at 1:36 pm

Looks like we got a deal compared to what Washington State is shelling out.
It looks like Washington also keeps track of the dollars while S.C. is to the nearest 20 million.
Wash. — $11,945,289,712
S.C. ——- $1,020,000,000

Reply
Point of Order March 12, 2015 at 1:42 pm

I’m pretty sure that site isn’t capturing all the relevant subsidies, but it’s a good start.

Reply
FastEddy23 March 12, 2015 at 2:23 pm

It is also not capturing all of the payola and bribes and campaign contributions incurred by those companies.

Reply
Rocky March 12, 2015 at 4:19 pm

Don’t get too happy. We paid $1 billion for 6,000 jobs. Washington State paid $11 billion for 85,000 jobs. Guess we just don’t have enough juice.

Reply
The Colonel March 12, 2015 at 1:03 pm

Okay Will, you’ve finally addressed the real issue you (and many of us) have with Boeing – the deal they were cut by South Carolina and Charleston County. Factual, meaningful, documented – congratulations.

Reply
FastEddy23 March 12, 2015 at 1:14 pm

Absolutely … and for Boeing, absurdly inexpensive. The federal and SC poli-wogs were scrambling to be the first to climb on board this job-promoting gravy train. … In quite a few cases, the SC politicos did not even ask for anything at all!

Reply
The Colonel March 12, 2015 at 2:04 pm

Shhhhhhhhh! You’re not supposed to tell that part, it screws up his narrative.

Reply
FastEddy23 March 12, 2015 at 2:21 pm

… AND the reason Boeing subsidies in Washington is because of the push-me/pull-you between that state and the non-right-to-work unions. Boeing insists that Washington (CD and state) pony up for the excessive extra costs of the unions.

That’s why Boeing can do in SC at a much smaller subsidy … (If the unions infiltrate Boeing SC, then the state subsidies will have to get really big there.)

Reply
The Colonel March 12, 2015 at 2:31 pm

Damn it – now you’ve gone and pointed out the whole/real truth and the Unions will have to silence you. If anyone asks, we’ve never chatted…

FastEddy23 March 13, 2015 at 9:07 am

I get that all the time. Unfortunate for me and quite a few others, when trained as an engineer, I learned Symbolic Logic and a good deal of high end math … We just can’t help but notice …

When I see push-me, pull-you g’ment projects, I automatically spot the vigorish and paybacks, the spew and fry, the carpet bagging, featherbeding and deliberate g’ment union driven pooch screwing.

And those poli-wog pandered Pushkin/politburo/phuckups throwing hamburger helper into the PERT charts, … Well, suffice to say the Threat Assessments shout Gruberment Union collusion, all to often crossing over into outright sabotage of the public purses.

FastEddy23 March 12, 2015 at 1:11 pm

Of course they are. Boeing will do whatever it takes to continue to sell safe, reliable airplanes. If that means they have to pay off poli-wogs, then they will just bite that bullet.

Boeing does not do anything that is illegal or immoral, period. Not when the IRS, the FCC, the FAA, the US Military and the various and assundry state agencies are watching them like hawks.

The really surprising thing is how inexpensive it is to buy off a politician … A bunch of cheap whores, fur sure.

Reply
Bought and Paid For March 12, 2015 at 4:24 pm

The “free market” in action.

South Carolina PAID for a valuable commodity,Boeing.

Whats the beef free marketeers?

Reply
You big dummy March 12, 2015 at 11:41 pm

You’re an idiot. A free market doesn’t start by forcibly taking money from people(taxes) and handing it to corporations.

That’s called “theft”, not a “free market”.

Reply
Native Ink March 12, 2015 at 4:30 pm

This is one of the main reasons why “states’ rights” would be a disaster. Imagine if Boeing could play South Carolina and Washington off each other when it came to environmental regulations, worker safety, etc.

Reply
Chucktown Buck March 16, 2015 at 8:44 pm

Boeing BA  CEO James McNerney received compensation valued at $23.5 million in 2014, virtually unchanged from 2013’s $23.2 million pay package, the aerospace giant said Friday.

McNerney’s salary was $1.93 million, unchanged since 2008, Boeing said in its annual proxy.

The value of his stock award jumped to $6.2 million from $3.7 million in 2013  His incentive award rose to $14.5 million from $12.9 million, largely on a $10 million payout based on 2012-2014 performance.

McNerney gained another $6.6 million from previously awarded shares that vested and another $209,000 exercising stock options.

The 65-year-old former General Electric GEexecutive has been Boeing’s chief executive since July 2005.

Boeing’s annual revenue rose 5% to a record $90.8 billion and net income climbed 19% to $5.4 billion. But the stock hit headwinds, falling 4.8% in 2014.

Year-to-date, Boeing shares are up 16.4%.

Reply

Leave a Comment