The United States Securities and Exchange Commission (SEC), that ‘regulates’ Wall Street and share dealings, is now investigating Boeing in relation to statements it has and has not made, that may have prevented its share price falling, and even spiked it on occasions.
An example of how prices are affected – the other day someone somewhere suggested a bird strike and not the software was responsible for at least one crash, almost the same day that it was suggested pilots were to blame for the other. Thinking the aircraft would be back in the air sooner and Boeing off the hook, the stock price suddenly spiked and somebody made a lot of money when it was sold off at a high.
More generally Boeing’s lack of information is being seen as as misleading and what it did put out possibly less than fully disclosed the facts as they knew it.
Ten Chinese airlines are now applying for compensation for Max groundings – they want nearly $400m so far. That’s on top of the $1.5 billion in existing claims.
Multiple airlines from United to American and around Europe are cancelling Max operations to the end of August, expect it to go far further.
The FAA is reviewing how it certified the older generations of 737. That’s delaying any certification of 737Max. The FAA says it won’t be rushed as it tries to separate itself from looking like a Boeing rubber stamp issuer.
Despite every attempt to streamline the re-certification process internationally, the Chinese and the Europeans through EASA have made it clear they’re going to want to lay down their own ground rules and have their own questions. A blanket acceptance of the FAA position isn’t going to happen.
Globally pilots and other airlines reacted with disgust to Congressional testimony trying to blame pilots for the crashes.
Even many of the US law makers listening to the testimony found it hard to swallow.
Boeing admitted that it’s simulator software wasn’t able to replicate or show in any way the situation pilots faced.
Therefore pilots couldn’t have been trained in how to deal with the situation and Boeing had no way of understanding in a simulation what happened.