"Trust takes years to build, seconds to break, and forever to repair."
— Unknown
Dear Reader,
Stalwart American blue chip plane-maker Boeing is suffering from a string of catastrophes that have a lot of people wondering...
Is the company going to go bankrupt?
Just this week, Boeing is undergoing preliminary criminal legal proceedings related to a lawsuit over safety concerns at the company, stemming from a door blowing off a 737 MAX 9 aircraft mid-flight. Reports show that the plane may have left the factory without the bolts fastened down all the way.
Needless to say, this is a very important case. But, sadly, BBC broke the news that John Barnett, a former employee-turned-whistleblower who was set to testify in court this week, was found dead of a reportedly "self-inflicted" gunshot wound.
Conspiracy theorists are having a field day with this one. A high-profile criminal court case against a gigantic company and one of the lead witnesses ends up suicided...
Well, luckily for us, we already know a lot of the issues that Barnett had previously shared. He testified against the company in 2019 and cited numerous safety concerns, including faulty oxygen systems and defective parts that mysteriously went "missing." Barnett worked as a quality control manager on the 787 Dreamliner, so we assume he knows what he's talking about.
And the FAA actually confirmed many of his warnings in a private investigation.
But in another odd twist of events, just this week, on a fight from Sydney to Auckland, the exact same type of plane that Barnett worked on, the 787 Dreamliner, experienced what LATAM Airlines is calling a "strong movement" and a "technical problem."
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The plane suddenly lost altitude, dropping hard and fast. According to The Sun, at least 50 passengers and crew members were injured, with a dozen having to go to the hospital.
Also this month, a wheel fell off a Boeing 777 on its way to Japan.
This comes after the 2018 and 2019 737 MAX 8 crashes that killed 346 people and shed light on some dysfunction within the stalwart American company, namely putting profits before safety...
Ever since, Boeing has been grasping at straws trying to claw back public support and trust.
What's the saying? "Trust takes years to build, seconds to break, and forever to repair"?
Look, airlines aren't going to want to buy these planes if there's any risk of failure.
The solution for the company here is to stop production of all planes, scrap everything, and start from scratch.
Of course, that would be impossible to do without breaking the company.
But does it have a choice, at this point?
If I were Boeing, I would be very concerned about bankruptcy.
Stranger things have happened...
And this has been going on for years...
Back in April 2023, Simple Flying published an article detailing how outsourcing has caused a plethora of problems at Boeing.
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The article lists some recent failures caused by outsourcing:
- February 2023: 787 deliveries are temporarily halted again. Boeing noted that it had discovered an analysis error by Spirit AeroSystems connected to the aircraft's forward pressure bulkhead.
- 2021: A Reuters report noted that titanium 787 Dreamliner parts provided by Italian suppliers had been improperly manufactured since 2018.
- 2021: Boeing is engaged in a back-and-forth legal dispute with GDC Technics — the firm that was originally tasked with modifying two 747-8s set to be the next Air Force Ones.
- 2019: Reports emerge showing that Boeing had been relying on temporary workers from firms in India to develop and test software. A former engineer noted that the process was far more inefficient compared to in-house engineers writing the code.
- 2008: Emerging from the 2019 story regarding outsourcing software development, a staffer on the 787 project complained about sending drawings back to a team in Russia 18 times. This reportedly had to do with the external firm having trouble understanding that smoke detectors had to be connected to the electrical system.
That's why I've been pounding the table about alternative forms of air travel.
Namely, something called eVTOLs, or electric virtical takeoff and landing vehicles.
They're like big drones, and the appeal is that these small EV planes can vertically land and take off, making it much easier to get in and out of tight areas and expanding the reach of the vehicles.
And they've got the traditional plane-makers shaking in their boots... especially after all these recent debacles.
It's not too late to invest in the handful of companies that make these things.
You could be seeing these flying in the skies by the end of the year, but once you do, it'll be too late.
So sign up for my premium newsletter to find out what the best eVTOL company is and how to invest today.
Stay frosty,
Alexander Boulden
Editor, Wealth Daily
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After Alexander's passion for economics and investing drew him to one of the largest financial publishers in the world, where he rubbed elbows with former Chicago Board Options Exchange floor traders, Wall Street hedge fund managers, and International Monetary Fund analysts, he decided to take up the pen and guide others through this new age of investing.
Alexander is the investment director of Insider Stakeout — a weekly investment advisory service dedicated to tracking the smartest money on the planet so that his readers can achieve life-altering, market-beating returns. He also serves at the managing editor for R.I.C.H. Report, a comprehensive service that uses the highest-quality investment research and strategies that guides its members in growing their wealth on top of preserving it.
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