Thread by @jeulrik

1. I watched Downfall: The case against Boeing this weekend on @netflix by @roryekennedy . Its sometimes easy to forget in the midst of tech and financial terms, that this documentary is first and foremost a story about human tragedy



#Netflix #737MAX

2. and this documentary no doubt leave you with a heartfelt feeling for the people who lost family and loved ones on those two 737 Max flights.

This documentary and @roryekennedy has a lot more on her mind, which I find both fascinating and interesting.

3. The case about the 737Max is a story about an iconic US company, losing its way. A company that built its reputation on selling safety and engineering excellence, who slowly but surely shifted focus towards quarterly numbers and short-term share price gains.

4. All at the expense of engineering rigor and a corporate culture where disagreement and tough questions hist. had been integral for making sure that safety was at the core. Decisions which in the end meant the end for 346 souls and tremendous damage to US aviation credibility.

5. The arrogance, the decisions, the deceit, the cover up and the consequences is mind blowing.

6. In 2019 I remember meeting equity analyst who repeated Boeings talking points, that pilots were to blame. Such was the extend of the deceit and misinformation tactics that management at Boeing employed. little did I know, and it would be years later with people with courage

7. With people Andy Pasztor, @jonostrower and several whistleblowers taking a stand, that the public would all get the full picture of what had happened and why.

8. As an observer its important, but very hard to see this erosion of culture and its long-term effect on the companies. Even following M. Jennings signs of ethical collapse, it would have been very hard to detect the full extend of this malpractice

#sevensignsofethicalcollapse

9. As an investor it's important to keep on trying to understand & analyze if co's are taking short cuts & creating short term val. on the expense of long-term viability and exploiting the commonwealth. Therefor the case of #BA and #737MAX has added a lot to such a check list.

10. On a wider note, It is also an interesting business case that demonstrates. that solving an engineering problem does not take month or years, it usually takes decades. The same goes for credibility.

11. I personally think that this is also a case in point, that exec comp in the US is completely broken and has less to do with incentives & looks more like a modern feudal system. CEO, Muilenberg walked away with over 130 mio. USD for the final 4 fatal years at the helm of #BA

12. That’s how failure looks like, among corp. executives in the US, it’s ludicrous and should give some food for thought to the “linear salary/performance crowd” out there or perhaps read @Tepper_Jonathan to explore this further

13. I highly recommend taking the time to watch #DownfallTheCaseAgainstBoeing the documentary, for more reason than I can list here, but I hope my inputs above has inspired you to do so. Thx.