Boeing Wants a Government Bailout? The Pentagon Already Gave It One!
Boeing brings in roughly a third of its revenue from defense...
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April 13, 2020 - by Dan Spinelli for motherjones.com
A brutal 2019 for Boeing was turning into an even more torturous 2020. After weathering the enormous cost of grounding its scandal-plagued 737 MAX jets, Boeing stood to lose even more money from the devastating impact of the coronavirus crisis on airlines.
Then the Pentagon stepped in to help.
Unlike its competitors in the aviation industry, Boeing brings in roughly a third of its revenue from defense, bolstered in large part from $28 billion in contracts with the federal government. And now it has the Pentagon to thank for a nearly $1 billion windfall, which will help fill Boeing's coffers during the most turbulent period for the economy since the Great Recession.
On April 2, Boeing reached an agreement with the Air Force to receive $882 million in funding for a fleet of KC-46 refueling planes. The government had previously withheld those funds due to widespread flaws...