Boeing shares extended losses in the final hour of trading, closing down 5.6%, after Reuters first reported the settlement with the Federal Aviation Administration over the planemaker’s failure to comply with a 2015 safety agreement.The penalties include $5.4 million for not complying with the agreement in which Boeing pledged to change its internal processes to improve and prioritize regulatory compliance and $1.21 million to settle two pending FAA enforcement cases.
“The FAA is holding Boeing accountable by imposing additional penalties,” FAA Administrator Steve Dickson said in a statement.
Boeing paid $12 million in 2015 as part of the settlement.
Wow so Boeing was investigated over safety in 2015 but got off with a $12 million slap on the wrist and a safety agreement, but then ignored the agreement. So now the FAA is giving them an even smaller $6.6 million penalty as if that is going to change their behaviour?
$19 million spread over six years is pocket change to Boeing.