CRONY CAPITALIST KINGPIN SUCKING WIND …
The worst-performing stock of the first quarter of 2016 was … Boeing.
That’s right, the Chicago-based crony capitalist aircraft manufacturer – which is shedding beaucoup jobs – saw its stock price plunge by roughly 12.2 percent during the first three months of the year.
Don’t worry, though … the company’s executives will no doubt think of something to stop the slide. You know, like threatening workers with job losses unless the federal government continues to provide them with unfair competitive advantages.
South Carolina has bet big on Boeing – with Palmetto State taxpayers giving the company $1 billion and counting in incentives in exchange for its decision to locate a manufacturing facility in North Charleston, S.C. Last week, Boeing’s South Carolina plant was caught up in a scandal when eleven of its employees were busted on income tax evasion charges.
“Dozens” of additional arrests are expected in connection with the scam …
Boeing’s first quarter financials are scheduled to be released in late April. Analysts expect the company to post earnings per share of $1.82 on $21.9 billion in revenues – which would be below last year’s $1.97 per share earnings and $22.1 billion during the first quarter.