One Developing Industry Has Been Responsible For Almost Half Of Corporate Election Spending This Cycle
'We will defend the right to mine Bitcoin'
SCOTUS Reaffirms Constitutional Right To Trial By Jury
Justice Sonia Sotomayor, dissenting, lamented that the ruling would hinder the administrative state.When The SEC Started To Investigate Hunter Biden, He Played The ‘Do You Know Who My Daddy Is’ Card
Republicans are investigating whether Hunter’s decision to name drop his dad discouraged ‘further SEC scrutiny.’Alaska Airlines receives ‘initial’ $160M from Boeing after mid-flight panel blowout — additional compensation ‘expected’
Boeing paid Alaska Airlines $160 million following the mid-flight door panel blowout incident that occurred earlier this year, the airline stated on Thursday.
In a recent United States Securities and Exchange Commission filing, Alaska Airlines reported that Boeing provided the "initial compensation ... to address the financial damages incurred as a result of Flight 1282 and the 737-9 MAX groundings."
In January, Flight 1282 experienced a mid-air door panel blowout that forced the plane to make an emergency landing. Multiple investigations were launched as a result of the incident. The Federal Aviation Administration briefly grounded 171 Max 9 airplanes while inspections were underway, causing thousands of flight cancelations.
A preliminary report from the National Transportation Safety Board found that all four bolts designed to secure the panel in place were missing from the aircraft. Records revealed that before the plane was delivered to Alaska Airlines, it underwent rivet repairs that required the panel to be temporarily removed and reinstalled upon completion. The repair work was completed by Spirit AeroSystems, a former Boeing subsidiary, before the aircraft was returned to Boeing's Renton, Washington, facility.
The NTSB continues to investigate the incident. The Department of Justice also launched its own investigation.
Alaska Airlines' SEC filing stated that the company lost approximately $160 million in the first quarter of 2024 due to the mandatory grounding of some of its Boeing planes.
"As a result of the Flight 1282 accident and the Boeing 737-9 MAX grounding, we lost approximately $160 million in Q1 pretax profit, primarily comprising lost revenues, costs due to irregular operations, and costs to restore our fleet to operating service," the airline wrote.
Boeing paid Alaska Airlines the compensation in cash during the first quarter.
"This cash payment is equivalent to the lost profits resulting from the accident and grounding in Q1 2024. Additional compensation is expected to be provided beyond Q1, the complete terms of which are confidential," it added.
Boeing referred to statements made last month by CFO Brian West when contacted for comment, ABC News reported. During the Bank of America Industrials Conference, West remarked that there will be "customer consideration that is going to manifest itself in the quarter."
"We've got to take care of that and we're well down the road to do that. And we continue to stand behind our customers with that responsibility," West added.
The mid-flight panel blowout ignited a safety scandal for Boeing, prompting a management shake-up. In February, Boeing removed Ed Clark, the head of its 737 Max program. In March, it announced that CEO Dave Calhoun would leave the company at the end of the year. Boeing Commercial Airplanes CEO Stan Deal announced his immediate retirement last month. Larry Kellner, board chairman, is set to resign and not seek re-election in May.
Last week, Calhoun stated, "The eyes of the world are on us, and I know that we will come through this moment a better company."
"We will remain squarely focused on completing the work we have done together to return our company to stability after the extraordinary challenges of the past five years, with safety and quality at the forefront of everything that we do," he said.
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Whoops! SEC says social media account was 'compromised' and it hasn't approved spot bitcoin ETFs
After the SEC's X account made a post announcing the approval of bitcoin exchange-traded funds, or ETFs, the agency clarified that its X account had been "compromised" and that it "has not approved the listing and trading of spot bitcoin exchange-traded products."
The post, which came amid widespread anticipation that the SEC may soon greenlight spot bitcoin ETFs, apparently caused a brief spike in the cryptocurrency's price, quickly followed by a price drop, likely as people learned the post was not authorized.
"Today the SEC grants approval for #Bitcoin ETFs for listing on all registered national securities exchanges," the post, which has apparently been deleted, read, according to a screenshot. "The approved Bitcoin ETFs will be subject to ongoing surveillance and compliance measures to ensure continued investor protection."
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The SEC and its chair, Gary Gensler, announced that such approval had not been given: "The @SECGov twitter account was compromised, and an unauthorized tweet was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products," Gensler tweeted.
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"The SEC has determined that there was unauthorized access to and activity on the @SECGov x.com account by an unknown party for a brief period of time shortly after 4 pm ET. That unauthorized access has been terminated. The SEC will work with law enforcement and our partners across government to investigate the matter and determine appropriate next steps relating to both the unauthorized access and any related misconduct," an SEC spokesperson noted in a statement, according to reports.
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Republican Sens. Bill Hagerty of Tennessee and Cynthia Lummis of Wyoming called for clarity on what lead to the debacle.
"Just like the SEC would demand accountability from a public company if they made such a colossal market-moving mistake, Congress needs answers on what just happened. This is unacceptable," Hagerty tweeted.
"Fraudulent announcements, like the one that was made on the SEC's social media, can manipulate markets. We need transparency on what happened," Lummis tweeted.
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Warning: This government scam would be the 'destruction of rural America'
Another day, another government proposal that will throw a wrench in American citizens' freedom.
The SEC proposal would allow for the creation of a new type of company called a “natural asset company,” which could buy up land to use natural processes — like the generation of fresh air — to write off carbon emissions.
Glenn Beck calls the proposal “horrifying.”
Utah Treasurer Marlo Oaks is in agreement, telling Glenn that the proposal will “permanently stop economically essential activities like grazing, mineral extraction, modern agriculture” and “severely curtail recreational access.”
“We’re basically talking about the destruction of rural America,” he adds, noting that the move is simply “an effort to take control of America’s natural resources.”
The proposal is “essentially placing a value on natural processes,” Oaks continues, using “biological systems that provide clear air, water, food” as an example.
To put it simply, Oak calls it “just another scam” that uses “God-given processes” at the expense of our country.
“It represents a massive transfer of wealth,” he adds.
Glenn is aware that all of this has seriously far-reaching implications.
“Our food prices will go through the roof,” Glenn says, “and good luck going to a national park.”
“This is so evil. This is so incredibly evil,” he adds.
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