I watched this happen, in realtime, at Boeing from 2000 to 2008. I'm a 3rd generation Boeing employee, and Ex-USAF Weapons Systems Specialist, jet fuel runs through my veins. It is slow torture watching Boeing self-destruct. But that's exactly what it is doing.
Now we have safety/quality issues on the following:
737NG
Engine safety blankets missing. Still not fixed on over 7,000 in-service 737NG's. These blankets are made of kevlar and other materials and are designed to stop an engine blade that breaks free from exiting the engine and potentially piercing the fuselage/wing. This happened on a 737NG killing one passenger on a Southwest Airlines 737NG.
KC-46
USAF tanker replacement. This replacement has been deemed critical by the USAF. A significant portion of the current tanker fleet is older than me, at a spritely 59. Boeing offered up a tanker version of the 767 for the USAF and won. But not until after a bitter war of words and lobbying of Congress after the original contract was awarded to Airbus. Fast forward to 2019 and only 19 KC-46's have been delivered to the USAF and none are mission capable at any level.
There are two key roadblocks:
The refueling system is so unworkable as delivered that after many months of testing the USAF told Boeing to stop delivery and do a full re-design of the refueling system. This is estimated to take 3 - 4 years. Knowing how these things typically go I wouldn't be surprised if it took much longer. All the while the current geriatric fleet of tankers in the USAF just keeps getting older, and more expensive to support. Oh and per contract Boeing has to eat the full cost of this. ALL OF IT. Well actually the DOD did give Boeing $55 million to resolve this but I bet Boeing blasts through all of that and much more before this is fully resolved.
The other problem is the in-floor tie-down devices on the KC-46's have a tendency to break, while in flight. NOT GOOD. This means that the USAF cannot use any the KC-46's it currently has, for cargo, or medivac, or personnel movements, or anything at all.
The refueling system is DOA, and they can't use the KC-46's for anything else. So there they sit, unused on the flightline. For the next 3 - 4 years, or more.
Meantime Boeing has been building KC-46's like gangbusters. But like the storage issues with the grounded fleet of 737 Max's, Boeing now has to figure out where to store all the KC-46's it has built to date. And that begs another question - Does it make sense to continue to build KC-46's knowing that the refueling system isn't deliverable?
737 Max
The saga of the 737 Max is nearing its long-awaited conclusion. The FAA is nearly done with its investigation and the fix is getting tested in-flight now. But don't expect to see a plethora of 737 Max's suddenly in the air. It's going to take time for Boeing and/or the airlines to fix every 737 Max. Boeing's estimate on the cost to Boeing to fix/deal with this is $9 million and counting, fast.
777X
Boeing a few months back was running a pressure test on a prototype 777X, the next iteration of the 777 family. All went well until all hell broke lose when the hull split open quite violently. Now I know that setbacks happen in any new plane design/test effort but this doesn't help when the bad news just keeps hitting Boeing.
NASA Starliner Capsule
The long-awaited first flight of the Starliner Capsule occurred earlier this week. All looked well after the initial launch. Until the capsule was supposed to reposition for intercepting the IIS for a test docking. The capsule failed to properly adjust and missed the IIS orbit by a substantial amount. The rest of the mission went well and the capsule made a successful return to terra firma in New Mexico. After reviewing the systems onboard it was determined that the onboard computer clock was set to 11 hours ahead. All the timed events for the mission were off by 11 hours. OOPS! The fallout is NASA is now forcing Boeing to repeat this test. The Atlas booster for this mission costs $113 million, and Boeing will pay for all of that. Oh and the booster is not reusable. Unlike the SpaceX booster which is reusable. That's a major win for SpaceX, a major loss for Boeing and NASA.
The Stock Buyback
Please bear with me, I'm not great at remembering exact timelines, for this moment precision isn't necessary. It's the story that counts.
I think 3 years ago Boeing stock was listed on the DOW at $41.00. A respectable and reliable stock to invest in. Then the board at Boeing decided to enrich themselves and investors by doing a huge stock buyback using Boeing's inhouse cash reserves to the tune of $10 billion. That's how much the 737 Max fiasco has cost so far. hmmmm.
Boeing was able to boost the stock price from $41.00 to over $400.00 WOWSA!! Um yeah but, all this product failure comes at a very steep price. I can't help but think that the current board is quietly suffering from "decision remorse", times $10 billion dollars and counting.