Boeing has locked out its private force of firefighters who protect its aircraft production sites in the Seattle area and hired replacements after the most recent round of negotiations with the firefighters’ union failed to yield a wage deal.

The firm claimed on Saturday that it had locked out approximately 125 firemen as well as a plant in central Washington, which is about 170 miles (275 kilometers away). Firefighters are first responders to fires and medical situations and might request assistance from local fire departments.

“Despite extensive discussions through an impartial federal mediator, we did not reach an agreement with the union,” the company stated. “We have now locked out members of the bargaining unit and fully implemented our contingency plan with highly qualified firefighters performing the work of (union) members.”

Boeing Locks Out Its Private Firefighters Around Seattle Over Pay Dispute

In a statement issued Saturday, the International Association of Firefighters union stated that Boeing’s lockout is intended to “punish, intimidate, and coerce its firefighters into accepting a contract that undervalues their work.”

“Putting corporate greed ahead of safety, Boeing has decided to lockout our members, putting the safety of the Washington facilities at unnecessary risk,” stated Edward Kelly, IAFF general president.

Boeing insisted that the lockout would have “no impact” on its operations.

The labor conflict comes as Boeing faces rising losses—more than $24 billion since the beginning of 2019—and renewed scrutiny of quality and safety in its manufacture after a door plug blew out of an Alaska Airlines Boeing 737 Max flying over Oregon in January.

Boeing Locks Out Its Private Firefighters Around Seattle Over Pay Dispute

Boeing and the union remain far apart in their negotiations, which have been ongoing for two and a half months. Each side accuses the other of engaging in bad-faith negotiations.

The firm, headquartered in Arlington, Virginia, announced on Saturday that its current offer includes general yearly wage increases and a new compensation structure for firemen working a 24-hour shift pattern, which would result in an average annual income rise of roughly $21,000. According to Boeing, last year’s average pay for firefighters was $91,000.

The union, which claims Boeing has saved billions of dollars in insurance costs by hiring its on-site firefighters, has requested rises of 40% to 50%. Boeing’s planned pay hike would still result in crews earning 20% to 30% less than firefighters in towns where Boeing plants are situated, according to the union.

Boeing Locks Out Its Private Firefighters Around Seattle Over Pay Dispute

A key sticking point is Boeing’s requirement that firemen wait 19 years to reach the top pay bracket, up from 14 years. The union proposes five years.

SOURCE – (AP)

OMAHA, Nebraska – Warren Buffett warned the tens of thousands of shareholders who crowded an arena for his annual meeting that AI frauds might become “the growth industry of all time.”

Doubling down on his warnings from last year, Buffett informed the crowd that he had just encountered the disadvantages of artificial intelligence. And it looked and sounded exactly like him. Someone created a phony film of Buffett, which appeared to be convincing enough that the so-called Oracle of Omaha admitted he could imagine it deceiving him into moving money offshore.

The wealthy investing guru predicted that crooks will grasp the technology and cause more harm than good.

“As someone who doesn’t understand a damn thing about it, it has enormous potential for good and enormous potential for harm and I just don’t know how that plays out,” he was quoted as saying.

Warren Buffett Says AI May Be Better For Scammers Than Society. And He’s Seen How

The day began early Saturday with Berkshire Hathaway reporting a significant decline in earnings as the paper worth of its investments fell, and it reduced its Apple holdings. In the first quarter, the business posted a $12.7 billion profit, or $8,825 per Class A share, a 64% decrease from $35.5 billion, or $24,377 per A share, the previous year.

However, Buffett advises investors to focus more on the conglomerate’s operating earnings from the companies it actually owns. These increased by 39% to $11.222 billion, or $7,796.47 per Class A share, driven by the success of insurance businesses.

Nothing that got in the way of having fun.

Crowds flocked to the arena to buy Squishmallows of Buffett and former Vice Chairman Charlie Munger, who died last October. The gathering draws investors worldwide and is unlike any other business meeting. Those attending for the first time are motivated by a desire to be here while Buffett, 93, is still alive.

“This is one of the world’s top events for learning about investment. “To learn from the gods of the industry,” said Akshay Bhansali, who traveled from India to Omaha for nearly two days.

Devotees go from all over the world to gather pearls of wisdom from Buffett, who memorably nicknamed the event ‘Woodstock for Capitalists.’

However, one missing aspect this year was the first meeting after Munger’s death.

The gathering began with a video homage featuring some of his most famous statements, including the legendary line, “If people weren’t so often wrong, we wouldn’t be so rich.” The movie also included pranks the investors had done with Hollywood celebs over the years, including a “Desperate Housewives” spoof in which one of the women introduced Munger as her lover and another in which actress Jaimie Lee Curtis swooned over him.

Warren Buffett Says AI May Be Better For Scammers Than Society. And He’s Seen How

As the film ended, the arena erupted in a sustained standing ovation for Munger, whom Buffett referred to as “the architect of Berkshire Hathaway.”

Buffett stated that Munger remained curious about the world until his death at 99, throwing dinner parties, meeting with people, and making regular Zoom calls.

“Like his hero Ben Franklin, Charlie wanted to understand everything,” Buffett said.

For decades, Munger and Buffett served as a legendary comic pair, with Buffett providing lengthy setups to Munger’s sharp one-liners. He once called unproven internet startups “turds.”

Together, they transformed Berkshire from a struggling textile mill into a vast conglomerate of diverse interests, from insurance companies such as Geico to the BNSF railroad, many major utilities, and a slew of other businesses.

Munger frequently described the key to Berkshire’s success as “trying to be consistently not stupid, instead of trying to be very intelligent.” He and Buffett were also recognized for sticking to businesses that they knew well.

“Warren would always do at least 80% of the talking. But Charlie made an excellent foil,” said Stansberry Research analyst Whitney Tilson, who was looking forward to his 27th consecutive meeting.

Munger’s absence, however, allowed shareholders to get to know the two executives who directly supervise Berkshire’s companies: Ajit Jain, who runs the insurance operations, and Abel, who handles everything else and has been anointed Buffett’s successor. This year, they performed alongside Buffett on the main stage.

When Buffett initially asked Abel a question, he accidentally said, “Charlie?” Abel shrugged off the error and delved into the issues that utilities face due to the increasing risk of wildfires and certain regulators’ unwillingness to allow them to make a respectable profit.

Morningstar analyst Greggory Warren says Abel spoke up more on Saturday, allowing shareholders to see some genius Berkshire management boasts about.

Abel twisted Munger’s famed “I have nothing to add” statement by frequently beginning his answers Saturday with “The only thing I would add.”

Warren Buffett Says AI May Be Better For Scammers Than Society. And He’s Seen How

“Greg’s a rock star,” stated Chris Bloomstran, head of Semper Augustus Investment Group. The bench is deep. He won’t be in the same mood at the meeting, but I believe we all come here every year as a reminder to remain logical.”

Buffett made it obvious that Abel would be Berkshire’s next CEO, but he stated on Saturday that he had altered his mind about how the company’s investment portfolio should be managed. He has previously stated that it would fall to two investment managers who now control tiny portions of the fund. On Saturday, Buffett approved Abel for the position, which includes managing the running businesses and potential acquisitions.

“He understands the business well. “If you understand business, you understand common stocks,” Buffett stated. The board will ultimately decide, but the billionaire has threatened to come back and haunt them if they try something different.

Buffett believes Berkshire’s arrangement of having all non-insurance companies report to Abel, and insurers report to Jain is effective. He no longer receives many calls from management since they rely on Abel and Jain for assistance.

“This place would work extremely well the next day if something happened to me,” Buffett stated in an interview.

Nonetheless, Buffett’s closing remark was the biggest applause line of the day: “I not only hope that you come next year, but that I come next year.”

SOURCE – (AP)

SAN FRANCISCO — The Securities and Exchange Commission charged an auditing firm hired by Trump Media and Technology Group only 37 days ago with “massive fraud” on Friday, but not for any work done for former President Donald Trump’s media company.

The SEC accused the accounting firm BF Borgers and its owner, Benjamin F. Borgers, of “deliberate and systematic failures” in over 1,500 audits.

Trump Media’s Newly Hired Auditing Firm Was Just Busted By The SEC For ‘Massive Fraud’

The charges include failing to follow accounting regulations, falsifying documents to conceal flaws, and falsely claiming in audit reports that its work fulfilled audit criteria.

To settle SEC accusations, BF Borgers agreed to pay a $12 million fine, while its owner consented to pay a $2 million fine, according to the SEC. Benjamin Borgers did not immediately return a phone for comment.

BF Borgers and Benjamin Borgers both agreed to permanent sanctions, which will take effect immediately and prevent them from handling SEC-related matters as accountants.

According to the company’s most recent annual report filing, Trump Media appointed BF Borgers as its auditor on March 28. The business acknowledged that BF Borgers had similarly addressed its audits before its public offering by combining with a cash-rich shell company called Digital World Acquisition Corp.

The company had already hired at least two other auditors, one who resigned from the account in July 2023 and another who was fired by the board in March, just as it was rehiring BF Borgers.

Trump Media “looks forward to working with new auditing partners in accordance with today’s SEC order.”

Trump Media’s Newly Hired Auditing Firm Was Just Busted By The SEC For ‘Massive Fraud’

The SEC discovered that BF Borgers’ shortcuts included:

• Copying audit documents from the prior year.
• Changing the pertinent dates.
• Passing it off as current documentation.

In addition to inaccurately recording work that was never completed, the fake documentation detailed planning meetings with clients that never took place and “falsely represented” that both Benjamin Borgers and another reviewer had authorized the audit work.

Trump Media’s Newly Hired Auditing Firm Was Just Busted By The SEC For ‘Massive Fraud’

“Ben Borgers and his audit firm, BF Borgers, were responsible for one of the largest wholesale failures by gatekeepers in our financial markets,” stated Gurbir Grewal, the SEC’s enforcement director. “Thanks to the painstaking work of the SEC staff, Borgers and his sham audit mill have been permanently shut down.”

SOURCE – (AP)