Nikki Haley resigns from Boeing board, cites opposition to bailout

Nikki Haley resigns from Boeing board, cites opposition to bailout
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Former U.N. ambassador Nikki HaleyNimrata (Nikki) HaleyCoronavirus sets off industry scramble for aid from Washington Why Klobuchar should be Biden's vice presidential pick Overnight Defense: 'Tens of thousands' of National Guard troops could be activated for coronavirus response | Hospital ships could take week to deploy | Trump says military to help Americans stuck in Peru MORE is resigning from Boeing's board after the aircraft maker asked for a government bailout amid the coronavirus outbreak.

“As we encounter the COVID-19 crisis, Boeing, along with many other companies, face another major set of challenges,” Haley wrote in a letter dated Monday on a Securities and Exchange Commission filing. “However, the board and the executive team are going in a direction I cannot support.”

The filing added that Haley, who has served on the board for over a year, is against the company receiving federal support "as a matter of philosophical principle."

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On Thursday the company asked Congress for a $60 billion bailout for the company and its aerospace suppliers after their stocks plummeted nearly 18 percent on Wednesday.

President TrumpDonald John TrumpWith VP pick, Biden can't play small ball in a long ball world Coronavirus hits defense contractor jobs Wake up America, your country doesn't value your life MORE and lawmakers have promised to provide assistance to the company, even as other industries, including the airlines, make similar requests. As a major employer, Boeing has long held clout in Washington and the company is marshaling those resources in what experts say is its toughest test yet.

“While I know cash is tight, that is equally true for numerous other industries and for millions of small businesses,” Haley added. “I cannot support a move to lean on the federal government for a stimulus or bailout that prioritizes our company over others and relies on taxpayers to guarantee our financial position. I have long held strong convictions that this is not the role of government.”

On Wednesday Trump signed a coronavirus aid package that includes paid leave benefits and free testing. Lawmakers are already at work on the next package, a potentially $1 trillion stimulus bill, which companies like Boeing would have to compete for.