[Fox Business] Boeing whistleblower John Barnett was spied on, harassed by managers, lawsuit claims

This story discusses suicide. If you or someone you know is having thoughts of suicide, please contact the Suicide & Crisis Lifeline at 988 or 1-800-273-TALK (8255).

The Boeing whistleblower who was found dead earlier this month claimed a manager at his former company spied on him, and he was “harassed, denigrated, [and] humiliated” for raising concerns about quality control issues, according to documents released by his attorneys. 

The Charleston County Coroner’s Office told Fox News Digital that John Barnett, 62, died from what appeared to be a self-inflicted gunshot wound on Saturday, March 9. Prior to his death, Barnett was taking legal action against Boeing over actions he alleged led to his “constructive discharge” in March 2017 and was seeking damages including back pay, lost benefits and emotional distress. 

BOEING NEEDS TO FOCUS ON SAFETY AND QUALITY AFTER INCIDENTS, FAA CHIEF SAYS 

“John M. Barnett, a long-term Boeing Quality Manager, alleges that throughout his seven-year tenure at Boeing South Carolina (BSC) made numerous ethics complaints about a deep-rooted and persistent culture of concealment at BSC in which he and other quality personnel were pressured by Boeing upper management to violate Federal Aviation Administration Standards and Regulations, as well as Boeing’s processes and procedures by not properly documenting and remedying defects,” read a redacted version of the lawsuit that was released by his attorneys and obtained by WCSC. 

“Barnett refused to bend to the pressure and continually raised issues that needed to be properly documented and addressed. In retaliation for his complaints and identifying issues that needed to be properly documented and addressed, Barnett was given low Performance Management scores, he was separated from his team and moved to other areas in the plant, and blacklisted and blocked from transferring to other Boeing divisions outside of BSC,” the lawsuit alleged. 

“In addition, he was subjected to a gaslighting campaign in which he was harassed, denigrated, humiliated, and treated with scorn and contempt by upper management, which was calculated to discourage him and others from raising such issues and complying with the law,” the filing also said. “Based on the totality of the circumstances, such conduct amounted to a hostile work environment and it led to Barnett’s constructive discharge.” 

The lawsuit, filed to the U.S. Department of Labor, says in January 2017, Barnett was notified that his name was “1 of 49” listed in an e-mail on a supervisor’s desk titled “Quality Managers to get rid of.” 

It stated that Barnett “continually objected to Boeing creating and maintaining a program not approved by the FAA that allowed mechanics to inspect and approve their own work, known as the Multi-function Process Performer.” 

BOEING WHISTLEBLOWER JOHN BARNETT FOUND DEAD DAYS AFTER TESTIFYING AGAINST COMPANY 

In one instance in 2012, a supervisor “began pushing Barnett to work outside the proper procedures” and when he emailed another supervisor to complain, that individual “told Barnett orally that he did not believe him” and “no investigation was conducted” into the matter, the lawsuit alleged. 

It also described how Barnett “complained about countless instances where parts were being stolen from one airplane and installed on an incomplete airplane without any documentation, traceability or engineering review” and how, in June 2014, he submitted a complaint about another manager spying on him. 

Boeing, when asked to respond to the lawsuit Thursday, told FOX Business, “We are saddened by Mr. Barnett’s passing, and our thoughts are with his family and friends.”

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“Boeing reviewed and addressed quality issues that Mr. Barnett raised before he retired in 2017, as well as other quality issues referred to in the complaint,” a spokesperson added. 

FOX Business’ Andrea Vacchiano contributed to this report. 

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[Fox Business] Mortgage rates rise toward 7% after declining for prior 2 weeks

Mortgage rates are on the rise again, jumping this week and approaching 7% as economists warn rates will likely remain elevated for longer than previously expected.

Freddie Mac’s latest Primary Mortgage Market Survey released Thursday showed that the average rate on the benchmark 30-year fixed mortgage rose to 6.87% this week from 6.74% last week. The average rate on a 30-year loan was 6.42% a year ago.

The average rate on the 15-year fixed mortgage also climbed to 6.21% after coming in last week at 6.16%. One year ago, the rate on the 15-year fixed note averaged 5.68%.

MORTGAGE RATES TO STAY ABOVE 6% THROUGH 2025, FANNIE MAE SAYS

The increases are a reversal from the past few weeks, when rates ticked down slightly. However, multiple industry economists have warned over the past several days that mortgage rates will likely remain high for the foreseeable future, further dampening the stalled housing market as buyers and sellers hold out for a more significant drop amid an affordability crisis.

Sam Khater, Freddie Mac’s chief economist, said in a statement last week that “[I]n this environment, there is a good possibility that rates will stay higher for a longer period of time.”

FED LEAVES RATES UNCHANGED, SAYS THREE CUTS STILL PLANNED

Earlier this week, Fannie Mae lifted its forecast for mortgage rates from just a month ago, saying it expects the 30-year fixed to remain above 6% for the next two years.

Meanwhile, home prices remain sky-high amid an ongoing shortage of inventory of homes for buyers to choose from.

“Some existing homeowners are likely to be hesitant to list their home for sale in today’s high-rate environment which will limit existing home supply,” said Realtor.com senior economic research analyst Hannah Jones. However, new home supply is looking promising as homebuilders cranked up activity in February.”

Jones noted that housing starts climbed 5.9% year over year and home completions were nearly 10% higher annually last month.

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She added, “Overall, for-sale inventory has shown progress on an annual basis, but remains close to 40% below pre-pandemic levels.”

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[Fox Business] Reddit IPO spikes, reigniting social media sector

Reddit, best known for hosting forums for users to share, discuss and vote on content, received a warm welcome on Wall Street. 

Shares, which trade on the New York Stock Exchange under the ticker “RDDT,” rose by 60% after pricing at $34, the high end of the expected range. The reception is a positive indicator for the social media sector, which has been experiencing an IPO dry spell.

Founded in 2005 by web developer Steve Huffman and entrepreneur Alexis Ohanian, husband of tennis champion Serena Williams, Reddit has been backed by several marquee investors, from venture capital giant Andreessen Horowitz to China’s tech behemoth, Tencent Holdings.

MEET THE CEO OF REDDIT

Huffman, who faced backlash from users over his $193 million pay package, defended his compensation earlier this week. 

“I’m glad this question was asked because there’s been a lot of commentary on this topic,” Huffman said in a Q&A video on the platform ahead of the IPO. “So broadly, the way my compensation works is it has salary and stock. The board evaluates my performance and sets my compensation.” He also explained an extensive vesting schedule and performance-tied awards. 

The company has lost money each year since its launch and has struggled to match the commercial success of rivals, which include the world’s top tech giants. 

REDDIT CEO DEFENDS BIG PAYDAY

“Google, Meta (including Facebook, Instagram, Threads, and WhatsApp), YouTube, Wikipedia, Snap, X, Pinterest, TikTok, Roblox, Discord, and Twitch” are all rivals, as noted in its prospectus filed with the Securities and Exchange Commission. 

REDDIT’S PUBLIC DEBUT COULD MEAN BIG BUCKS FOR OPENAI CEO SAM ALTMAN

Some advertisers have balked at many Reddit users’ focus on niche content and the platform’s approach to content moderation. The platform relies on users who volunteer to moderate the content posted on Reddit forums.

FOX Business’ Eric Revell and Breck Dumas contributed to this report. 

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[Fox Business] This week’s personal loan rates edge up for 3-year loans, plunge for 5-year loans

Borrowers with good credit seeking personal loans during the past seven days prequalified for rates that were higher for 3-year loans and lower for 5-year loans when compared to fixed-rate loans for the seven days before.

For borrowers with credit scores of 720 or higher who used the Credible marketplace to select a lender between March 14 and March 20:

Personal loans have become a popular way to consolidate debt and pay off credit card debt and other loans. They can also be used to cover unexpected and emergency expenses like medical bills, take care of a major purchase, or fund home improvement projects.

Average personal loan interest rates increased over the last seven days for 3-year loans and decreased for 5-year loans. While 3-year loan rates jumped by 0.63 percentage points, rates on 5-year loans plunged by 1.35 percentage points. Interest rates for both terms remain significantly higher than they were this time last year, up 1.35 percentage points for 3-year loans, and 3.92 percentage points for 5-year loans. 

Still, borrowers can take advantage of interest savings with a 3- or 5-year personal loan, as both loan terms offer lower interest rates on average than higher-cost borrowing options such as credit cards. 

But whether a personal loan is right for you depends on multiple factors, including what rate you can qualify for, which is largely based on your credit score. Comparing multiple lenders and their rates helps ensure you get the best personal loan for your needs. 

Before applying for a personal loan, use a personal loan marketplace like Credible to comparison shop.

Here are the latest trends in personal loan interest rates from the Credible marketplace, updated weekly.

The chart above shows average prequalified rates for borrowers with credit scores of 720 or higher who used the Credible marketplace to select a lender. 

For the month of February 2024:

Rates on personal loans vary considerably by credit score and loan term. If you’re curious about what kind of personal loan rates you may qualify for, you can use an online tool like Credible to compare options from different private lenders.

All Credible marketplace lenders offer fixed-rate loans at competitive rates. Because lenders use different methods to evaluate borrowers, it’s a good idea to request personal loan rates from multiple lenders so you can compare your options.

In February, the average prequalified rate selected by borrowers was: 

Depending on factors such as your credit score, which type of personal loan you’re seeking and the loan repayment term, the interest rate can differ. 

As shown in the chart above, a good credit score can mean a lower interest rate, and rates tend to be higher on loans with fixed interest rates and longer repayment terms. 

Many factors influence the interest rate a lender might offer you on a personal loan. But you can take some steps to boost your chances of getting a lower interest rate. Here are some tactics to try.

Generally, people with higher credit scores qualify for lower interest rates. Steps that can help you improve your credit score over time include:

Personal loan repayment terms can vary from one to several years. Generally, shorter terms come with lower interest rates, since the lender’s money is at risk for a shorter period of time.

If your financial situation allows, applying for a shorter term could help you score a lower interest rate. Keep in mind the shorter term doesn’t just benefit the lender – by choosing a shorter repayment term, you’ll pay less interest over the life of the loan.

You may be familiar with the concept of a cosigner if you have student loans. If your credit isn’t good enough to qualify for the best personal loan interest rates, finding a cosigner with good credit could help you secure a lower interest rate.

Just remember, if you default on the loan, your cosigner will be on the hook to repay it. And cosigning for a loan could also affect their credit score.

Before applying for a personal loan, it’s a good idea to shop around and compare offers from several different lenders to get the lowest rates. Online lenders typically offer the most competitive rates – and can be quicker to disburse your loan than a brick-and-mortar establishment. 

But don’t worry, comparing rates and terms doesn’t have to be a time-consuming process.

Credible makes it easy. Just enter how much you want to borrow and you’ll be able to compare multiple lenders to choose the one that makes the most sense for you.

Credible is a multi-lender marketplace that empowers consumers to discover financial products that are the best fit for their unique circumstances. Credible’s integrations with leading lenders and credit bureaus allow consumers to quickly compare accurate, personalized loan options – without putting their personal information at risk or affecting their credit score. The Credible marketplace provides an unrivaled customer experience, as reflected by over 6,500 positive Trustpilot reviews and a TrustScore of 4.7/5.

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