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Today's edition is 886 words or a 3-minute read.
"The most valuable commodity I know of is information." - See who said it and why it matters below.
Photo Illustration: Sarah Grillo/Axios. Photos: Stephen Brashear/Getty Images, and David Ryder/Getty Images
Axios' Dan Primack writes: CEOs often depart without much explanation, outside of pablum about wanting to spend more time with their families or pursue new challenges.
Muilenburg has led Boeing since 2015, and he has been heralded for achieving record profits and tripling the company's stock price.
But then came two crashes of Boeing 737 Max jets.
Why it matters: These horrors laid bare a culture at Boeing in which safety concerns were discounted — and federal regulators were treated as little more than malleable rubber stamps.
Where it stands: Muilenburg was stripped of his chairman title in October and recently vowed to forgo any 2019 bonuses, but he continues to lead the company and earn millions of dollars in base salary.
The bottom line: Hundreds are dead. Families are devastated. Safety was secondary. Billions of dollars have been lost. Projected timelines have been scrapped, and optimism has proven misplaced. Suppliers now face their own uncertainties, threatening livelihoods beyond Boeing.
Boeing’s CEO may still have his job, but corporate America's C-suite has undergone a record pace of turnover this year.
Bonus stat ... For the first time since 2013, more companies hired CEO replacements from outside of the firm rather than within the firm — a sign that businesses want fresh perspectives.
From Harvard Business School's report, "A Recovery Squandered: The State of U.S. Competitiveness 2019"
A key group of decision-makers has doubts about the U.S.'s ability to compete globally while raising living standards for workers, according to Harvard Business School's new alumni survey on U.S. competitiveness.
Why it matters: The results reflect concerns that the economy's record-long expansion has not been spread broadly among all Americans — a sentiment with implications for the 2020 election.
Between the lines: The respondents aren't representative of the general public, but they do represent a sample that tends to hold leadership positions and are "on the front lines of global capitalism," according to the report.
What they're saying: "The United States has done remarkably little to address underlying structural weaknesses in our economy and our society," the authors of the report write.
Of note: Harvard Business School asked alumni about big businesses' role in improving or worsening political dysfunction.
Regulators found shortcomings in the exit strategies — or "living wills" — of six of the eight largest banks in the U.S. (Axios)
Mutual funds are increasingly backing proposals that push companies to provide more detail about their campaign spending. (Center for Political Accountability)
Yes, but: The indices' annual gains so far top past years.
The Fed is extending invitations to fintechs (and other companies interested in fintech) for face-to-face conversations. The sessions are called "financial innovation office hours,” the central bank announced Tuesday.
Why it matters: This is a first for the Fed board, though the San Francisco regional bank has hosted similar events in the past.
Even if the events are just optics, it is part of a trend: The Office of the Comptroller Currency (OCC) — a key regulatory body that decides who can be an official bank — announced similar “office hours” earlier this year.
Gordon Gekko, played by Michael Douglas, said that quote in "Wall Street."