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To: mepci who wrote (167079)	9/18/2001 9:34:37 PM
From: John Koligman	Read Replies (1) \| Respond to of 176387

Here is blast number two - BA dropping another 30k in addition to the 100k number for layoffs I have seen as a projection for the airline industry. These are very significant numbers, especially the speed at which they are being issued... I expect a record number of warnings in coming weeks, with pretty much standard boilerplate language linking them to the fact that the economy pretty much stopped for the better part of a week... Sure glad I've been trading and remaining flat at the end of each day. At some point soon there is going to be a hell of an opportunity for those with any cash left AND the ability to remain PATIENT... Regards, John Boeing Plans to Lay Off 20% to 30% Of Commercial Airline Work Force Associated Press SEATTLE -- Boeing Co. is planning to lay off 20% to 30% of its commercial airline work force -- as many as 30,000 people -- as a result of last week's terrorist attacks, a congressional source said Tuesday. The aircraft maker will make an announcement Wednesday, said the source, who spoke on the condition of anonymity. The company would not be announcing specific locations for the layoffs, but was telling lawmakers they are expected to be implemented by early 2002. A Boeing spokesman would not comment Tuesday night, but Boeing officials confirmed that an announcement was expected early Wednesday. Washington Gov. Gary Locke said Boeing officials told him early Tuesday the layoffs in Washington state could begin quickly. "It is our understanding that there will be 20,000 workers laid off over the next couple of years, but they have not decided how many will be gone by the end of the year," said Dana Middleton, Locke's press secretary. "But they have indicated they would begin immediately with layoffs." Roughly 93,000 people work for Boeing's commercial airline sector, much of which is centered around the company's former headquarters in Seattle. Boeing's corporate headquarters is now in Chicago. Boeing's stock has plunged since markets reopened this week. On Monday, the first regular day of trading since the attacks on New York City and Washington, the stock price fell $7.60. The price was down $2.66, to $33.14, at 4 p.m. in NYSE composite trading Tuesday. Major airline carriers have warned they will be laying off at least 26,000 people -- a number that could grow to 100,000. Many, including American, Continental, Delta, Northwest and United, have also scaled back their schedules by about 20%. With such declines, analysts have said Boeing layoffs would be an inevitable side effect as orders for commercial aircraft are affected. Mr. Locke planned to meet with aerospace union leaders Wednesday to offer any assistance the state could provide to workers, Ms. Middleton said. The White House and Congress are considering a federal aid package for the airline industry to help it recover from last week's attacks. The industry has asked for $24 billion. The House floated a $15 billion relief plan last Friday that could include $2.5 billion in immediate grants and $12.5 billion in loans and credits. Though the White House and congressional leaders suggested a multibillion-dollar package was on the way, they weren't offering a final dollar figure or timetable for debate. "Our reaction is that it is certainly imperative that Congress look favorably at the appropriations request for relief to the airline industry," Ms. Middleton said in an interview. The Bush administration could propose an aid package next week, Transportation Secretary Norman Mineta said. The House may move forward this week, when it returns from a recess for the Jewish holiday.