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Yahoo Finance's Julie Hyman breaks down Friday’s business headlines.
- Boeing's former chief technical pilot is set to be charged by federal prosecutors for misleading aviation regulators about safety issues with the 737 Max. That's according to "The Wall Street Journal", who cited people familiar with the matter. Mark Forkner was Boeing's liaison to the Federal Aviation Administration on how pilots should be trained to fly the 737 Max. In its criminal settlement with the government, Boeing said two unnamed employees had conspired to defraud the FAA about the jet's training issues.
Another story that we have been watching, it has to do with the French deal that had been in existence with Australia to supply that nation with submarines. The US and the UK have now agreed to supply that country with submarines. This could cost the French defense industry up to $60 billion. A French diplomat has fired back against the US in particular, about this deal going away.
And Keith Gill, the retail trader who gained fame for touting GameStop, is costing insurer MassMutual $4 million. Massachusetts regulators say Gill's former employer failed to adequately supervise he and other insurance agents' trading activity. As part of the agreement, MassMutual said it would submit to an independent compliance review, while neither admitting nor denying culpability.
And Brian Sozzi, apparently the Redditors this morning are sort of crowing about this outcome. It makes sense though. It's quite interesting that Keith Gill did all of this while an employee of a financial services firm.
BRIAN SOZZI: Yeah, and it also, it's just really surprising that a financial services firm would have a better handle over its employees, such as a Keith Gill. But again, a real black eye I think for MassMutual. I'm sure they're very happy to try to get behind-- just beyond this issue and just focus on what they do.