FAA Grounds Boeing Dreamliner

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Finally, bowing to growing safety concerns, the FAA has grounded the flawed Boeing (NYSE: BA) 787 Dreamliner an aircraft which has become with each passing day a greater danger to travelers.

The agency announced,

As a result of an in-flight, Boeing 787 battery incident earlier today in Japan, the FAA will issue an emergency airworthiness directive (AD) to address a potential battery fire risk in the 787 and require operators to temporarily cease operations.  Before further flight, operators of U.S.-registered, Boeing 787 aircraft must demonstrate to the Federal Aviation Administration (FAA) that the batteries are safe.

The FAA will work with the manufacturer and carriers to develop a corrective action plan to allow the U.S. 787 fleet to resume operations as quickly and safely as possible.

The blow could be ruinous to Boeing, which has airlines all over the world waiting for deliveries. Any delay to those will likely cause ripples across Boeing’s future earnings.

One of the things Wall St., the airline industry, and the press will wait for now is who at Boeing will take the fall for the fiasco.