Boeing to face scrutiny.

As The Boeing Co. staggers from the impact of $1.6 billion in charges tom production problems this year and another 81 billion expected next year, industry watchers are beginning to wonder what's happening at the helm.

And with a reconstituted board of directors just sitting down to the table, a further question is: How closely are they watching the helmsman?

"You really shouldn't have situations where a quarter your equity goes, almost surprisingly," said BT Securities analyst Wolfgang Demisch. "I would expect the board to be much more vigorous, in terms of taking a focused interest in the tactical operations of the company."

"Somewhere along the line, some, thing went askew," said John Nash, president and CEO of the National Association of Corporate Directors, in Washington, D.C. "Somewhere, a lot of hard, tough questions weren't asked. I think the board totally relied on the management."

Demisch considers the cost overruns the biggest challenge Boeing has faced since the late '60s. Squarely in the spotlight is Boeing …