Friday, September 06, 2002
G.E. Expenses for Ex-Chief Cited in Divorce Papers
General Electric has reported that Mr. Welch's total compensation, including bonus and salary, was $16.7 million in 2000, his last full year at the company before his retirement last September. It has also said that he will remain a consultant to the company on a retainer of $86,000 a year and will continue to have access to G.E. services and facilities.
Along with access to corporate aircraft, mentioned previously in company footnotes, the documents filed by his wife, Jane, describe his use of a Manhattan apartment owned by G.E., floor-level seats to the New York Knicks, courtside seats at the U.S. Open, satellite TV at his four homes and all the costs associated with the New York apartment, from wine and food to laundry, toiletries and newspapers. The privileges, down to certain dining bills at the restaurant Jean Georges in the Manhattan apartment building where he lives, have continued even in retirement, the court papers indicate, without placing a value on them.
According to the court papers, the subsidized benefits include a car and driver for the Welches, and the communications and computer equipment at the Manhattan apartment and at their homes in Connecticut, Massachusetts and Florida. G.E. pays for security personnel when the Welches travel abroad.
Mrs. Welch states that G.E. was paying for V.I.P seating at Wimbledon, a box at the Metropolitan Opera, a box at Red Sox games, a box at Yankee games, four country club fees, security services in all four homes and limousine services while traveling. Because of his relationship with G.E., Mr. Welch and his wife also got discounts on diamonds and jewelry settings.
Gary Sheffer, a General Electric spokesman, pointed last night to Mr. Welch's consulting agreement with G.E., which pays him at least $86,535 annually for his first 30 days of work, with a payment of $17,307 for every additional day.
Every day I marvel that there hasn't been a revolution in this country.
posted by lazarus |