Buzzflash
del.icio.us
Digg
Facebook
Newsvine
RedditPOTENTATE'S PERKS
It's been known that Jack Welch is worth $900 million and that he draws a $9 million annual pension from General Electric. But it turns out that GE also pays for Welch's car and driver, his floor seats to Knicks games, VIP seating at Wimbledon, his box at the Metropolitan Opera, his boxes at Red Sox games and at Yankee games, fees to his four country clubs, satellite television at his four homes and more. And to think Welch's employment contract used to be praised as simple, clear and good corporate governance. That myth was dispelled on September 5 when Welch's wife, Jane, filed divorce papers. "It is appalling to me that Jack Welch's flowers are being paid for by retired firemen and teachers who are the GE shareholders and don't know this is going on," Nell Minow, an expert on corporate governance, told the New York Times. Imagine how appalled we'll all be if it turns out that the rest of GE is run this way.
AL QAEDA--BOON TO BUSINESS
Subscribe Now!
The only way to read this article and the full contents of each week's issue of The Nation online is by subscribing to the magazine. Subscribe now and read this article -- and every article published since for the past five years -- right now.
There's no obligation -- try The Nation for four weeks free.
- Get The Nation at home (and online!) for 75 cents a week!
- If you like this article, consider making a donation to The Nation.
