The American Spectator

Reader Mail

Package Deals

9.17.02 @ 12:01AM

DRY RUN:
Re: The Washington Prowler's Veto Relief:

What the Prowler failed to mention is that the House has not passed such drought relief and there is little chance it will. Thus many of the Senators had a "free vote" knowing it would never become law.
-- Kate Logsdon

DELAYED REACTION
Re: George Neumayr's Churchill and India:

Mr. Neumayr's article, admiring the prescience of Mr. Churchill in the inability of Indians to run their own affairs in the absence of "Western" influence, is an anachronistic, inaccurate and condescending opinion. What is more troubling, however, that such a view should find a place on your website. The imperialistic doctrine has been dead for over half a century now and its demise began in the United States over 200 years ago. The conflict between India and Pakistan is complex and has numerous roots, not the least of which was pernicious and malicious "western" interference at the time of Independence. To assign the current scenario to the withdrawal of the British is akin to saying in 1863 that the Civil War shows that the United States should never have been free.
-- Narender

WELCHERS
Re: Peter Hannaford's Four Ways for CEOs to Retire:

I live in the greater Corning/Painted Post area of Upstate New York. The city of Corning has a population of maybe 12,000 at most. When factoring in its multitude of little burbs, the population is said to be about 35,000. Corning Inc. is the major employer of quality jobs in this valley. A couple of years ago Corning Inc., at its manufacturing height, employed 8,200 locals. However, those halcyon days are long gone since the telecom bubble burst and Corning (company and town) got slimed in the process. Several thousand locals have since been laid off/fired.

To add insult to our local economic injury, the CEO, John Loose, "retired" this April with a sackful of goodies. Mr. Loose had been with the company for over three decades, but he was CEO a mere sixteen months when he suddenly decided he needed to spend more time with his family. When Mr. Loose left, Jamie Houghton came out of his retirement to assume the reigns once again of the company his family had, at one time, controlled. Mr. Loose was frolicking in Europe when this was announced.

As CEO retirement packages go, Mr. Loose's might be considered almost paltry. But in this community, where people, who had worked their entire lives, were being summarily dumped with no viable employment prospects awaiting them, the news of a $6Million cash payment, plus an annual lifetime pension of nearly $1Million, is obscene.

Besides ensuring his hefty stock options, the company also agreed to buy his newly built home for the amount he put into it so he wouldn't lose a penny. The 6,672-square-foot-house is assessed for $838,500, which makes it one of the most expensive homes in the area. Plus, the company will pay for the storage and transportation of the Looses' household furnishings. Try telling that with sincerity to those who have not been able to sell their homes, even at a loss.

But the perk which galls the most is a security system, for the home of his choice, to the tune of $35,000. I should say that I never have, and don't now, work for Corning Inc. I have no family member who is unemployed thanks to Corning Inc. However, it did occur to me that $35,000 is an average salary, which promoted further thought: Which employee was dumped so Mr. Loose can sleep at night?
-- Kitty Myers
Painted Post, NY

Not to plagiarize Daffy Duck's marvelous rendition of Robin Hood, but "Yoicks" is the hunting call when Brits stampede off after an unfortunate fox. Now the press -- and Peter Hannaford -- have joined in the chase after Jack Welch.

For shame.

From today's Wall Street Journal Online:

"SEC Investigates Package That GE Offered to Welch

"FAIRFIELD, Conn. -- General Electric Co. said Monday that the Securities and Exchange Commission is conducting an informal investigation into the retirement package the company granted former Chairman and Chief Executive John F. Welch Jr.

Letter to the Editor

topics:
Transportation, Foreign Policy, Environment, Law, Military, Iraq, Pakistan, NATO