The American Spectator

Reader Mail

(Page 3 of 9)

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.

p>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? br> -- Kitty Myers br> Painted Post, NY /p>

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.

"GE said it received a request from the SEC on Friday, a day after the conglomerate's board modified Mr. Welch's post-retirement benefits to include only an office and administrative support. The move came in response to widespread criticism of the perks, which included use of the company's Manhattan apartment and corporate planes.

"GE said it will cooperate fully with the inquiry.

"The SEC decision to open the inquiry comes amid a series of disclosures involving alleged misbehavior by top-level executives at a number of U.S. companies.

"In a column published Monday in The Wall Street Journal, Mr. Welch said he agreed to pay the company between $2 million and $2.5 million a year for use of the apartment and planes, among other things.

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