Friday, September 06, 2002

Corporate Welfare
1. The old economy sounds a lot like the new economy.
[NYT]
Jack Welch [ex-GE CEO] is getting divorced. Some interesting information came out in court about the things GE gave him (aside from $16M a year):
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....

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.

2. EX-IM [NYT]
I bet you didn't know that the Export-Import Bank spends billions of taxpayer dollars to help the country's largest corporations shift jobs overseas.

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