The Spark

“The emancipation of the working class will only be achieved by the working class itself.” — Karl Marx

Divorce among the very wealthy

Sep 9, 2002

On September 5, Jane Welch filed for divorce from Jack Welch, the former head of General Electric. What's interesting about this otherwise banal split is that Jane Welch details Jack Welch's income in her suit.

Welch's compensation before he retired was 16.7 million dollars. Today he gets a nine-million-dollar-a-year pension. But that's just the beginning.

GE continues to pay for Welch's large Manhattan apartment in the Trump Tower, worth $80,000 a month. This payment includes wine, food, flowers, laundry, toiletries, newspapers, property taxes, cook and wait staff, housekeeper, utilities, magazine subscriptions and postage. (GE wouldn't want a former exec to have to buy his own newspaper.)

GE provides for the communication equipment at his other houses – in Connecticut, Massachusetts and Florida. The company also provides the use of a Boeing 737 business jet, along with a helicopter, limousine and security protection when traveling abroad.

GE also pays four country club fees, floor seats to the New York Knicks, seats at the U.S. Open, the Metropolitan Opera, Yankee Stadium, tickets to Olympic events and Wimbledon.

Incidentally, none of this detail was provided in the papers GE is legally required to file with the government showing the benefits its executives receive.

Apparently just a little oversight.