ceo's can be expensive, even after retirement - GoFuckYourself.com

quiet · 12-29-2002, 05:09 AM

Quote:

Court documents revealed that Welch's living expenses total $366,114 a month, including nearly $2,000 for clothes, $9,000 for wining and dining, and $5,500 for assorted country club memberships.

As if a monthly income of $2.1 million (including $1,500 in Social Security payments) weren't enough to meet these needs, Welch got GE to shower him with a lavish array of post-retirement perks.

These included use of a company-owned, $80,000-a-month Manhattan apartment, plus food, wine, domestic staff and furnishings. Welch also had unlimited use of a company-owned Boeing 737 business jet as well as free limo rides to and from the airport.

http://www.sfgate.com/cgi-bin/articl...9/BU199709.DTL

one hell of a retirement income...

eroswebmaster · 12-29-2002, 05:10 AM

Yeah man that's just fucked....but seriously...you think he likes fat guys...I'd be his bitch.

quiet · 12-29-2002, 05:23 AM

i wonder what the remaining $319,614.00 is used for each month.

since food, drinks, clothes, club memberships, rent, travel, staff, food/wine at home, and limos have already been paid for at that point.

Paul Markham · 12-29-2002, 05:28 AM

Some of the CEOs of some US companies should be in prison.

They made sure they got paid in shares a lot of the time based on bonuses related to the share price value of the company.

They used any means to force up the prices of those shares to way over the market value, thus inflating the whole stock market.

Then sold at the top when they saw the truth was about to come out. The rest of us lost big time. Those with pensions, investments, jobs all lost. Those fat cats were exposed as crooks but how many of them ended up inside a cell?

BrettJ · 12-29-2002, 05:47 AM

boy if ever there was an example of Bias in the Press there it is.

anybody that thinks Welch doesn't deserve it - can fuck off! =)

from '81 when Jack took over GE to when he retired - GE's market value increased from $12 billion to $280 billion.

During those 20 years, the story goes, he never once attended a baseball game - of his favorite team - and so as part of his retirement package they gave him season tickets or some shit.

There is nothing wrong with that - he deserves it.

EscortBiz · 12-29-2002, 05:51 AM

Well the last CEO I will complain about is Jack Welch, read a bit what he did for GE and it's investors, he is not the CEO people should be investigating.

And money is a number the guy who earns 10,000 a month can spend 10,000 and spends 80% of it will most likly spend 80% is he made $250,000 a month, just a fact of life

OnTime · 12-29-2002, 05:55 AM

Is he a relative? ;)

Puleeze.

quiet · 12-29-2002, 06:02 AM

hey, if that's the value they placed on this guy, i'm all for it. long live capitalism

still facinating none the less...

PornBroker · 12-29-2002, 06:14 AM

Quote:

Originally posted by BrettJ
he deserves it.

exactly..
he was the best.
as for a lot of others................?

BrettJ · 12-29-2002, 06:15 AM

no, not a relative. =(

but guess i'm just a capitalistic pig - that likes to see hard work - and more importantly progress rewarded. he made them a fuck load of money - if they want to reward that - and think it will motivate future CEO's at GE - great.

(about the 80k apartment, that was an apartment that he had ACCESS to, as with the plane, as many execs at GE do) This all came out, during his divorce proceedings, he has given back a bunch of the perks, because he didn't want them to be part of the assessed value that his ex would get a % of. he even gave back the season tickets =(

so tired of people bitching about other people that have succeeded.... there is a sub culture to america - and maybe the rest of the world - that really loves to see sucessful people get burned.

even to a point the MSFT monopoly thing - we're such a bunch of hypocrites - we say we want americans to be successful - but you sell something - 90% of americans use - and the gov't starts threeatening to break up your business. i know there is more to it than that - but really - is that the kind of example we should be making?

it's sick - and the press feeds off of it by trying to make a story out of anything.

I'm sorta glad the Press tried to go after Jack - cuz they are gonna make asses out of themselves trying to chastize him. =)

Sambuka · 12-29-2002, 06:23 AM

Yep its a joke, lots of the company execs who were paid 1-5 million bonuses at the end of the year lost 20-50% of the companies share value that year along and are getting bonuses of 1-5 million and the company there meant to be running is losing sometimes 200 per quateur.

Its a fucking racket, they pay themselfs what they want and never have to account for anything.

Sammy

Sambuka · 12-29-2002, 06:27 AM

Quote:

Originally posted by BrettJ
no, not a relative. =(

but guess i'm just a capitalistic pig - that likes to see hard work - and more importantly progress rewarded. he made them a fuck load of money - if they want to reward that - and think it will motivate future CEO's at GE - great.

(about the 80k apartment, that was an apartment that he had ACCESS to, as with the plane, as many execs at GE do) This all came out, during his divorce proceedings, he has given back a bunch of the perks, because he didn't want them to be part of the assessed value that his ex would get a % of. he even gave back the season tickets =(

so tired of people bitching about other people that have succeeded.... there is a sub culture to america - and maybe the rest of the world - that really loves to see sucessful people get burned.

even to a point the MSFT monopoly thing - we're such a bunch of hypocrites - we say we want americans to be successful - but you sell something - 90% of americans use - and the gov't starts threeatening to break up your business. i know there is more to it than that - but really - is that the kind of example we should be making?

it's sick - and the press feeds off of it by trying to make a story out of anything.

I'm sorta glad the Press tried to go after Jack - cuz they are gonna make asses out of themselves trying to chastize him. =)

Tall poppy syndrome. Yep we're all guilty of it at some point in our lives. People just hate to see people at the top. But in this Welch guys case it sure sounds like he worked his ass off for 20 years getting GE to become a dominant player.

Sammy

GTS Mark · 12-29-2002, 06:46 AM

Quiet are you thinking of coming out of retirement and working for GE now?

DH

KRL · 12-29-2002, 08:10 AM

Jack Welch deserves every penny. He's one of the most respected corporate CEO's of all time.

Why's everyone bitching about what CEO's make. Fuck it all goes right back into the economy anyway. They don't stick it under their mattress for christ's sake. That money creates jobs. Oodles of jobs.

FlyingIguana · 12-29-2002, 08:57 AM

Quote:

Originally posted by charly
Some of the CEOs of some US companies should be in prison.

They made sure they got paid in shares a lot of the time based on bonuses related to the share price value of the company.

They used any means to force up the prices of those shares to way over the market value, thus inflating the whole stock market.

Then sold at the top when they saw the truth was about to come out. The rest of us lost big time. Those with pensions, investments, jobs all lost. Those fat cats were exposed as crooks but how many of them ended up inside a cell?

there were some that did this, but not all. we were riding a bubble, it wasn't going to last.

corvette · 12-29-2002, 09:55 AM

Jack Welch is a legend

you can find many examples of companies that have lost market value in the previous year or few quarters and he CEOs compensation still gets raised

Michael Ovitz at Disney is the first example that comes to mind

I am a firm believer that compensation should be tied to the company performance. There are actually quite a few examples of companies whose stock went down to where the options went underwater, then the board lowered the Ceos option price.

PornBroker · 12-30-2002, 06:04 AM

Bad CEO's paid too much?

um let's see.....

1. Kenneth Lay - sold $US30 million in Enron stock before the company collapsed and will receive a $US475,000 a year pension for life.

2. Dennis Kozlowski - Tyco's CEO spent company money on art, antiques, motorbikes, helicopters and yachts. Also spent $US2 million of the company's money on a trip to Sardinia for his wifes birthday. His remuneration for the last 4 years he was CEO was $US400 million, not counting company loans that were never paid back.

3. Australia's answer to Dennis was HIH Insurance, which spent $A103,542 on gold watches for executives before it collapsed.

4. Also worth a mention would be John Porter of Austar, who's pay rose 35% in 2001 to $A1.16 million. In the same year Austar lost $A682 million and sacked a third of it's staff.

Webby · 12-30-2002, 11:32 AM

Charly:

*Some of the CEOs of some US companies should be in prison. *

Agree with ya - that ranges from insider dealing to blatant "I'm taking $1.5M cos I need a new boat". Reckon the list would include:

"Kenny Boy" and an assortment of co- conspirators at Enron, the hierachy at WorldCom, about 5 major legal practices, same in "accountancy" (least that's wot they claim to be), 30 Wall Street operations, about 350 "has been well-known" dot com management teams, about a 1000 plus other not so well noticed fraudulent corps and the SEC for their involvement in allowing this.

Of course there will be no jail time for the vast majority - that is reserved for some shoplifter and not folks who swindle billions.

Ironic when ya look at Bush - in many countries he would be still sitting in a jail cell for his role in Harken Oil where courts don't listen to naive excuses he has used to explain away his "problems". There is no way Bush would be within 100 miles of the "Whitehouse" of any other western country with his track record.

Other side of the coin.. there are many decent CEO's included in this who actually have served and achieved a performance for both corps and shareholders and they are entitled to a sensible renumeration. Suppose you could include Walsh in this category.

PornBroker:

*Bad CEO's paid too much? *

DUH? *lol* Yup - I agree! Hell they should not have been paid at all! For funds and salaries they "removed" outta the corps for 2 years prior to their demise, they should be held personally liable for, bankrupted and imprisoned. All proceeds going to those they blatantly swindled.

Many of these guys may have an entreprenerial flare (great asset!), but they ain't straight - just common thieves and liars who have bled a spectrum of investers outta billions using false accounting and phony information.

Unfortunately the culture breeds greed and adoration of that greenback - so can't see there will be any changes in 2003

By the way.. when are Lay, Kozlowski et al going on trial?? Or is that a "wer'e working on it" syndrome?

12-29-2002, 05:10 AM	#2
eroswebmaster March 1st, 2003 Join Date: Jul 2001 Location: Seat 4 @ Venetian Poker Room Posts: 20,295	Yeah man that's just fucked....but seriously...you think he likes fat guys...I'd be his bitch. __________________ For rent - ICQ 127-027-910 Click here for more details

12-29-2002, 05:23 AM	#3
quiet we'll miss you our friend. RIP Industry Role: Join Date: Sep 2001 Location: Fernie, BC Posts: 25,115	i wonder what the remaining $319,614.00 is used for each month. since food, drinks, clothes, club memberships, rent, travel, staff, food/wine at home, and limos have already been paid for at that point. __________________ we'll miss you our friend. RIP

12-29-2002, 05:28 AM	#4
Paul Markham Too old to care Industry Role: Join Date: Jun 2001 Location: On the sofa, watching TV or doing my jigsaws. Posts: 52,943	Some of the CEOs of some US companies should be in prison. They made sure they got paid in shares a lot of the time based on bonuses related to the share price value of the company. They used any means to force up the prices of those shares to way over the market value, thus inflating the whole stock market. Then sold at the top when they saw the truth was about to come out. The rest of us lost big time. Those with pensions, investments, jobs all lost. Those fat cats were exposed as crooks but how many of them ended up inside a cell? __________________ Blowout deal. 880 videos, 2,400 image sets, plus many RAW videos. $500. PM me for a deal. Skype Paulmarkham70

12-29-2002, 05:51 AM	#6
EscortBiz Fuck Checks, CASH only! Join Date: May 2002 Location: New York City Posts: 19,422	Well the last CEO I will complain about is Jack Welch, read a bit what he did for GE and it's investors, he is not the CEO people should be investigating. And money is a number the guy who earns 10,000 a month can spend 10,000 and spends 80% of it will most likly spend 80% is he made $250,000 a month, just a fact of life __________________ Spanking, Medical Fetish, Sleeping, Strap-on Anal Lesbians, Girls Fucking Guys, Handjob site REAL HOT, Shemales, Anal and Ass Licking sites 100% Real EXCLUSIVE with amazing retention, ccbill payouts, lots of content FREE FTP HOSTING Promote the largest and oldest member paid escort site, Converts 10 times better then any dating site, CCBill payouts ICQ# 158802076

12-29-2002, 06:02 AM	#8
quiet we'll miss you our friend. RIP Industry Role: Join Date: Sep 2001 Location: Fernie, BC Posts: 25,115	hey, if that's the value they placed on this guy, i'm all for it. long live capitalism still facinating none the less... __________________ we'll miss you our friend. RIP

12-29-2002, 05:47 AM	#5
BrettJ ol' timer Industry Role: Join Date: Jan 2001 Location: Seattle WA Posts: 4,715	boy if ever there was an example of Bias in the Press there it is. anybody that thinks Welch doesn't deserve it - can fuck off! =) from '81 when Jack took over GE to when he retired - GE's market value increased from $12 billion to $280 billion. During those 20 years, the story goes, he never once attended a baseball game - of his favorite team - and so as part of his retirement package they gave him season tickets or some shit. There is nothing wrong with that - he deserves it.

12-29-2002, 05:55 AM	#7
OnTime Confirmed User Join Date: Dec 2001 Posts: 403	Is he a relative? ;) Puleeze.

12-29-2002, 06:15 AM	#10
BrettJ ol' timer Industry Role: Join Date: Jan 2001 Location: Seattle WA Posts: 4,715	no, not a relative. =( but guess i'm just a capitalistic pig - that likes to see hard work - and more importantly progress rewarded. he made them a fuck load of money - if they want to reward that - and think it will motivate future CEO's at GE - great. (about the 80k apartment, that was an apartment that he had ACCESS to, as with the plane, as many execs at GE do) This all came out, during his divorce proceedings, he has given back a bunch of the perks, because he didn't want them to be part of the assessed value that his ex would get a % of. he even gave back the season tickets =( so tired of people bitching about other people that have succeeded.... there is a sub culture to america - and maybe the rest of the world - that really loves to see sucessful people get burned. even to a point the MSFT monopoly thing - we're such a bunch of hypocrites - we say we want americans to be successful - but you sell something - 90% of americans use - and the gov't starts threeatening to break up your business. i know there is more to it than that - but really - is that the kind of example we should be making? it's sick - and the press feeds off of it by trying to make a story out of anything. I'm sorta glad the Press tried to go after Jack - cuz they are gonna make asses out of themselves trying to chastize him. =)

12-29-2002, 06:23 AM	#11
Sambuka Registered User Join Date: Sep 2002 Location: - Posts: 500	Yep its a joke, lots of the company execs who were paid 1-5 million bonuses at the end of the year lost 20-50% of the companies share value that year along and are getting bonuses of 1-5 million and the company there meant to be running is losing sometimes 200 per quateur. Its a fucking racket, they pay themselfs what they want and never have to account for anything. Sammy

12-29-2002, 06:46 AM	#13
GTS Mark Vrume Mark Industry Role: Join Date: Jan 2001 Location: Toronto, Canada Posts: 20,912	Quiet are you thinking of coming out of retirement and working for GE now? DH

12-29-2002, 08:10 AM	#14
KRL Entrepreneur Join Date: Oct 2002 Location: USA Posts: 31,429	Jack Welch deserves every penny. He's one of the most respected corporate CEO's of all time. Why's everyone bitching about what CEO's make. Fuck it all goes right back into the economy anyway. They don't stick it under their mattress for christ's sake. That money creates jobs. Oodles of jobs. __________________ If you would like to develop your domains, you can lease inexpensive foreign labor from the leaders in the field at iWebmasters.com TO LOWER YOUR COSTS AND INCREASE YOUR PRODUCTION! * * * * * * * * * * * * Domains Adult News KRL's Newsletter Biz Tips Just Listed Domains

12-29-2002, 09:55 AM	#16
corvette Confirmed User Join Date: Oct 2001 Location: scottsdale Posts: 7,880	Jack Welch is a legend you can find many examples of companies that have lost market value in the previous year or few quarters and he CEOs compensation still gets raised Michael Ovitz at Disney is the first example that comes to mind I am a firm believer that compensation should be tied to the company performance. There are actually quite a few examples of companies whose stock went down to where the options went underwater, then the board lowered the Ceos option price. __________________ If you need a good company for check writing services, then check out checkissuing, and for webhosting, check out Phoenix NAP

12-30-2002, 06:04 AM	#17
PornBroker Confirmed User Join Date: Sep 2002 Posts: 686	Bad CEO's paid too much? um let's see..... 1. Kenneth Lay - sold $US30 million in Enron stock before the company collapsed and will receive a $US475,000 a year pension for life. 2. Dennis Kozlowski - Tyco's CEO spent company money on art, antiques, motorbikes, helicopters and yachts. Also spent $US2 million of the company's money on a trip to Sardinia for his wifes birthday. His remuneration for the last 4 years he was CEO was $US400 million, not counting company loans that were never paid back. 3. Australia's answer to Dennis was HIH Insurance, which spent $A103,542 on gold watches for executives before it collapsed. 4. Also worth a mention would be John Porter of Austar, who's pay rose 35% in 2001 to $A1.16 million. In the same year Austar lost $A682 million and sacked a third of it's staff. __________________ please allow me to introduce myself, I'm a man of wealth and taste...I've been around for a long long year stolen many man's soul and faith...I was around when jesus christ had his moment of doubt and pain...made damn sure that pilate washed his hands and sealed his fate...pleased to meet you hope you guess my name...but's what's puzzling you is the nature of my game...

12-30-2002, 11:32 AM	#18
Webby Too lazy to set a custom title Join Date: Oct 2002 Location: Far far away - as possible Posts: 14,956	Charly: Some of the CEOs of some US companies should be in prison. Agree with ya - that ranges from insider dealing to blatant "I'm taking $1.5M cos I need a new boat". Reckon the list would include: "Kenny Boy" and an assortment of co- conspirators at Enron, the hierachy at WorldCom, about 5 major legal practices, same in "accountancy" (least that's wot they claim to be), 30 Wall Street operations, about 350 "has been well-known" dot com management teams, about a 1000 plus other not so well noticed fraudulent corps and the SEC for their involvement in allowing this. Of course there will be no jail time for the vast majority - that is reserved for some shoplifter and not folks who swindle billions. Ironic when ya look at Bush - in many countries he would be still sitting in a jail cell for his role in Harken Oil where courts don't listen to naive excuses he has used to explain away his "problems". There is no way Bush would be within 100 miles of the "Whitehouse" of any other western country with his track record. Other side of the coin.. there are many decent CEO's included in this who actually have served and achieved a performance for both corps and shareholders and they are entitled to a sensible renumeration. Suppose you could include Walsh in this category. PornBroker: Bad CEO's paid too much? DUH? lol Yup - I agree! Hell they should not have been paid at all! For funds and salaries they "removed" outta the corps for 2 years prior to their demise, they should be held personally liable for, bankrupted and imprisoned. All proceeds going to those they blatantly swindled. Many of these guys may have an entreprenerial flare (great asset!), but they ain't straight - just common thieves and liars who have bled a spectrum of investers outta billions using false accounting and phony information. Unfortunately the culture breeds greed and adoration of that greenback - so can't see there will be any changes in 2003 By the way.. when are Lay, Kozlowski et al going on trial?? Or is that a "wer'e working on it" syndrome?