The Republican faithful are changing "9/11 and fear" with "recession and fear" of Democrats. Predictable but it's so tiring to hear this nonsense. Fortunately his wife divulged a few details of his own comfortable retirement plan (that was otherwise going to be secret) during their divorce process a few years ago. Let's see what the humble fellow received in addition to the millions he made while working.
Welch's lifetime benefits, which were first revealed by his soon-to-be ex-wife Jane in divorce filings, include:Um yeah, that sounds pretty nice. I guess someone like that might be a bit worried about a fair shake for everyone else because how else could he possibly survive? So here's the latest "be terrified of the Democrats" pitch on CNBC today:
* Unlimited access to company jets, which the SEC says amounted to $1.2 million in Welch's first year of retirement.
* Exclusive use of a New York City apartment worth $50,000 a month.
* A chauffeured limousine and a leased Mercedes-Benz.
* Offices in New York and Connecticut.
* Free consultations with estate-planning and tax advisers.
* A personal assistant.
* Television, fax, phone, computer and security systems at his four homes.
* Bodyguards for his speaking engagements and book tours.
The SEC estimated the total package was worth $2.5 million in the first year alone and said GE should have disclosed the details in its annual reports.
"There are so many things that bother me right now. Over the last couple of weeks, things have really gone south in the government relationships," Welch told "Squawk Box."Restructure in a nice way? What the hell does that even mean, Jack? The "nice" way on Wall Street is to chop tens of thousands of jobs and give an extra bonus to the CEO for a job well done. Yes, the Democrats created this enormous financial disaster. It was their evil plan from the beginning. Oh wait, no, that was led by the Republicans, like Welch. It was the GOP who wanted to make a terrible situation even worse by allowing total collapse of the economy.
"These guys, when they came in, said a crisis like this is impossible to waste," he added.
In business, when a crisis hits is the time to attack costs and solve problems, to restructure your company "in a nice way," Welch said.
The Democrats screwed up by giving away too much and allowing the selfish bastards (Welch types) continue to make huge bonuses despite being wiped out but they did not make a mistake saving the economy from complete failure. The last thing anyone wants is for the government to own any of these companies any longer than necessary but that doesn't fit in neatly with the "Democrats are socialists and want to destroy us all" theme.
When the economy does eventually turn, it would be nice if self centered, greedy people like Welch think about the country and others who don't work in the board room. They weren't the stars they like to think they are or were as we are now discovering. If they didn't screw up so badly and get so consumed with having everything and more we would not be in such bad shape today. The US system requires a certain amount of greed but like everything, there are limits. Not that Welch types know anything about limits though.
