Jack Welch- smart business man? I don't think so

xo_sue · #1 03-13-2002, 04:40 PM

.... because he is going to lose 450 million dollars for cheating on his wife!

Mrs. Welch wants half!!!!

I just think it is ironic that a man spends his whole life becoming this huge business tycoon- working everyday to earn the millions and he loses it all in an afternoon of lust.

damasa · #2 03-13-2002, 04:43 PM

15 minutes of pleasure or a lifetime of pain....
some ppl are IDIOTS.

KillarneyRose · #3 03-13-2002, 05:42 PM

Fill me in, who is this guy?

Steeltrap · #4 03-13-2002, 05:42 PM

Welch's wife seeks half of fortune in divorce
Wed Mar 13, 8:43 AM ET
Del Jones USA TODAY

The romantic relationship between retired General Electric CEO Jack Welch and a Harvard Business Review editor is not over, and Welch's wife will seek a divorce and half of his $1 billion empire.

Karen Schwartzman, spokeswoman for HBR editor Suzy Wetlaufer, said Tuesday that the affair is ongoing. Upon learning that, William Zabel, a New York lawyer hired by Jane Welch, voiced surprise.

In a statement, the 66-year-old Jack Welch said he and Jane expect the divorce to be amicable. ''All details regarding our marriage and divorce are personal to both of us, and I hope the media will respect our privacy,'' he said.

Jane Welch, 17 years younger, is a lawyer who gave up her career before marrying Welch in 1989. They agreed to a rare type of prenuptial agreement that expired after several years of marriage.

''The prenuptial is dead,'' says Zabel, but he declined to say when it expired.

That frees Jane Welch to seek half of Jack Welch's assets. The first order of business, Zabel says, will be to identify them. According to GE's proxy statement last week, Welch earned $16.2 million in total compensation last year. He owns 21.8 million shares of GE stock worth $894 million and has stock options worth about $250 million. Anything approaching half would make Jane Welch one of the richest women in the USA.

Zabel says he handles few divorces, but specializes in tax and property law and is an expert at valuing stock options. He also prides himself in keeping such cases out of litigation and details out of the media. Zabel predicted the Welches' divorce will be over in three to five months without any dirty laundry being aired.

Jack Welch has hired Samuel Schoonmaker III, a Connecticut lawyer whom Zabel says he faced when Schoonmaker represented former Xerox CEO Paul Allaire in a divorce. Zabel also represented the wife of investor George Soros and mediated the divorces of radio personality Howard Stern and author Michael Crichton. Schoonmaker was unavailable for comment Tuesday.

Jack Welch's affair with Wetlaufer, 42 and divorced, began in late 2001 as Welch was retiring and shortly after Wetlaufer completed an interview with him.

Jane Welch phoned Wetlaufer to question her journalistic objectivity in light of the relationship. After the call, Wetlaufer asked that her Q&A with Welch be withdrawn. Another interview by senior editors Harris Collingwood and Diane Coutu was hurried to press and published in the February issue.

Some colleagues demanded Wetlaufer's resignation. When she was demoted instead, Collingwood and Alden Hayashi, another senior editor, resigned. Their boss, editorial director Walter Kiechel, says he wants them to reconsider. He has a meeting scheduled with Collingwood today but says Wetlaufer will stay at HBR.

AlphaGam1019 · #5 03-13-2002, 07:48 PM

OH yes, we were talking about this in Business law last night.

I'm reading his biography.

I guess he couldn't keep happy willy in his pants and he's going to pay big time!

Steeltrap · #6 03-13-2002, 07:53 PM

Quote:

Originally posted by AlphaGam1019
OH yes, we were talking about this in Business law last night.

I'm reading his biography.

I guess he couldn't keep happy willy in his pants and he's going to pay big time!

CTHU. CTHU. CTHU.

DeltAlum · #7 03-13-2002, 08:00 PM

I worked for NBC/GE for 14 years, and met Jack several times.

While what he allegedly did is stupid, he (as GE Chairman) certainly did good things for my 401k.

I could probably eek by for the rest of my life on only a half billion dollars.

The1calledTKE · #8 03-13-2002, 10:08 PM

He has enough money doubt losing half would affect his lifestyle any.

James · #9 03-13-2002, 10:47 PM

Damn.

Lets see, 13 years of marriage for 500 million dollars. This averages to a little less than 37 million dollars a year.

I know yall ladies think that being the glue of the family is priceless, but thats a hell of a lot of compensation, don't ya think?

Also, this isn't a fortune they built together starting at like age 20. Jack Welch was quite wealthy when they got married.

I know Jack isn't going to get any sympathy from you ladies, but a hundred million would be MORE than generous.

The whole thing sounds like Eddie Murphy's skit from Raw, or the dinner scene in Blind Date (Bruce Willis, Kim Bassinger).

I see a future lesson for very wealthy men: Don't let your pre-nups lapse, or don't get remarried at all.

All I can say really though: Damn, Jack, that was some expensive nookie! And I don't mean the affair, I mean the wife at 37 million a year!

LOL

Quote:

Originally posted by Steeltrap

Jane Welch, 17 years younger, is a lawyer who gave up her career before marrying Welch in 1989. They agreed to a rare type of prenuptial agreement that expired after several years of marriage.

DeltAlum · #10 03-14-2002, 02:07 AM

Well, if he can't keep his pecker in his pocket it's his problem. But he is a heck of a businessman and visionary.

I wonder how having to live on only half a billion dollars instead of twice that much would affect your life style.

As I said above, I think I could eek by.

Rudey · #11 03-14-2002, 05:06 AM

Welch is incredibly brilliant. Honestly I wouldn't underestimate the guy. If you don't know much about him, he basically climbed the ranks of GE and went against almost every single GE practice at the time to change GE around completely. Also called neutron Jack, he was associated with trimming the fat at ge in terms of negative or unnecessary labor. And now they consider him one of the greatest CEO's ever. I think his best book was Jack Welch: Straight from the gut. I wouldn't put it past this guy to find a way to minimize the damage.

-Rudey
--I'm gonna go sleep

Peaches-n-Cream · #12 03-14-2002, 11:31 AM

You guys are so funny! pecker in his pocket... happy willy lol! I'll add one:
It was the most expensive screw ever!

lovelyivy84 · #13 03-14-2002, 11:36 AM

This is not a case about whether or not she deserves the money. It's about the law. If the law says that she gets the money then she gets it. He KNEW THE CONSEQUENCES and still couldn't keep it in his pants.

Dumb ass.

PKTSU01 · #14 03-14-2002, 11:59 AM

K, let me get this right, this guy is worth all this cash, is a big whig at GE, and ya'll think that he's really giving half of everything to his soon to be ex? Do ya'll really think his lawyers are letting something like that happen? This woman is going to get a hefty sum of cash for sure, just to keep hush and not ruin his image, but half? after 13 years of marriage? Good luck convincing the court that a) she's THAT needy and b) infidelity is worth that much in the dollar. The court has better things to do that to punish some corporate CEO for cheating on his wife. That's a poor business move on his part, letting the pre nup expire, he should know better than to have good faith in ANYONE, including himself, when it involves that kind of money.

Peaches-n-Cream · #15 03-14-2002, 12:05 PM

I think that she will get half of the money that was earned during the thirteen year marriage.