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Pastimes : My House -- Ignore unavailable to you. Want to Upgrade?

To: mph who wrote (837)	9/19/2002 3:22:41 PM
From: Original Mad Dog	Read Replies (2) \| Respond to of 7689

It's hard to be sympathetic for Jack Welch here...he unmade his own bed on this one. But I love the line about Jane Welch living out of a suitcase: story.news.yahoo.com Welch Divorce Judge Orders Revised Financial Filing Thu Sep 19, 1:49 PM ET BRIDGEPORT, Conn. (Reuters) - A Connecticut judge on Thursday ordered the estranged wife of former General Electric Co. chairman Jack Welch to revise a financial affidavit in which she revealed the details of his lavish retirement package and sparked a hail of investor criticism. Welch has renounced his generous retirement perks, but the U.S. Securities and Exchange Commission ( news - web sites) is investigating the benefits in an informal inquiry. Jane Welch's original 40-page filing caused a firestorm of criticism because it depicted an extravagant lifestyle on the tab of GE shareholders. A superior court judge in Bridgeport ordered Jane Welch, who is being sued for divorce by her husband of 13 years, to file another financial affidavit that conforms with court guidelines. "I have asked to you file a substitute affidavit in substantial compliance with the practice book," said Judge Julia Dewey. Jack Welch also was ordered to file a financial affidavit. The deadline is Sept. 26. Welch this week defended his benefits in an article penned for the Wall Street Journal, saying they were given in lieu of cash compensation offered by GE during his reign as CEO. But he did not apologize for taking home a retirement package replete with country club memberships, dinners at Manhattan's finest restaurants and a swank apartment, as Jane Welch alleged in her filing. Jack Welch's lawyers argued that her filing was filled with irrelevant material. According to Jane Welch's affidavit, GE even paid for groceries and toiletries at their New York apartment. Welch, in response, has said the divorce court filings "grossly misrepresented" his contract with GE. Disclosures in the high-profile divorce case have sparked anger among investors and launched a raft of news articles about extravagant pay, bonuses and other benefits paid by U.S. corporations to former executives. William Zabel, a lawyer for Jane Welch, told reporters outside the courtroom that even though the couple owns four homes, Jane Welch "lives out of a suitcase." He said she lives at the "sufferance" of Jack Welch's desire to live out of one home or the other. Jane Welch is receiving $35,000 a month from the former GE chairman and has certain use of the couple's Connecticut and New York homes. But she has argued in court papers the monthly allowance is inadequate to maintain the lifestyle she enjoyed during her marriage.