Reuters, Fortune.com and Fortune.com sibling CNNMoney have all run critical coverage of Welch since Friday [when Welch tweeted that the new BLS numbers showing an improving economy were “unbelievable”]. A Fortune.com article highlighted that GE had lost 100,000 jobs during Welch’s tenure, roughly a quarter of its workforce. On Friday Reuters quoted Barry Ritholtz, CEO and director of equity research at Fusion IQ, a firm which manages about $300 million, saying, ”This guy is the guy that’s telling me the books are cooked? That’s hilarious.”
Fortune managing editor Andy Serwer piled on Monday on MSNBC’s “Morning Joe,” saying the economy contradicted Welch’s assessment. “I think it’s exactly the opposite of what Jack Welch is saying,” Serwer said. “Things are actually improving.”
In the meantime, Jane took Jack to the cleaners, just a bit, revealing Jack’s, um, totally justified severance package from GE in the process, which provided massive upkeep for Jack’s collection of penthouses, townhouses, pied-à-terres, country homes, weekend getaways, and ski chalets, plus personal transportation to and from them via private jet and limo, allowing $850 million Jack to live like a billionaire, even though he wasn’t one. GE may have not been supplying Jack with $2 million a year for cut flowers, but that figure isn’t too far off. So if there’s anyone who knows about unemployment, it’s Jack Welch.
Afterwords
For a delicious bit of blast from the past, Upper East Side suck-up, read the New York Observer’s breathless take on the upcoming Jack n’ Suzie nuptials, circa April 2004:
On a recent afternoon, Suzy Wetlaufer walked into her kitchen and started screaming.
“Oh my God!” she shrieked, staring at a large cardboard box that had arrived via FedEx from Saks Fifth Avenue. “It’s my wedding dress! It’s my wedding dress!” She turned to the housekeeper. “Maria! Unpack it and hang it in my closet. In the last row, where Jack can’t see it. Oooh! I’m so excited!”
