Exposing Jack Welch




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ORIGINAL POST

Posted by Ed 3 mths ago
Jack Welch became CEO of General Electric in 1981 after earlier paying off the administration of Mafia New York State Governor Hugh Carey to avoid having to dredge the Hudson River of PCB chemicals that GE illegally dumped into the Hudson River for over 50 years.

GE had a transformer plant in Schenectady which poured industrial waste into the Hudson River through hidden underground outflow pipes. GE had no defense, it was on the hook for at least $50 million to clean up the river bed contamination. Instead, New York State Department of Environmental Conservation did nothing.

AFAIK, Peter Berle, the then DEC Commissioner, made some noises cleaning up the GE PCBs and Carey forced him to resign. Lately, Welch's entire business philosophy has been totally discredited.


But while GE's CEO, the company stock price soared and Welch got a severance bonus payment of over $500 million when he retired. Along with lifetime free use of GE's two corporate jets. Jets GE dumped the jets around the time GE was delisted from the Dow Jones.


Meanwhile, the guys who worked the 300 year old Hudson River striped bass fishery got nothing after the DEP barred fishing in the Hudson River due to the PCB contamination. Many of those fishermen had a base of operations in and around the Hamptons, so they would fish off the coast of Long Island when the striped bass were not running.


Just as the Hamptons took off as a vacation location, these fishermen lost their livelihoods and sold their business's real estate on what soon became prime oceanfront real estate.

https://www.nytimes.com/2017/06/15/business/ge-jack-welch-immelt.html

COMMENTS

Ed 3 mths ago
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