Okay, so he’s a few hundred million short of a billion. But today’s Wall Street Journal op-ed piece by Jack Welch was very blog-like in its public airing of the debate going on between the two little guys standing on his shoulders. One is whispering, “Keep the money, you earned it.” Into the other ear comes the response, “Give it back or you’ll be seeing those speaking fees plummet.” In the end, we discover his reputation and ego are worth much more to Jack Welch than the money.
However, like a true blogger, he can’t admit the absurdity of what he was paid (pre- or post-retirement) and still comes off saying, “I earned it whether you people realize it or not.”
No, Jack. You did not. You demanded it and you got it. You knew you had the board over a barrel and the market was zooming north and they were convinced by you that the stock would tank if you left, so they caved.
You are a great leader and a business giant. But did you “earn” the package being reported? Obviously not. Or at least that’s what your blog really suggests.
I know this seems a little off my usual topic of magazines. However, longtime readers of this blog (all two of you) will recall that I blogged the very first mention of the events which led to today’s mea culpa, way back on March 3. And yes, it was a story about the magazine world.