Krenicki cashed in at GE like Welch, then joined him at hedge fund
The Jan. 3 Daily Gazette reported that footnoted.com, a website that searches for newsworthy nuggets in U.S. Securities and Exchange Commission filings by public companies, gave the “worst 2012 footnote” honors to GE for an outlandish retirement package.
John Krenicki, who is only 50, eliminated his job as CEO of GE Energy by reorganizing the business. His retirement package included $89,000 a month for the next 10 years, at least a $2.9 million 2012 bonus and other perks such as stock options. The retirement package is valued at $28 million, according to an Aug. 2 article in The Wall Street Journal.
Mr. Krenicki is leaving to become a senior operating partner of a New York City hedge fund. Jack Welch, GE’s former CEO, serves as senior adviser to this hedge fund. The $28 million retirement package becomes even more of an insult to GE shareholders.
The Krenicki retirement package is a reminder of the retirement perks received by Jack Welch. Welch was worth about $950 million from stock-options-based compensation, and his pension is $9 million per year. His retirement perks included free use of an $80,000-a-month Manhattan apartment, reimbursement for restaurant meals and payment for country club fees.
There is something terribly wrong when insiders treat GE as their private fiefdom to enrich themselves.
There is something else rotten at GE. Welch rewarded himself and his cronies with many millions of dollars from GE stock options. Welch and his cronies manipulated the GE stock price for years by acquiring low price-to-earnings financial services and insurance businesses and by under-reserving the insurance businesses by $9.4 billion.
While rewarding themselves lavishly, Welch and his cronies treated GE workers, engineers and communities with disdain. They fired countless workers to raise the stock price to make their stock options more valuable.
When the GE stock price collapsed during the financial crisis, due to their disastrous acquisitions, Welch and his cronies kept their ill-gotten gains while shareholders and workers paid dearly for the schemes of the GE insiders.
The writer is a GE retiree.
Beware: Very few guns qualify as assault weapons
Stop the hysteria! If you must throw the “A-word” [assault] around like a football, at least know the definition.
The criteria for an assault rifle [are]: Semi-auto rifles able to accept detachable magazines and two or more of the following: folding or telescopic stock, pistol grip, bayonet mount, flash suppressor or threaded barrel to accept one, grenade launcher.
I doubt if many of us own assault rifles. Would the people against the Saratoga gun show displaying certain guns be OK with vendors advertising non-assault weapons, such as single-shot squirrel guns equipped with grenade launchers? I think not.
Check out what happened throughout history when the government institutes gun control. Don’t take my word for it. There are many. Start with the Turks and Armenians in early 1900. Check out Hitler’s first act against the Jews.
I wonder about the following: If you are pushed in front of a subway car, was it an assault by a human or a train? You’re attacked with a baseball bat; was it an assault by a human or a Louisville Slugger? Get the point?
Strock’s words, especially about religion, missed
The Gazette hasn’t been the same since Carl Strock retired. His reporting voice was timely, unique and, of course, provocative.
As anyone who reads the Gazette knows, Strock wrote perceptively and with great humor about guns, cops, liberty, thugs and politicians, politicians and thugs (sometimes it was hard to tell which was which), and, of course, religion.
Other than strict news reporting and some preachy letters to the editor, without Strock religion appears in the Gazette only as advertisements for the various mosques, churches and synagogues — and the unchallenged reporting of events sponsored by those institutions.
In addition, there is the occasional feel-good story about a local, or someone from around the globe somewhere, who accomplished something, having claimed to have been inspired by their particular religion.
Strock challenged everyone to look at religion’s leaders, followers, beliefs and practices. It interested him and made us interested too, in attempting to discover where those ideas came from and why people continue to believe them and practice their version of a particular religion.
Hope Strock is enjoying his retirement, but hope also that he is continuing to write as only he can!
Guns in school could even lead to more shootings
In a Dec. 29 Gazette article, the NRA suggested, in the wake of the senseless killings at Sandy Hook Elementary, that school guards and principals be armed with guns to protect students and faculty from harm.
On the opposite page was a story about a police station shooting that wounded three police officers after an unarmed man grabbed an officer’s gun and shot them.
So, please, can someone from the NRA explain to me how arming anyone in a school will make our children safer?
David E. Hine
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