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American Morning
Minding Your Business: Jack and Jane Went to Court
Aired October 31, 2002 - 08:46 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
LEON HARRIS, CNN ANCHOR: I know something rather scary right now for Jack Welch.
ANDY SERWER, "FORTUNE" MAGAZINE: Yes, this is really just amazing stuff coming out of the courtroom yesterday up in Connecticut. Of course, we were talking about the divorce case between Jack Welch and Jean Welch. And yesterday, an eight-page document filed by Jack Welch. There are the two in happier times. An eight-page document filed by Jack Welch detailing his expenses, his net worth, his assets, his liabilities, the whole picture.
Let's see if we can go through some of his expenses right here. Gifts, $52,000. Here we go, upkeep of home. This is per month people, not per years. This is per month. It's a lot of stuff. Groceries. And clothes, $2,000. People are saying, I thought the company picked this stuff up, right? Remember that whole thing?
But one of the biggest expenses he has is $200,000 a month that he's reimbursing GE now for those expenses. So that's why he's paying.
Here is what we know, Jack. His total assets, he's worth, he says, $456 million. Now the big picture there is that that's way down. Estimates he was worth as much as $800 million, but that is when the stock market was flying and GE stock was way up there. It's down by about two-thirds.
HARRIS: My heart is breaking.
SERWER: Yes. But what you need to take away from this is he's a proud man and he's a tough guy. He is not letting the fact he has to detail all of this stuff in court dissuade him from settling with Jane. He's saying, look, I was paid all of this money, and I'm worth it, and I'm not going to pay a dime less than I think I have to.
HARRIS: That is obviously more than the $140 million that Jane just turned down?
SERWER: That is a number that -- we're not sure about that. That is what has been reported. We don't have it confirmed.
Also Martha Stewart reported numbers this morning. If you to her Web site, You can hear some scary sounds on a CD called Martha Stewart's Scary Halloween CD Sounds. What scary stuff. I'd like to pick that up, I bet you that's a riot. Things are scarier for her all of the time. I will be going up to Dillon's candy bar candy store later on in the program to do some reporting from there for Halloween biz.
HARRIS: OK, good deal. Play one of the Martha Stewart CDs. If you find one, give me a buzz.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Aired October 31, 2002 - 08:46 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
LEON HARRIS, CNN ANCHOR: I know something rather scary right now for Jack Welch.
ANDY SERWER, "FORTUNE" MAGAZINE: Yes, this is really just amazing stuff coming out of the courtroom yesterday up in Connecticut. Of course, we were talking about the divorce case between Jack Welch and Jean Welch. And yesterday, an eight-page document filed by Jack Welch. There are the two in happier times. An eight-page document filed by Jack Welch detailing his expenses, his net worth, his assets, his liabilities, the whole picture.
Let's see if we can go through some of his expenses right here. Gifts, $52,000. Here we go, upkeep of home. This is per month people, not per years. This is per month. It's a lot of stuff. Groceries. And clothes, $2,000. People are saying, I thought the company picked this stuff up, right? Remember that whole thing?
But one of the biggest expenses he has is $200,000 a month that he's reimbursing GE now for those expenses. So that's why he's paying.
Here is what we know, Jack. His total assets, he's worth, he says, $456 million. Now the big picture there is that that's way down. Estimates he was worth as much as $800 million, but that is when the stock market was flying and GE stock was way up there. It's down by about two-thirds.
HARRIS: My heart is breaking.
SERWER: Yes. But what you need to take away from this is he's a proud man and he's a tough guy. He is not letting the fact he has to detail all of this stuff in court dissuade him from settling with Jane. He's saying, look, I was paid all of this money, and I'm worth it, and I'm not going to pay a dime less than I think I have to.
HARRIS: That is obviously more than the $140 million that Jane just turned down?
SERWER: That is a number that -- we're not sure about that. That is what has been reported. We don't have it confirmed.
Also Martha Stewart reported numbers this morning. If you to her Web site, You can hear some scary sounds on a CD called Martha Stewart's Scary Halloween CD Sounds. What scary stuff. I'd like to pick that up, I bet you that's a riot. Things are scarier for her all of the time. I will be going up to Dillon's candy bar candy store later on in the program to do some reporting from there for Halloween biz.
HARRIS: OK, good deal. Play one of the Martha Stewart CDs. If you find one, give me a buzz.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
