Power Failure: The Rise and Fall of an American Icon

by William D. Cohan

In a separate affidavit, as part of the divorce proceedings, Jack confirmed that he was raking it in, and that he was fabulously wealthy. His annual pretax pension from GE was $7.4 million, netting him $4.3 million in cash per year. From his various consulting and self-employment schemes, Jack was getting another $8.2 million a year, or $4.5 million a year after taxes. His annual dividend payments were $2.6 million a year. His taxable interest income was $354,000 per year; his nontaxable interest income was $6.7 million per year. His director’s fees were $41,000 per year. He was also entitled to Social Security payments of $18,000 per year. Jack helpfully shared that his annual after-tax income was just about $17 million. Jack also revealed that his annual living expenses were about $4.4 million, the majority of which, $2.4 million, was to reimburse GE for the personal use of the benefits that GE provided for him (after he had decided to give them back in the wake of Jane’s filing). His monthly expenses for his homes were more than $50,000. He spent $20,000 a month on accounting services and