Billy Boy spends - no worries about money

Jack Welch sells Lost Tree Village lots to William, Barbara Weldon
Palm Beach Daily News - Palm Beach,FL,USA
... former chairman and CEO of General Electric, sold two adjacent vacant waterfront lots in North Palm Beach for $8.45 million to William C. Weldon, ...

what an asshole. Makes me wish I believed in a hell that he could burn in.

While thousands of his employees just wait to be laid off, he can spend millions on two waterfront lots.

Come on boys, get a grip. The guy's running a major corporation - whether or not he's doing a good job is the subject of other posts. I'm sure he'd rather not supervise this major bloodletting, but it's his job. No, I'm no Kool Aid drinker. I could very well be on the outside looking in after this all plays out. However, my guess is that this decision was a tough one to make. However, once it was made, he probably moved on with his life. The issue is, he very likely went through the decision-making process months ago. For us, on the other hand, this is all new - fresh wounds. I only hope that, with time, we can get over it too. Granted, we won't be buying multi-million dollar, shorefront property. But hopefully we'll find a level of happiness on the other side.

Originally Posted by Anonymous

Come on boys, get a grip. The guy's running a major corporation - whether or not he's doing a good job is the subject of other posts. I'm sure he'd rather not supervise this major bloodletting, but it's his job. No, I'm no Kool Aid drinker. I could very well be on the outside looking in after this all plays out. However, my guess is that this decision was a tough one to make. However, once it was made, he probably moved on with his life. The issue is, he very likely went through the decision-making process months ago. For us, on the other hand, this is all new - fresh wounds. I only hope that, with time, we can get over it too. Granted, we won't be buying multi-million dollar, shorefront property. But hopefully we'll find a level of happiness on the other side.

Well said, however if I were in his shoes I would not cry hardships, then be buying 8 million dollar house. That is just rubbing our noses in his shit. (Just like AIG, GM and all the other scumbag corporations in this country). If this were Europe, he would probably get his ass beat up, or at least fired.

Originally Posted by Anonymous

Well said, however if I were in his shoes I would not cry hardships, then be buying 8 million dollar house. That is just rubbing our noses in his shit. (Just like AIG, GM and all the other scumbag corporations in this country). If this were Europe, he would probably get his ass beat up, or at least fired.

8 million dollar LOTS, no house! He's probably planning to build for his retirement. And I'm sure the house will be tens of millions!

The question is whether he really is making decisions in the best interests of the Company. Billy is retiring in a year or two. Also, if the pipeline is so bad, and we have to lay off so many people, than why is his compensation so good?

How appropriate: Neutron Jack Welch ("eliminate the people and save the buildings") passing the torch to Fat Willy. Neutron Jack got a sweetheart retirement from GE that included so many embarassing post retirement perks that when they came to light during his messy divorce, the outcry from shareholders caused him to give many of them up.

Here's to hoping that Fat Willy gets the cardiac event he so richly deserves as part of his retirement "package"

Originally Posted by Anonymous

Well said, however if I were in his shoes I would not cry hardships, then be buying 8 million dollar house. That is just rubbing our noses in his shit. (Just like AIG, GM and all the other scumbag corporations in this country). If this were Europe, he would probably get his ass beat up, or at least fired.

Thank god we're not Europe!!! I agree with your post and what troubles me is J&J is always reminding us as sales and marketing professionals to consider the "optics" of what we do as employees of the company. The question asked of us all the time is, "how would you feel if what you did or said ended up on the cover of the NY Times?"

Weldon is so out of touch with his responsibilities to his employees that its worse than rubbing our noses in shit, it's also making us eat it! I don't care if the decision was a hard one or if it was made months ago as another poster suggested, he should have an ounce of humility or decency here! But, maybe thats whats wrong with J&J... ROTTEN at the core!

He has been setting himself up for this for years. First of all, he has ALL of the power at J&J, nobody can challenge him. Big mistake is that he has been allowed to be both CEO and Chairman. In addition, the J&J Board is a bunch of geriatrics, I hope they have oxygen and plenty of wheelchairs for all of these "directors" who have been soaking the J&J system for years. Look at all of the options they exercised and millions they make on Yahoo finance. What is the boards average age.....69? That board is not gonna challenge Billy Boy, just like nobody ever challenged Stalin. What do they know about modern day business? Case in point, during the worst time in J&J history, this board voted to pay Fat Billy the MOST of any pharma exec in the world!

Secondly, Fat Billy surrounds himself with a bunch of inexperienced "yes men/women" who are robots and drink his koolaid. Billy killed off all the talent-real smart people who could elevate the level of expertise at the company and could relate to people and actually like people. He "dumbed down" the corporation and when it comes to understanding science and leading people, this guy is DUMB! Unfortunately, he is smart at building power, creating fear, manipulating and surrounding himself with robots and people who tell him what he wants to hear. His imprint will continue to haunt J&J for decades after he is gone. He laid the groundwork.

There are no checks and balances at J&J. He is accountable to nobody, but to his big fat paycheck and how he will spend it. This is indeed a tragic business case.

"...because a few business leaders both talked and practiced nonsense, private enterprise is in disgrace with one part of the public and on probation with the rest. Americans still rely on business to provide shoes, movies, lipstick, automobiles, and countless other things. They even are proud of these products, boasting about them to friends or to people of other nations. Yet the very ones who buy and boast no longer trust business to do its job well, at a reasonable profit, and with justice for everyone."

Robert Wood Johnson, "Or Forfeit Freedom", 1947

Amen! So True! Mr. Johnson knew what the bums would do to his families' business...............it has come full circle. Throw the bums out, bring in decent business leaders who have morals and values and care about doing what is right. J&J has truly lost its way, clean house!

Originally Posted by Anonymous

However, my guess is that this decision was a tough one to make.

Don't be a fool.

It might have been a though decision to acknowledge that the company's laborious and incoherent management of its finances is a disgrace, and promotes waste and inefficiency on a grand scale.

It might have been a though decision to admit that J&J's IT policy is a pathetic failure and that not a minute should be lost to remove a notoriously incompetent CIO and her sidekicks.

It might have been a though decision to accept his personal responsibility for our deeply rotten management culture, which keeps the heads of our supposed leaders trapped in alternate reality and rewards them for peddling outrageous nonsense with a straight face.

Instead, Weldon took the easy way out -- putting the burden of his crass mismanagement of the company once more on the shoulders of its employees.

He gets paid millions to run this company. Most of us can think of better plans over a glass of beer.

That is right my minions, I'm going to leave soon, and need warm weather and the salty smell of the ocean breeze. Who the hell wants to retire in New Jersey? Please continue to slave away, as I consider more layoffs. Your hard work supports my extravagant lifestyle. If not for me, then do it for the Credo. Gorsky will take good care of all of you.

Originally Posted by Anonymous

Come on boys, get a grip. The guy's running a major corporation - whether or not he's doing a good job is the subject of other posts. I'm sure he'd rather not supervise this major bloodletting, but it's his job. No, I'm no Kool Aid drinker. I could very well be on the outside looking in after this all plays out. However, my guess is that this decision was a tough one to make. However, once it was made, he probably moved on with his life. The issue is, he very likely went through the decision-making process months ago. For us, on the other hand, this is all new - fresh wounds. I only hope that, with time, we can get over it too. Granted, we won't be buying multi-million dollar, shorefront property. But hopefully we'll find a level of happiness on the other side.

This is simply another illustration of how the "equity culture" corrupted all corporate management. Who is to blame when upper management gets richer than kings? Shareholders. As long as shareholders thought they were getting rich on capital gains, people like Weldon and Welch could systematically loot the companies they manage. Shareholders turned a blind eye.

Anyone who complains about Weldon getting paid like he's 1000X brighter than the rest of us and still owns JNJ shares is a Fool.

You are off the mark. The system is set up for the executive committee and board to bilk the shareholders and everyone else. The issue is that there are so many shareholders, they are so diverse and geographically dispersed, that the odds of them being able to mobilize and rise up to oust these corrupt "leaders" is impossible. We would need a campaign similar to a presidential election, to get enough momentum to take action. The dividend checks are small in scale to really matter that much to each shareholder to put forth so much effort. As for huge funds that own shares, as long as they are getting what they need from a % standpoint, then they can't say anything because it will make them look incompetent.

Also, about 30% of the American population vote, so what can we expect from shareholder base? History has taught us that people take action and rise up unfortunately, after wars, mass death, and societal destruction. What are the chances that J&J can change that? Who knows, maybe history is on our side and people will start to rise up and demand change. In our country, we try to teach values and character to every young child at home and in school. The hope is that these teachings can overcome the gaps in the system as explained above. Unfortunately, we have senior management at J&J that doesn't have values, nor character. Nobody will stake their career and future fortunes on stopping the corruption. They are greedy and out for themselves. Sad, but true.

"Philosophers sometimes ring the bell, and Adam Smith was one who did so. His book voiced long-suppressed resentments, dignified erupting ambitions, and fired brilliant followers. Spurred by the Industrial Revolution, these enthusiasts framed a code of business freedom that bordered on nihilism. Freedom of trade, freedom of contract, freedom of competition; freedom for laws of supply and demand, without interference from government or organized social groups. This, in turn, meant freedom to cut wages, increase hours, and dictate conditions of work. Freedom, that is, for those who could hold It -- and let God pity those who could not!

Even that proviso was erased by Herbert Spencer, who welded Smith's economics to Darwin's theory of natural selection. The result was a system of savage brutality disguised by the terminology of science. It became popular in Europe; in America it won such acceptance as no philosophic system had ever achieved before. It made capital of native doctrines, and to men already battling for wealth it gave authority for competition as ruthless and impersonal as that waged by weeds and wild beasts. It also justified exploitation, made severity a prerequisite of progress, and dignified greed as part of the struggle for existence. Poverty was the normal result of weakness, while riches ,became evidence of fitness to survive."

Robert Wood Johnson, "Or Forfeit Freedom", 1947

what we are experiencing at JnJ and corporate America is the collapse of the American system of unregulated free market which has become totally warped and corrupted during the last decade.

Basically, pure greed and selfishness runs most American corporations today and has pretty much destroyed these American icons! Top management is all out for themselves trying to enrich their wallets as much as possible in the short run. Because they know that the system is unsustainable and their days are numbered.

The whole idea of American corporations has to be dramatically altered to be of any relevancy in the future. We are witnessing the historical debacle and pillaging of the many by the few elite.

If we look at history, this has happened before and it caused a huge transformation after the dust had settled (i.e. French revolution, 1930 depression, etc).

I am praying for the day when Alex Gorsky takes the big seat. He is a gifted leader and, like Obama, will inherit a mess that will take years to clean up but he is the right person, the only person to get the job done. How much longer is Alex's no compete clause with Novartis? Should be ending soon!

Originally Posted by Anonymous

The question is whether he really is making decisions in the best interests of the Company. Billy is retiring in a year or two. Also, if the pipeline is so bad, and we have to lay off so many people, than why is his compensation so good?

Couldn't have said it better. CEOs should forfeit all bonuses if company goals are not met and that includes lack of pipeline and restructures. You should not be able to take a dime when others are losing thier livelihood because of the poor decisions you made or were made on your clock.

However, in the age of obamanation, that is the norm. Impose liabilities on others while you the president can spend lavishly and take your pile for your own rainy day. Weldon is just as selfish and sneaky as obama.

By AUGUSTUS MAYHEW
Special to the Daily News

Tuesday, October 27, 2009

John F. "Jack" Welch Jr., former chairman and CEO of General Electric, sold two adjacent vacant waterfront lots in North Palm Beach for $8.45 million to William C. Weldon, chairman and CEO of Johnson & Johnson, and his wife, Barbara D. Weldon, of New Hope, Pa., according to a warranty deed filed Monday.

To the poster about Alex Gorsky....he may be a leader, great with talking with his hands and saying the right things. I worked with him for years. He is roughly equivalent to Weldon in intelligence, which is not very high. He will do nothing to help.

Originally Posted by Anonymous

By AUGUSTUS MAYHEW
Special to the Daily News

Tuesday, October 27, 2009

John F. "Jack" Welch Jr., former chairman and CEO of General Electric, sold two adjacent vacant waterfront lots in North Palm Beach for $8.45 million to William C. Weldon, chairman and CEO of Johnson & Johnson, and his wife, Barbara D. Weldon, of New Hope, Pa., according to a warranty deed filed Monday.

With the 7% cuts Billy can not really build his mansion in Palm Beach. He is slowly but slowly running this company into the ground and then will retire to Palm Beach. WHAT A JOKE OF A CORPORTATE LEADER. Or I guess the joke is the rubber stamping Board of Directors.

Talk about Ego-this is about as big as it gets! Billy hobnobbing with Jack Welch and buying his property in prestigious Palm Beach? Jack Welch may have his warts, but Billy is no Jack Welch! His performance and nasty ways earn him (maybe a cabin) in the Ozarks, the Poconos, or on a lake in northern, northern Minnesota. But then again, Madoff was in Palm Beach and he is a abuser just like Billy......

J&J has got to find someone who has values, who wants to build businesses and take care of people........it doesn't need another ego, another phony, another dolt aka "suit" who says and looks the part.

Originally Posted by Anonymous

With the 7% cuts Billy can not really build his mansion in Palm Beach. He is slowly but slowly running this company into the ground and then will retire to Palm Beach. WHAT A JOKE OF A CORPORTATE LEADER. Or I guess the joke is the rubber stamping Board of Directors.

I'm curious as to your reasoning. Why do you say he can't build his mansion? The cuts don't apply to him, in fact he'll be worth more if the stock goes up because of the cuts(improves the bottom line). He makes over 30 million now with salary, bonuses, stock, etc. Whenever he retires he's already set with his 100's of millions.

Originally Posted by Bill Weldon

That is right my minions, I'm going to leave soon, and need warm weather and the salty smell of the ocean breeze. Who the hell wants to retire in New Jersey? Please continue to slave away, as I consider more layoffs. Your hard work supports my extravagant lifestyle. If not for me, then do it for the Credo. Gorsky will take good care of all of you.

I forgot to add, when I finish my construction (the small bungaloo), the 2010 company picnic will be at my place in FL. BTW it will be BYOB

I think this is perverse and an example of the evils of capitalism - more for the few haves and less for the rest of the have not’s! Working inside the company I'm amazed at how much outrageous spending occurs at high levels while they pinch the lowest level workers. If you are one of the big boys then you can spend without question - live in one country and have the company pay to fly you back and forth to work during the week and then go home for the weekend and then come back again the next week. How does spending like that go unchecked while 8,100 people lose their jobs? How can these CEO's have the tenacity to constantly tout the virtues of the company Credo but take huge bonuses on top of exorbitant salaries? If they just cut their bonuses in half, each one of them could have saved numerous employees from losing their jobs. How about reinvesting those bonuses back into the company? Isn't that more in line with the Credo values they so strongly push? The Credo mantra is for the lemmings to keep pushing the product that makes those few rich. When is it too much? Really, what makes any CEO worth the below amounts?
• Name, 2008 pay, 2007 pay
• CEO William Weldon, 29.4 million, $30.6 million
• CFO Dominic Caruso, $3.9 million, $2.9 million
• WW chairman/pharma Christine Poon, $10 .4 million, $10.1 million
• General counsel Russell Deyo, $8 million, $9.1 million
• Colleen Goggins, $8.5 million, $7.9 million
Numbers are rounded, includes stock and options whose value changes over time.
How is it that those five people can earn that kind of money, the company can still turn a profit, the stock prices stable and 8,100 who do the actual work to develop the products and bring them to market lose their jobs? How can anyone justify that? “One can never be too rich or too thin”, well, we live in one of the richest countries while 13 percent of our population lives in poverty???
The U.S. Census Bureau announced today that real median household income in the United States fell 3.6 percent between 2007 and 2008, from $52,163 to $50,303. This breaks a string of three years of annual income increases and coincides with the recession that started in December 2007.
The nation’s official poverty rate in 2008 was 13.2 percent, up from 12.5 percent in 2007. There were 39.8 million people in poverty in 2008, up from 37.3 million in 2007.
Meanwhile, the number of people without health insurance coverage rose from 45.7 million in 2007 to 46.3 million in 2008, while the percentage remained unchanged at 15.4 percent.
Something is radically wrong with this picture. When will people stop sitting idly by without sanctioning this kind of hedonistic behavior? It truly is time for a change.

Originally Posted by Anonymous

I think this is perverse and an example of the evils of capitalism - more for the few haves and less for the rest of the have not’s! Something is radically wrong with this picture. When will people stop sitting idly by without sanctioning this kind of hedonistic behavior? It truly is time for a change.

We have been continually brainwashed that we work "at will" with no contractual protection. And when we are no longer needed, time is up. Or, when we no longer want to suscribe to the the capitalistic values (credo), time to move on. As much as many people disdain unions, they have been invaluable against the evils of capitalistic greed. I think we "at will" participants feel helpless because we signed up to the agreement. Each is only one voice...and that my friends was the plan. Without organization of voice, what resource can one resort to sanction against the higher powers running this company? Random here, but it is similar to sanctioning against Wal-Mart and refusing to shop there....is one non-idle person's statement going to be heard?

One day we will wake up and see the demise and ruins from the evils of capitalistic greed. The companies will be a shell of past, raped by the greedy leadership. The middle class that richly lined their coffers will be gone for they are now reduced to a lower standard of living. All the while, the CEOs and corporate leadership get fatter and uglier.

well said friend

Weldon's timing is ridiculously poor.

What system of economics would you propose in substitute for capitalism? Should we try socialism (see Russia, France). Communism (see North Korea). A benevolent dictatorship (see Venezuela). Your anger has made you irrational. If you work for JNJ and do not like the leadership; get out. That is what capitalism allows you to do.

Just for a frame of reference, 80% of the world's population make $11k or less. That means 80% of the world could write the exact same things about you and your excessive income. They would see that you have 2 cars, a TV, you consume 2,000+ calories per day with less than 20% of your income. 80% of the world can justifiably call you out for excessive greed. Looking down at the world and seeing the income distribution, it would be apparant to aliens or God or take your pick . . . . that all of you are selfish, whining, vindictive people. You care only about yourself and are ticked that some other individual is making obscenely more than you.

This message board looks like the chubby kids getting pissed at the fat kid because he has more candy bars.

"As Johnson & Johnson (JNJ) CEO William Weldon planned up to 8,100 layoffs at his company (announced today), he was also buying an $8.45 million, palm-fringed waterfront lot in North Palm Beach, Fla., from former General Electric CEO Jack Welch. The sale was noted by the Palm Beach Daily News on Oct. 27:"

This is capitalism at its WORST!!!! Sick, fucking sick. The fat cats on top just keep symphoning the well dry, while letting the working slaves go. It is going to take us back to the Bolshevick revolution- read up on it.

[quote=Anonymous;3221606].

What system of economics would you propose in substitute for capitalism? Should we try socialism (see Russia, France). Communism (see North Korea). A benevolent dictatorship (see Venezuela). Your anger has made you irrational. If you work for JNJ and do not like the leadership; get out. That is what capitalism allows you to do.

Far more reaching that JNJ. We have only to look no further than Financial, Banks, Auto and the list continues to grow where corporate capitalist CEOs have taken the icing off the cupcake and left it. And then government stimulus steps in, at times with oversight.

From your statement, are you saying the primary difference for us in capitalist USA is that we have the freedom to leave if we do not like our leadership ( who we work for as well as the economic model of our country's foundation)? If you dig into the rise of any of those other models, the people were either wealthy or poor...no middle class. The governing body established the economic model under state control. I frankly do not understand how true capitalism will sustain with continual elimination of the working middle class as corporate America sacrifices jobs(costs?) as the fat man(ceo) sings.

Originally Posted by Anonymous

"As Johnson & Johnson (JNJ) CEO William Weldon planned up to 8,100 layoffs at his company (announced today), he was also buying an $8.45 million, palm-fringed waterfront lot in North Palm Beach, Fla., from former General Electric CEO Jack Welch. The sale was noted by the Palm Beach Daily News on Oct. 27:"

This is capitalism at its WORST!!!! Sick, fucking sick. The fat cats on top just keep symphoning the well dry, while letting the working slaves go. It is going to take us back to the Bolshevick revolution- read up on it.

If you really want to be sick, watch my documentary, Born Rich:

http://www.youtube.com/watch?v=uKKb7_7qBrk

Best wishes to all you, as you enter "a new phase" in your careers,

James "Jamie" Wittenborn Johnson
Heir to the Johnson & Johnson fortune and NY socialite

Nice video! I have to give credit to the Johnson kid for doing this!

Perhaps he should be given the job of CEO for a while!

This is why I want Obama to pass the healthcare public option so that laidoff people who cannot afford the exhorbitant COBRA benefit prices can go out and get government insurance.

The problem with the current system of healthcare is that these corporations have us by the balls because if you lose your job you lose your healthcare benefits. We need to severe this limitation to allow people to be free from greedy corporations and be able to keep their healthcare regardless of where they work!

I tell you if we wanted to really boost the economy it would be to pass the government healthcare option tomorrow and you would have a tsunami of people quitting their corporate jobs and starting their own businesses since losing their healthcare would not be an issue anymore!

To the person who asks, what is the alternative to capitalism? Take a look at the thriving economies of Europe. Belgium is a Federal Parlimentary Democracy - a real democracy that provides for all of it's people. France's government is a Republic, same as ours so be careful what you site.

Originally Posted by Anonymous

To the person who asks, what is the alternative to capitalism? Take a look at the thriving economies of Europe. Belgium is a Federal Parlimentary Democracy - a real democracy that provides for all of it's people. France's government is a Republic, same as ours so be careful what you site.

We all suggest you go to Belgium where you will be happy. One less parasite at J&J.

no, we all suggest you go jump off a bridge

Slick Billy's decision to do this typifies the extraordinary level of pathetic decision making that is the hallmark of his tenure running the company. Or more precisely running the company into the ground.

How long before large institutional investors recognize that the "emperor has no clothes"? The pipline is a mess and topline sales growth, even before the economy headed south was already stagnating.

The b.o.d. certainly won't do it as they seem more concerned with collecting their fees.

I am glad though, he did buy the land. Perhaps he's preparing to move out there sooner rather than later. I'd be willing to help him pack his office to speed things along.

I'm a former GE goon (who escaped)- and working with start-ups makes me partial to small companies. OK, I hate CEO's of large corporations. However, I think Weldon is at least the "best of the worst".
1) Let's think about the facts of Kevin Sharer's performance. Now think of Weldon..... not so bad now, right? At the very least he was never voted "worst CEO" by Forbes, and then laugh it off like a joke. In my field, you screw up once and it will haunt you for years.
2) So the guy is loaded. The second ANY other CEO form ANY other industry spends his OWN money to retain employess, then I'll criticize Weldon. Facts are facts. Every pharma is laying people off. Look at Lilly- do they even have a real reason to lay off people? Yeah, to save money for upper management so they can survive the recession.

I love to slam the CEO's, but it's only fun when it's absolutely true. Pfizer is in a slow death spiral, Amgen is going to be an "I remember them" company 15 years from now. Johnson & Johnson, aside from whatever gripes the insiders have, is the only diversified big pharma/diagnostic company with a future.

Besides, as may times as it's been said and nobody listens, it's the employees & shareholders that are at fault, they are not the "victims". They chose to work there, they buy the ticker symbol, and don't vote the board members- because they can't grasp that the board proposes and votes on upper management pay and bonuses. And if that is too complicated, than you should favor SEC rules to include direct share holder votes on pay by voting for public representation. If you don't do any of these, than just drive by Weldons Florida compound and do your crying- he won't hear you over the sound of the yacht motor. That you let him have.


Learn how it works before you complain;
http://articles.baltimoresun.com/200...ers-adam-smith
http://blog.pharmaconduct.org/2009/1...rmalot20091030
http://www.icahnreport.com/report/20...ng-rights.html
http://en.wikipedia.org/wiki/Corporation

Originally Posted by Anonymous

This is why I want Obama to pass the healthcare public option so that laidoff people who cannot afford the exhorbitant COBRA benefit prices can go out and get government insurance.

The problem with the current system of healthcare is that these corporations have us by the balls because if you lose your job you lose your healthcare benefits. We need to severe this limitation to allow people to be free from greedy corporations and be able to keep their healthcare regardless of where they work!

I tell you if we wanted to really boost the economy it would be to pass the government healthcare option tomorrow and you would have a tsunami of people quitting their corporate jobs and starting their own businesses since losing their healthcare would not be an issue anymore!

I would call you a moron but that would be a compliment.

Take the time to read the proposed Senate Health Care bill. In it, you will find that a person who LOSES their health insurance because of layoffs or any other reason will have to WAIT 6 MONTHS BEFORE THEY CAN ENROLL in another plan.

It is amazing the number of uninformed lemmings that there are in this country.

jnj is real sneaky company. im sure if irs audited them they would be fined out the ass.
they utilize contractors and people out of country. this is how they operate so well. they have contractors hired to do employee jobs. these contracts span long times where it should be an employee job. So when they have to cut back, they get rid of contractors so nothing is on their books. the vendors they used are so tied into their schemes they pay the contractors dirt cheap and even avoid paying overtime for hourly employees. The irs needs to look into this company. odds are the fines would be so hefty he couldn't afford his house in florida. one day it will catch up to him -- i hope it does. its not a good place to work. they get rid of long term employees right before they are ready to retire. so after life time of service they say 'see ya'. so they don't have to pay any retirements pensions. They outsource like crazy. ive seen them layoff employees only to hire the same employee back as a contractor/temp so that they don't have to pay the benefits for that person of sick, vacation, healthcare, etc. This is why he can buy his house in florida.

Well people,i've only read a little bit of all that is in this thread,it's just to disgusting to take it all in !
I'm one of the european workers that is going to be laided off thanks to our good pal Bill (not so)well done .In a way it makes me happy I now can escape from the golden cage J&J became .
Thank you J&J for letting me meet my lovely wife there,for letting me earn money to build our house,for the presents my children got from you and for all the insight in human nature I gained.
And to Bill: who will rescue you when you are drowning infront of your own new house ?

Originally Posted by Jamie Johnson

If you really want to be sick, watch my documentary, Born Rich:

http://www.youtube.com/watch?v=uKKb7_7qBrk

Best wishes to all you, as you enter "a new phase" in your careers,

James "Jamie" Wittenborn Johnson
Heir to the Johnson & Johnson fortune and NY socialite

Great video, Jamie! I saw this on HBO when it first came out.

As an aside, "wealth without work" is one of Gandhi's 7 deadly sins as is "business without ethics." I'm glad to see that you've found your niche in the world and are contributing. I'm looking forward to seeing your next documentary.

Weldon, like the rest of the senior leaders at JNJ, is the scum of the earth. They quote the CREDO and then do just the opposite. They are only out to make money for themselves. Although the customer is supposed to come first, they have so many excuses to justify releasing bad product. The recent Tylenol recall is just one example.

Employees are supposed to be the second priority. They should change the CREDO to clarify that means executives only. Layoff over 8000 hard-working employees so Weldon can get his beach from property. Oh, and terminate the employees 2 weeks before vesting of stock options. That means we've worked energetically for almost 3 years to vest those options and 2 weeks before the vesting date we are terminated. We've completed 99% of the vesting period and get nothing. But, Weldon gets his beach front property.

There are so many better things that JNJ could have done to deal with tough times (reduced bonues to executives and others, delayed pay increases, etc.) but they choose the short term path that harms the people who dedicated themselves to serve the company and the customer.


The CREDO is a joke. Short term profit and beach front properties for the executives are the only things that matter at JNJ.

Originally Posted by Anonymous

Weldon, like the rest of the senior leaders at JNJ, is the scum of the earth. They quote the CREDO and then do just the opposite. They are only out to make money for themselves. Although the customer is supposed to come first, they have so many excuses to justify releasing bad product. The recent Tylenol recall is just one example.

Employees are supposed to be the second priority. They should change the CREDO to clarify that means executives only. Layoff over 8000 hard-working employees so Weldon can get his beach from property. Oh, and terminate the employees 2 weeks before vesting of stock options. That means we've worked energetically for almost 3 years to vest those options and 2 weeks before the vesting date we are terminated. We've completed 99% of the vesting period and get nothing. But, Weldon gets his beach front property.

There are so many better things that JNJ could have done to deal with tough times (reduced bonues to executives and others, delayed pay increases, etc.) but they choose the short term path that harms the people who dedicated themselves to serve the company and the customer.


The CREDO is a joke. Short term profit and beach front properties for the executives are the only things that matter at JNJ.

Folks get a clue! Weldon is so disconnected from the day to day business that he probably hasn't read the credo in years. True, the culture and growth strategy starts at the top but if you think for one minute that all of the poor decisions that lead us to this juncture were from his greed and disdain for the "little people" you are sadly mistaken. It's kind of like when you were a rep in a training class at the home office and you asked the company president a question about some local issue in your territory and he looks at the trainer for help because he has no clue what the fuck you are talking about! Same thing here with Willie... he hasn't any idea of what effect on peoples lives these last few years are having. He is further insulated by his cronies who keep things bright and cheary. "Oh boy, isn't J&J great?" "It sure is Mr Weldon... Everyone is so happy and blessed to be here!"

By no means is this a supportive post for Weldon, in fact all CEOs should excercise a little self-awareness of their actions (increasing job losses amidst huge packages and property purchases in Palm Beach). The same thing is happening for the bankers on Wall Street who were bailed out and still expect seven figure bonuses while others who defaulted are still without a home. Just direct your anger at someone who is truly responsible and look at the local operating company leadership and your Group Company Chairperson for culpability. Or better yet, turn your sights on Finance. They offer your ass up on the spreadsheet like it's nothing. Just numbers on the powerpoint slide!

They all are the ones who really suck and have no soul!

And Weldon is OLD

It's the usual story: some high level asshole general screws up the business and the foot soldiers have to pay for it. Not much difference from communism: things are bad? - spread the shit.