This was Jack's contract for his final years of employment rather than just a retirement agreement.

We have no layoff targets and no company-wide numbers. We never announce overall layoffs because we don't plan for them across GE. We leave it up to individual businesses to decide what actions are necessary to meet their objectives. However, it's clear we'll need fewer jobs at GE because of redundancies from the Honeywell acquisition, the Montgomery Ward bankruptcy, modest volume-related reductions and GE's digitization activities.

There are discussions going on concerning our proposal submitted on June 14. Part of our proposal is related to GECAS.

We disagreed with them that this disclosure was a productive exercise--how would it at all improve the situation on the Hudson?

We've been doing acquisitions all along. Now we can do bigger deals in excess of certain dollar amount.

We think it's wise to ensure that our employees, retirees and investors are well-represented when there are issues that are discussed that affect them.