General Electric CEO bounces check
Filing from former New York gubernatorial candidate reveals a $2,000 check from Jeffrey Immelt didn't clear.
NEW YORK (CNNMoney.com) -- Tens of millions in the earnings and stock wasn't enough to stop General Electric CEO Jeffrey Immelt from bouncing a $2,000 check recently.
Immelt, who received $15.5 million in total compensation in 2005, according to the latest GE (Charts) proxy statement, and has nearly $190 million in GE stock, bounced the check to the since-abandoned campaign of New York gubernatorial candidate William Weld, according to a campaign finance report.
The bounced check was disclosed in a filing by the Weld campaign made Monday.
The New York Times reported that a GE spokesman attributed the problem to Immelt writing a check on an account he wasn't aware had been closed.
"He has replaced it," Gary Sheffer, a spokesman for G.E., told the newspaper. "Jeff made a commitment, so he's going to keep it."
Walter Breakell, Weld's former campaign manager, told the paper the campaign's finance office had called assistants to Immelt to sort out the matter.
"It's not common, but it happens, particularly for people like Jeff Immelt, who have business managers and finance people who take care of a lot of this stuff for them, and then write a check on their own," Breakell told the paper.
The paper reports that Immelt had written the bounced check the day he hosted a fundraiser for Weld. Weld's campaign raised about $50,000 from G.E. executives at the event, according to the paper.
Immelt lives in New Canaan, Conn., about one mile from the New York state line.
Sheffer told the paper he did not think Immelt and Weld had a longstanding relationship but added the company obviously had an interest in the race because "we do business in New York State."
The campaign reported contributions of $959,272.51 for the most recent filing period, giving it just over $3 million in total contributions.
Weld, who is a former governor of Massachusetts, had been an early favorite of some New York Republican leaders to succeed New York Gov. George Pataki.
But he dropped out of the race in June after former state legislator John Faso pulled off an upset at the Republican State Convention and won the backing of the party heading into the September primary.
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