Posted on 04/14/2006 1:20:10 PM PDT by aShepard
April 14, 2006— Soaring gas prices are squeezing most Americans at the pump, but at least one man isn't complaining.
Last year, Exxon made the biggest profit of any company ever, $36 billion, and its retiring chairman appears to be reaping the benefits.
Exxon is giving Lee Raymond one of the most generous retirement packages in history, nearly $400 million, including pension, stock options and other perks, such as a $1 million consulting deal, two years of home security, personal security, a car and driver, and use of a corporate jet for professional purposes.
Last November, when he was still chairman of Exxon, Raymond told Congress that gas prices were high because of global supply and demand.
"We're all in this together, everywhere in the world," he testified.
Raymond, however, was confronted with caustic complaints about his compensation.
"In 2004, Mr. Raymond, your bonus was over $3.6 million," Sen. Barbara Boxer said.
That was before new corporate documents filed with the Securities and Exchange Commission that revealed Raymond's retirement deal and his $51.1 million paycheck in 2005. That's equivalent to $141,000 a day, nearly $6,000 an hour. It's almost more than five times what the CEO of Chevron made.
"I think it will spark a lot of outrage," said Sarah Anderson, a fellow in the global economy program at the Institute for Policy Studies, an independent think tank. "Clearly much of his high-level pay is due to the high price of gas."
Exxon defends Raymond's compensation, pointing out that during the 12 years he ran the company, Exxon became the largest oil company in the world and that the stock price went up 500 percent.
A company spokesman said the compensation package reflected "a very long and distinguished career."
Some Exxon shareholders are now trying to pass resolutions criticizing the company's executive pay policies. The company is urging other shareholders to vote against those resolutions.
Like I am going to waste my time.
Again, what was your role there (i.e. what did Exxon/Mobil pay you to do)?
Hard to love these people. Raymond is a good leader, but no way is he worth all this.
No more excessive than the $3-a-gallon gas that paid for it.
This guy should be horsewhipped through the public square.
You first, what is your role in the short building?
It's pretty darn tough for the US to have an OLIGARCHY when US oil companies control 2% of the worlds oil. (I won't mention competition from other countries like Russia, Lukoil,,,,the Brits, BP, etc.)
But forget all that for now.
Simple question here.
THEN WHY IN THE WORLD DID THAT OLIGARCHY LET OIL DROP TO $10/barrell a few years back? (1999)
NOT A VERY EFFECTIVE OLIGARCHY, wouldn't you say?
"Like I am going to waste my time."
Good point. Seems like a lot of trolls are hatching in the springtime at FR.
In 1999 Exxon and Mobil were seperate companies. So were Texaco and Chevron, and so on. That's why.
Exxon is a huge operation, but all these peopl;e live for the shortterm. They want to get theirs while the gettin's good.
It would be if you were a shareholder. If you own any mutual funds, you very well might be.
No, I think you're just a disruptor who has a beef with Exxon/Mobil, perhaps over some stale coffee from a Tigermart.
Speaking of mutual funds. Anyone know how to deinvest in Exxonmobil? This is a scumbag org that I don't want to be a part of.
If anyone thinks low supply should automatically result in higher profits, they just don't understand how free enterprise is supposed to work.
A shortage is supposed to result in higher prices but often lower profits, not higher.
Higher profits should result in greater amounts available, not lower that is unless someone is manipulating the market.
I'm sure he was worth every penny. /yeah, right
The Democrat hypocrits and other socialists want the government to set corporate salaries, tell companies how much they "must" pay in employee medical benefits, control prices charged to consumers, and eventually kill capitalism, private enterprise, individual initiative and individual responsibility.
By the way, how much does Oprah make? How about Shaquille O'Neal,the author of Harry Potter, Spielberg, Elton John, Paul McCartney? Should the government regulate the pay of artists and entertainers? The lunatic left in Amerika want to create another Soviet Union, a workers paradise.
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