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.
You refuse to answer a simple question that you asked me! Amazing! You ask me details of my business relationship with Exxonmobil, and I answered with some detail! You won't answer anything at all.
Everyone else, this is how Exxonmobil acts business-wise. Rotten awful opprotunists. It's in their very CORE of business.
However, with gross sales of $339.9 billion and (I assume net) profit of $36.0 billion that makes their percentage 10.59%
During Raymond's tenure the stock rose by 500% which means that a $10,000 investment during this period would have grown to $5,000,000.
Gee. There's another opportunity missed.
I'm not certain but, I believe the above profit percentage to be a gross profit figure.
This is a fool's rant, plain and simple.
No offense taken. Just tell me why Exxon doesn't compete directly with Shell? That's all I want to know?
There's a Pizza Hut a few blocks from my house. There's a Papa John's three or so miles away, Pizza Hut, although much closer, still sends me coupons. Papa John's does too.
I'm sorry, I think the free market has failed here. Why don't employees rush out to clean my car and fill my tank as they did for my Dad in 1957? What's changed?
Past time for Congress to get ugly with these guys. Or have they all been bought off?
Well I guess he won't be sweating $4 a gallon gas prices.
Political reasons, obviously. Supply and demand don't come into the issue when it comes to oil. You really think that in 5 years oil supply dropped so much? Or that demand rose that much?
Nope, it's all manipulated.
This guy helps provide the globe with a real physical resource. And the class warfare dillweeds try to ream him a new one. Pathetic.
And look how much Opry Winford is worth!
Opry certainly has a lot of people she's responsible for.
Have a great day!
Why aren't you including the competition from BP (British company)? Or Lukoil (Russian company) How about CITGO--While your at it,,,,see where CITGO gets it oil!
You too! RUN Exxonmobil SHILL!
"I think this is outrageous! I can't believe some people actually think a person is worth this kind of money"
Of course no one is woth that kind of money. Compared to entertainers, sports stars and the like, it doesn't seem so outrageous. Exxon at least contributes something tangible to the everyday operation of the country
"Nobody was complaining in the late 80's and 90's when Exxon execs were getting hammered and loosing money"
When exactly were Exxon executives losing money? I have a hard time believing any Exxon executive wasn't being paid an adequate wage.
Have a nice day!!!..:)
You are right. The oil companies are not part of the free market any more than most of America's cable companies and energy providers are. These industries are essentially monopolies. No free competition exists. If anyone doubts this, tell them to go start up an oil company, or gas and electric company. They can't do it even if they have the money.
Justify the gouging and lunacy and running off of nearly 1/2 billion all you want by one guy.. It doesn't matter.
Funny how the "free market fails" when the other guy hits it big. A sentiment straight out of Das Kapital.
The man gets paid what he gets paid and it's really no one else's business -- it's between the board and himself. The shareholders can vote by dumping the stock, if they so desire -- the free market allows for that. But why would they, when the stock has performed so well?
She's basing her opinions off of emotions.
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