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.
OK, so everyone needs to buy gas. Still, Exxon should want to sell MORE gas than Shell, shouldn't they? That way they would make more money, wouldn't they?
So why doesn't Exxon fight for everyone's business?
Sorry, something is out of wack here.
"No one on this board can judge. We have no idea how hard he worked."
I wonder if he worked 800 times harder than someone who took home a $50,000 retirement package? (A 32,000 hour work week must be tough on him and his family).
Some important information on this other thread:
Exxon Rebuffs Gay Agenda AGAIN! (Good for them!)
http://www.freerepublic.com/focus/f-news/1413867/posts
Correction
Stock rose by 500% = 5 times
10,000 investment ==> 10 + 50 = 60,000
right? It did not say 'five-hundred-fold'.
The average profit margin in the oil industry is 7-8% The average profit margin in health care almost 20%? Are the health care companies 'ripping you off'?
The average profit margin the drug industry is almost 15%. Are they 'ripping you' off too?<[>Ooops, maybe you don't need health care or drugs. Never mind.
OK, fine, very pretty chart. NOW, tell me why Exxon and Shell do not compete for my business? It's a simple question.
LOLOL
....I don't shop at Exxon. I get my gas at Valero. They are much smaller company from what I know. They are also cheaper......
Valero, not noted that much is retail gas stations, is one of the biggest, if not the biggest refiner, with 18 refineries in North America and the Carribean.
Valero revenues were $81 Billion last year, and if you add all the sales to the majors, taxes etc, probably their eqquivalent retail volume was in the $200 billion range.
People will know if they remember me that I'm not too excited about CEO packages.. I also don't like laws telling them what they can and cannot make.
But I'm happy to finally have a CEO that I can point to and say the money he got is simply off of speculators. Worried about the price of Oil? Perfect.. raise the price and the CEO of exxon gets 400 million.
And I better not here anyone say he worked 100 times harder than an independent business owner that made 250k.. or 51 times harder than someone who made 1 million.
Greed and insanity.. gotta love it.
"When exactly were Exxon executives losing money?"
How 'bout when thousands of them lost their jobs in 1986?
You know, I don't understand what you're asking -- this is no surprise -- and I have trepidation about finding out.
apparently....
Don't you think it's in the business' interest to artificially restrict supply to drive the price up? The liberal lament about "no blood for oil" makes no sense since ultimately the consumers suffer if there is a true supply shortfall. We all know how critical transportation is to a well functioning economy. Right now, because of the state of transportation technology and over dependence, oil supply is a strategic national interest.
As more and more nations become developing countries, their demand for oil will increase. It's in our best national security interest to demand better fuel economy from our manufactures and get serious about alternatives such as hybrids, biodesiels and hydrogen. This is one situation where diversity really would be a strength.
What annoys me are the artificial constraints of supply and the abuse of some markets by Big Oil to subsidize markets where competition forces require they keep margins lower. San Diego is documented as one of those "get well" markets which is routinely punished to shore up profit margins due to slippage elsewhere.
well there is nearly 290 Million so call it 300 Million people (just for fun)
$400 Million divved out to every person in the US (300 Million) would give everyone about $1.25 or so.
Another way of looking at it is its approximately $500 for each Exxon employee (around 80,000).
I am the first to admit that I will never will a nobel prize in economics.
I just want to know why Exxon does not run specials, coupons, sales, to try and take business away from Shell?
Dominos is trying to bury Papa John's who is trying to bury Pizza Hut.
Why isn't Exxon trying to bury Shell?
There's no real competition in this market.
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