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.
"The sneer was only effective when he got his ten chins out of the way! LOL"
Maybe he had a retirement deal where he was paid $40 million a chin.
Pathetic. Don't answer the question at all, and ask another. LAME. I'll treat your question with the same respect as all the pro ExxonMobil corp nonsense on this thread deserves. Especially when your side won't answer anything whatsoever. Answer my questions, and I'll try to answer yours.
I can discern no clear message from this clever post. Are you demonizing Welch along with the popularly demonized Grasso? Or being poetic? For starters, Grasso's compensation is no one's business but his and the NYSE's -- it was privately held at the time.
Welch, Grasso, and Raymond each ran or run enterprises that are so integral to civilized life as to be taken completely for granted. If any were to be run into the ground tomorrow -- by gross mismanagement, let's say, due to a mediocre CEO earning a mediocre wage -- it couldn't be replaced at any cost -- though the world would promise $400 million dollars a year for life to anyone who could even act like he was capable of running it.
Once again, have a nice day!..:)
Severe ENVY alert...
Let's let the government determine how much money the oil companies should make,,,and how much each exec should be paid!!
Simple. It worked in old Russia, Cuba and North Korea. THEY DO NOT HAVE THIS PROBLEM!..:)
Funny, I asked you to answer questions I asked you, and you accuse me of not answering. I guess that's ok with you.
Guys like this make it hard to defend capitalism.
If you can do a better job on thirty grand a year, send in your resume. Stockholders are always looking to cut costs.
For the third time, have a nice day!..:)
It's not class envy. I don't care about how me he makes really. I do care that it's SUCKING out of the US economy. Same as Exxon itself has been.
This makes no sense at all. "Guys like this" make capitalism shine.
Perhaps you're mistaking socialism for capitalism. In that case, your remark makes perfect sense.
Answer my 275, or don't insult. Your choice.
Yeah, those "poor" Exxon execs in the late 80's and early 90's. I heard they even had to turn tricks to eat. How much did they make back then? Only a few million a year?
That was NOT an insult. I only state facts!! For the fourth time,,,have a nice day...lol...:)
I'm pretty sure that Exxon-Mobil sells more than just gasoline for personal automobiles. Further, most of his compensation isn't "real" money...it's options, which depend upon the company doing well for a while after he's gone. Even further, it's based upon a number of years of work, not an annual payment - so to make it fairly stated, it should be divided amongst several years.
People are fussing about the cost of using an ATM machine once every few years?
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