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.
STOCKS TRADER hummmmmmmmm what kind of stock you trade OIL ? Could explain a lot . These guys use every excuse to make beyond massive profits and blame everything and anything for it . When there is a REAL supply and demand situation the still put their thumb on the scale for a little extra spending money .
Again, a claim of facts, but really a 'leave me alone, I don't want to talk about it'.
No. A million dollars is "great compensation." A company Lexus is "great compensation." An executive home on the golf course is "great compensation."
This is gluttony. Avarice. Greed writ large. This is some vile, pernicious predator lighting his manservant's cigars with c-notes while people are stumbling around in the dark.
This is the amoral conscienceless profiteering that will kill capitalism. It is morally and economically reprehensible, and this guy is no less a thief than the crack junkie who sticks a gun in your ribs and steals your wallet.
Since when is a 7% profit margin massive? Most CEO's would be FIRED for a performance that poor.
Unless the guy is putting the money under his mattress (which would reduce inflation), and not buying T-Notes, giving to charity, educating his progeny, and making other useful investments, the only economy it's "sucking out of" is yours.
I don't understand it either.... I thought conservatives believe in the free market..
What economy is 'mine'? btw?
you must be head of The Central Compensation Ministry.
Nope,,not here. Hyprocrisy reins here...lol
The oil market is not a free market.
Exactly. It is possible to respect the free market and still believe that the current corporate culture is teeming with vile human beings.
The one that didn't have a $400 million dollar GDP, I'm guessing.
I'm done pig wrestling -- nothing personal, but you know the analogy -- I think you enjoy this more than I do.
For every dozen years they work. I know my previous manager wasted at least a couple of hours productivity a year from me and everyone else on our staff.
No, I frankly don't know what you're talking about. But that's ok, adios.
Nope. I'm just one of the Fleeced Legions.
Nahh..he just doesn't know any better. I let him humor me for a while too...lol
Finally! A non-absolutist capitalist. I was beginning to wonder if I was the only one.
...I bet he stole other people's lunches from the fridge in the break room!
It did, about 285 posts ago...
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