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EXXON CHAIRMAN GETS $400 MILLION RETIREMENT PACKAGE AMID SOARING GAS PRICES
ABC News via Drudge ^

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.


TOPICS: Heated Discussion
KEYWORDS: badtiming; bigoil; conservativenameonly; deserveseverypenny; energy; exxon; exxonmobile; gasprices; goldenparachute; hero; oil; overpaid; raymond; retirement
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To: stockstrader

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 .


301 posted on 04/14/2006 3:43:51 PM PDT by Tiberius109
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To: IronJack
[Time for the Free Traders to chime in and insist that Exxon is just a buncha good ole boys never meanin' no harm, and that we should be glad to pay whatever they ask for gas because they're shining examples of the capitalist ideal.]


I'll get right on it... as soon as the Anti-Free Market bozos finish whining about how the government needs to step in and control the price of gas and limit how much money oil companies and their employees make.
302 posted on 04/14/2006 3:44:01 PM PDT by spinestein (The mainstream news media are to journalism what fast food chains are to fine dining.)
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To: stockstrader

Again, a claim of facts, but really a 'leave me alone, I don't want to talk about it'.


303 posted on 04/14/2006 3:44:28 PM PDT by ConTex
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To: Don'tMessWithTexas
great compensation

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.

304 posted on 04/14/2006 3:44:35 PM PDT by IronJack
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To: Tiberius109

Since when is a 7% profit margin massive? Most CEO's would be FIRED for a performance that poor.


305 posted on 04/14/2006 3:44:58 PM PDT by stockstrader
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To: ConTex
I do care that it's SUCKING out of the US economy

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.

306 posted on 04/14/2006 3:45:20 PM PDT by the invisib1e hand (Polls show Jesus' approval ratings at all time low, after a triumphant reception just a few days ago)
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To: MNJohnnie; All

I don't understand it either.... I thought conservatives believe in the free market..


307 posted on 04/14/2006 3:46:18 PM PDT by KevinDavis (http://www.cafepress.com/spacefuture)
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To: the invisib1e hand

What economy is 'mine'? btw?


308 posted on 04/14/2006 3:46:26 PM PDT by ConTex
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To: IronJack

you must be head of The Central Compensation Ministry.


309 posted on 04/14/2006 3:46:37 PM PDT by the invisib1e hand (Polls show Jesus' approval ratings at all time low, after a triumphant reception just a few days ago)
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To: KevinDavis

Nope,,not here. Hyprocrisy reins here...lol


310 posted on 04/14/2006 3:46:45 PM PDT by stockstrader
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To: KevinDavis

The oil market is not a free market.


311 posted on 04/14/2006 3:46:54 PM PDT by ConTex
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To: IronJack
This is the amoral conscienceless profiteering that will kill capitalism.

Exactly. It is possible to respect the free market and still believe that the current corporate culture is teeming with vile human beings.

312 posted on 04/14/2006 3:47:09 PM PDT by Wormwood (Iä! Iä! Cthulhu fhtagn!)
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To: ConTex
What economy is 'mine'? btw?

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.

313 posted on 04/14/2006 3:47:55 PM PDT by the invisib1e hand (Polls show Jesus' approval ratings at all time low, after a triumphant reception just a few days ago)
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To: cccp_hater
Another way of looking at it is its approximately $500 for each Exxon employee (around 80,000).

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.

314 posted on 04/14/2006 3:48:30 PM PDT by lepton ("It is useless to attempt to reason a man out of a thing he was never reasoned into"--Jonathan Swift)
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To: the invisib1e hand

No, I frankly don't know what you're talking about. But that's ok, adios.


315 posted on 04/14/2006 3:48:50 PM PDT by ConTex
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To: the invisib1e hand
you must be head of The Central Compensation Ministry.

Nope. I'm just one of the Fleeced Legions.

316 posted on 04/14/2006 3:48:56 PM PDT by IronJack
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To: the invisib1e hand

Nahh..he just doesn't know any better. I let him humor me for a while too...lol


317 posted on 04/14/2006 3:49:21 PM PDT by stockstrader
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To: Wormwood
It is possible to respect the free market and still believe that the current corporate culture is teeming with vile human beings.

Finally! A non-absolutist capitalist. I was beginning to wonder if I was the only one.

318 posted on 04/14/2006 3:50:22 PM PDT by IronJack
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To: Wormwood

...I bet he stole other people's lunches from the fridge in the break room!


319 posted on 04/14/2006 3:50:43 PM PDT by durasell (!)
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To: Young Scholar
This thread will bring out the populist plebeians in masses.

It did, about 285 posts ago...

320 posted on 04/14/2006 3:51:03 PM PDT by the invisib1e hand (Polls show Jesus' approval ratings at all time low, after a triumphant reception just a few days ago)
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