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.
Unless you have played pocket pool I cant explain it.
It did, about 285 posts ago...
For the first 9 months of 2005 their Non-US earnings were $17.5 billion out of a total of about $25.4 billion. The majority of Exxon Mobil assets are non-US. They are completely a global corporation.
Most large businesses do not operate in a "free market", with numerous buyers and sellers, uniformity of products, and transparency of prices. The notion of a "free market" is a convenient myth for the majority of the US economy.
Thank You for that response. It has often been said that only a fool responds to a fool.
IT'S THE PERFECT CATCH-22!!
Defintely a minority. Welcome to the world of politics as dogma.
If the Exxon profit margin were 10,000 percent it would not change my mind concerning the view that the stockholders should be receiving the greater part of the dividend.
It ain't as if this guy were a Bill Gates type who was instrumental in creating the company.
sshhhh, you'll get a lot of pure free marketers that are living in some fantasy world after you.
and that fools mock what they do not understand.
Peace be upon you.
You willing to pay for that? If you are, someone will do it, unless it's illegal (and even then sometimes).
This guy is basically Chainsaw Al. And running away with a giant umbrella..
Then you, sir, do not understand the capital markets and or risk/reward. Most execs would be FIRED for a 7% profit margin
They do, they just don't run sales. Sales are often a marketing gimmick designed to convince people to buy things they don't need, and most of the time a company that offers lots of sales and coupons is probably not giving you the best price year-round. Instead, they compete directly with the price, so you don't have to have the coupon or be there on the right weekend to get the best price.
He took a job other Americans wouldn't do.
[Think of all the choices that have been eliminated. That's why today a station on every corner of the intersection sells at the same price.]
The reason that gas sells for nearly same amount is that it is nearly the same product from one station to the next and there is no practical difference to the consumer. Since they all advertise their price on large signs, any store which sells for a lower price gets more customers. The result is that all area stores quickly equalize prices to the lowest amount which is still high enough to make a profit.
the immigration threads make this one look like afternoon tea.
True,,,but this one is fun!!!
If we could somehow link immigration with evolution, the internet itself would implode.
...in the men's room he routinely refused to give occupants in the adjoining stalls a "courtesy flush."
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