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.
"Trust me on this, he move a TON of jobs out of the US for the hell of it."
He did? What types of jobs did he move out of the US for the 'hell of it'?
Nobody was complaining in the late 80's and 90's when Exxon execs were getting hammered and loosing money because the margins were squat.
I think its great...all the power to Exxon and the execs...
If you don't like the price of gas...ride a horse or skateboard...
States Gouge 1.6 BILLION In Excess Fuel Taxation
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Yes, the fat politicians and their fat corporatate buddies (which equals donors) have a real sweetheart arrangement going. And like everything else, all at the expense of the American citizen..
Oh, so their profit margin was greater than 8.2%? Prove it.
The NASC for one, much of the account department for 2.
I worked there. I saw it.
Clearly stock holders should be outraged... No wait, huge profits = nice dividends = happy stock holders. If you aren't a stock holder, it is like being Canadian and hating George W. Bush. "Frankly, we don't give a damn."
The increase in market cap is huge though.
You work in that funky looking short irving office building I bet.
Who cares really. If it doesn't concern Ol Jack and his family I do not care how much someone makes. Gas will be back down..maybe not $1.50 but it has got to give..sometime..I hope.
I guess they need the high prices so they can afford this, then. You can't blame them for that.
Supply and demand doesn't factor when you have Opec (an oligarchy) and a consolidated oil business (happened under clinton) selling it.
In the senate hearings Barbara Boxer, Hillary Clinton and some Republicans who I thought were democrats at first from the way they looked and talked... Were saying they could run the oil business better then people like Lee Raymond.
Under their leadership our world class oil industry would be even better, just like our public schools.
You cannot possibly be this dense can you? To start with, your Govt is not taking 25% of the price of your pizza in taxes off the top. Then you govt doesn't have a fixed profit line on gas so that the biggest cannot "under sell the mom and pops". Thus any measure of flex in gas pricing is eliminated by Regulation.
How about just ONE time the closet Socialists in the Whine all the Time Choir shut up and LEARN some basic Economics. We hear the same completely economically ignorant screams every time the price of gas goes up. How about you squeal at your GOVT for a change who makes %.50 for every $.10 of profit the oil companies make. Amazing how you all scream bloody murder about gas but just bendover when ever the tax man tells you too.
OK, and that was done just for 'the hell of it'. I see.
Who was more valuable to society, the CEO of Exxon, or your favorite NBA/NFL/MLB player? Let's not get into the politics of envy, folks.
--and how do you create domestic jobs in the oil industry--you can't drill or build a refinery--
A few weeks ago, EXXON passed Walmart as the 'biggest' corporation, financially.
WMT took the title away from GM (IIRC) several years ago.
Salary $4.0 million
Bonus $4.9 million
"Stock options $32.0 milion,
Stock Dividends on the stock he owns $3.1 million
Annual pension about $7.0 million, or present cash value of $98 million.
That's on top of the $225 million in stock that he owns, and
Stock options with a market value of $252 million
He should thank OPEC!"
he can just shop at Wal Marts like the rest of us, I don't care about his hardluck story
You tell me why it was done. And why so many working at ExxonMobil outside of the Irving royalty zone was miserable there. You gotta know, since I really suspect you're in that zone.
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