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.
Chart's great!
What did Raymond contibute to it??
What did Chavez contribute to it??
What Did Omar-biz-allataah-bin ormma-al-Zqazahha contribute to it??
What did the $25 billion stock buyback by Exxon over three years contribute to it???
Is that a Chevy CAPICE? Lousy gas mileage, but good cars.
EXACTLY!!! And that is PRECISELY why we had the recent jump in gas prices. Now try to explain that to ConTex!!!!
If gas had been like this 2 years ago, Ketchup Boy would be President now.
Reality vs what you want it to be, are vastly different. Sorry. People see gas prices going way up, electric bills skyrocketing.. And this guy's running off will $400m.
hmmm.
I wonder if people will blame the party in power now. hmmmm.. HMMM.
I'd say we should use the Iraq oil to plummet the oil prices. That was part of the deal going in, but it never happened.
I've never said any laws were broken, or should be passed to stop what this guy's doing. I'm just saying it's a moral mess, and it's going to hurt conservatives. I think that's fairly intuitively obvious.
Close, paisan!!..lol
But you're advocating dealing with reality as the enemies of liberty want it to be, and I say, pshaw!
I'm no expert about this stuff obviously, but what difference would having infinity billion gallons of Iraqi oil make when the problem seems to be not enough refineries?
If you want to see some really interesting ethanol effects, look at the price of sugar over the last six or eight months. Brazil, the world's largest sugar grower, is diverting a major portion of its crop to ethanol production to sustain its homegrown ethanol industry for dual-use cars.
In 1996, it began to be a net importer. By last year, it was importing nearly 130 million tons of oil a year.
In short, China now takes roughly 100 million tons of oil a year out of supply that it didn't 5 years ago.
Don't feel like looking up the specific gravity of oil, but at 8 pounds per gallon (roughly what water is), that is roughly 25 Billion gallons a year that is no longer available.
But to blame our oil companies (who control 2% of the world oil market) when, in fact, it is our govt that it tying their hands,,,and the govt is 'price gouging' us,,,is outrageous.
The govt is getting a free pass on this and much of the debate on here proves it.
Well, gotta run...enjoyed it as always. Especially with you ConTex,,,really enjoyed 'enlightening' you...lol
For the SIXTH and final time...have a nice day..:)
I thoughts too.
I hope I don't see you on any threads about Gates or Buffet. Your brain will explode.
Whether he deserves it or not, and I would say he most certainly does deserve it being that Exxon stock has gone up and up, I must say this is one hell of a time to be doing this.
I understand very well. There are guys that join fraternities and bend over to get slapped with a board and then they have to say "Thank you sir, May I have another?"
I must say this is one hell of a time to be doing this.
The guy must have a very dark sense of humor.
Yeah but he's worth millions and wipes his butt with $100 bills. What do you do? And you're calling him a retard?
You know...there was a time in my life when I had difficulty figuring out how to spend $800 a month without just throwing it away.
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