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The Excellence of Capitalism: Exxon's US$400M payout an 'outrage'

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  • The Excellence of Capitalism: Exxon's US$400M payout an 'outrage'

    Exxon's US$400M payout an 'outrage'
    Peter Morton, Washington Bureau Chief, Financial Post
    Published: Tuesday, April 18, 2006

    Exxon Mobil Corp.'s just retired chief executive, Lee Raymond, is quickly becoming the new face of executive excess after securities regulators revealed the 67-year-old will receive a retirement package of nearly US$400-million.

    Mr. Raymond, who told Congress last year "we're all in this together" during its probe of skyrocketing gasoline prices, also gets use of the Exxon jet, a car and driver and a US$1-million consulting deal as thanks for helping the oil giant earn a record profit of US$36-billion last year.

    Details of the package, filed by Irving, Tex.-based Exxon to the U.S. Securities and Exchange Commission, is generating a massive wave of criticism from unions and public interest groups that are outraged that a chief executive could take so much money for doing so little at a time when gasoline prices are skyrocketing and oil continues to trade just shy of a record US$70 a barrel.

    "It pays to be in the right place at the right time," said Brandon Rees, assistant director of the Washington office of investment at the AFL-CIO. The union keeps an eye on executive compensation through its paywatch Web site.

    Mr. Rees said Mr. Raymond had "zero influence" on Exxon's fortunes last year when oil and gasoline prices soared after the string of hurricanes and increased demand from China.

    "Exxon has created a public perception liability by overcompensating its executive," he said.

    That view was echoed by other groups in Washington.

    "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."

    "No honest measure of Mr. Raymond's personal performance can justify this unconscionable windfall," added Charles Cray at the Center for Corporate Policy. "Exxon's record-breaking US$36-billion in annual profits last year had far more to do with refinery bottlenecks, politically driven tax breaks and geopolitical events than managerial effectiveness."

    Exxon insisted, however, that Mr. Raymond deserves the retirement package, that also includes home and personal security, because of his apparently stellar performance as head of the world's largest oil company for the past 12 years.

    Exxon said its stock price has gone up 500% in the past decade and a company spokesman said the retirement package reflects "a very long and distinguished career."

    Mr. Raymond was paid US$48.9-million last year, nearly a third more than he earned in 2004 and had been at Exxon for 43 years.
    Oil executives are among the most evil people in the world, and exploit capitalism to its fullest. This guy gets paid out 400 fucking million dollars for doing JACK SHIT (ie, from record profits from skyrocketing oil prices) while regular families cant afford to fill their tanks.

    I guess its because everyone else is lazy. Its their own fault for not being able to buy gas. They need to work harder. This guy obviously worked 400 million times as hard as they did, despite the article saying he didnt do anything to even help Exxon's fortunes. We should be thanking CEO's like him for creating jobs as opposed to criticizing him by making his money on the backs of everyone else. What was I thinking.

    What a fucking joke. Its times like this I hope their is a God, so at least these guys will rot for eternity. Unless God is a hardcore capitalist, then the afterlife would just be one more payout!
    Originally posted by ethan20
    There's a correlation between cervixal cancer in women and un-circumsized penises. Not to mention it almost cuts your bacteria count on the penis in half.
    Originally posted by reservoirGod
    Ethan sure does know alot about dicks

  • #2
    the last vet.before everyone got vetted
    Originally posted by MarshallArts
    Who's got you quoted in their sigs? Are they as equally worthy as those that have sigged me? I just can't imagine it.

    Comment


    • #3
      Originally posted by kEgBeGgEr
      Oil executives are among the most evil people in the world, and exploit capitalism to its fullest. This guy gets paid out 400 fucking million dollars for doing JACK SHIT (ie, from record profits from skyrocketing oil prices) while regular families cant afford to fill their tanks.
      I got a few things to say here.

      1. Bonuses are paid out as a general percentage of revenue. So, when revenue hits records, so will bonuses.

      2. This adds some much needed debate into corporate profits for oil companies. They've always made out like bandits, but so do most CEO's. This could ferment some much needed reform.

      3. If that $400million was used to lower gas prices then maybe we would see a penny or two difference at the pumps. In this business, $400million is nothing.

      Originally posted by keg
      I guess its because everyone else is lazy. Its their own fault for not being able to buy gas. They need to work harder.
      No one said people are lazy. I think Americans complain too much about oil. A gallon of the "black gold" has historically been cheaper then a gallon of ice cream, milk, and water. Prices for oil in Canada and especially Europe have always been much higher. I hope it gets even more expensive so that Hybrid's become a better option and hydrogen technologies get more funding.

      Originally posted by keg
      We should be thanking CEO's like him for creating jobs as opposed to criticizing him by making his money on the backs of everyone else.
      It does create jobs believe it or not. If that money was used to save everyone a penny or two at the pump then we'd all grind our teeth and move on like it was no big deal. However, someone with $400million dollars will instead invest it in the stock market, into businesses, or into real estate.

      Either way, that's a large sum of money and will be put to use in the capitalist system. No one with money keeps it in the bank to do nothing. Money is constantly invested somewhere.
      Warpox exposes himself | Editorial 1 4 | 2Pox

      Comment


      • #4
        There is no doubt we are getting fucked by the oil company's right now. Congress needs to do something about it, but they probably won't. However, what a private company pays it's employee's is nothing we can really control.

        Comment


        • #5
          Originally posted by StereoType
          There is no doubt we are getting fucked by the oil company's right now. Congress needs to do something about it, but they probably won't. However, what a private company pays it's employee's is nothing we can really control.
          You damn, Michael Moore Liberal!
          Why do you want to punish the successful?
          Creating jobs!
          Free market!
          Rabble, rabble!
          the last vet.before everyone got vetted
          Originally posted by MarshallArts
          Who's got you quoted in their sigs? Are they as equally worthy as those that have sigged me? I just can't imagine it.

          Comment


          • #6
            Originally posted by reservoirGod
            You damn, Michael Moore Liberal!
            Why do you want to punish the successful?
            Creating jobs!
            Free market!
            Rabble, rabble!
            While we are being fucked by big oil, we have been creating jobs and the economy is doing well. But with oil companies recording record profits, it is clear that gouging is going on.

            Comment


            • #7
              Well, Our Great President and Vice-President were in the oil industry, and we all know how they hate curuption and social injustice... so if Big Oil was ripping us off they would deffinatly know and put the people's intrest over their's, right?
              the last vet.before everyone got vetted
              Originally posted by MarshallArts
              Who's got you quoted in their sigs? Are they as equally worthy as those that have sigged me? I just can't imagine it.

              Comment


              • #8
                You're right Keg, these are some profoundly evil people, much like those Enron execs.

                I think capitalism would work if people weren't so greedy, you gotta give a lot of your profits back to the communities and people that made you what you are, in my opinion. But some people are so disconected with what it's like to be poor that all they see is material items, it's really sick.

                It's funny, they commented on this on The Sopranos the other night... Chris was out in Hollywood and saw an award show gift basket, which are about 30,000 a pop. He said that it was wrong, because that's more than a lot of people make in a year working, and here these lazy fucks are making millions for playing pretend. It was a really good message...
                *********

                Comment


                • #9
                  Originally posted by reservoirGod
                  Well, Our Great President and Vice-President were in the oil industry, and we all know how they hate curuption and social injustice... so if Big Oil was ripping us off they would deffinatly know and put the people's intrest over their's, right?

                  lol, wothless mother fuckers, may their children all die from the Ebola virus
                  *********

                  Comment


                  • #10
                    Will this 400million go to pay towards the Exxon mercenaries, also known as the armed forces of the United States?

                    Comment


                    • #11
                      man nobody could spend that much mone in their life even if they gave half of it away to poor children in african countries....
                      Think, Act, Make & Spend Money Like A True Business Individual A.K.A. A Baller.

                      Business To Bling - The Realest Blog On Creating Wealth

                      Gold Plated Executive Gifts

                      Comment


                      • #12
                        the problem is is that we depend on oil. i forgot what the term was in my economics class but its not necessarily supply and demand and then the market adjusts accordingly....its really that americans will pay any price for a gallon of gas because ITS OUR ONLY OPTION. we dont have choice. im sure walrus knows the term since he knows about economics....


                        and yea it may create jobs now. but what happens if people cant even afford to go to work? i guess the bicycle industry will pick up...

                        WWW.LIFEAFTERTHEOILCRASH.NET

                        WWW.LIFEAFTERTHEOILCRASH.NET WWW.LIFEAFTERTHEOILCRASH.NET

                        Comment


                        • #13
                          Originally posted by TheWalrus
                          I got a few things to say here.
                          1. Bonuses are paid out as a general percentage of revenue. So, when revenue hits records, so will bonuses.
                          Not when they claim, "we are in the same boat". Not when they make record profits. And not when they use these profits to pay out huge packages. They always make it seem like they have no control over these increases, and that they need them to cover their expenses. The fact this guy got a huge payout due to record profits due to high prices shows that they do NOT need to increase prices to cover expenses, they are doing it for profit. Which is wrong on so many levels.

                          Originally posted by TheWalrus
                          2. This adds some much needed debate into corporate profits for oil companies. They've always made out like bandits, but so do most CEO's. This could ferment some much needed reform.
                          Thats putting it mildly, lol. But I agree.

                          Originally posted by TheWalrus
                          3. If that $400million was used to lower gas prices then maybe we would see a penny or two difference at the pumps. In this business, $400million is nothing.
                          Its alot to people that cant afford to fill their cars. Maybe would be a slight decrease, but thats not the point. These oil assholes make it like they are deferring high overhead costs by raising prices, which wouldnt be as bad. However, this record payout shows there is more than enough coin in the bank the cover expenses AND handout ridicilously expensive retirement packages.

                          Originally posted by TheWalrus
                          No one said people are lazy. I think Americans complain too much about oil. A gallon of the "black gold" has historically been cheaper then a gallon of ice cream, milk, and water. Prices for oil in Canada and especially Europe have always been much higher. I hope it gets even more expensive so that Hybrid's become a better option and hydrogen technologies get more funding.
                          I would not be surprised if oil executives use the considerable resources at their disposal to stall, inhibit, or even destroy new technology or new sources of energy. If these evil men are willing to price gouge the hell out of their fellow citizens, I doubt they will let oil become an energy source of the past without a fight and doing everything they can to stop it. They are motivated by profit alone, and are evil.

                          Originally posted by TheWalrus
                          It does create jobs believe it or not. If that money was used to save everyone a penny or two at the pump then we'd all grind our teeth and move on like it was no big deal. However, someone with $400million dollars will instead invest it in the stock market, into businesses, or into real estate.
                          This guy's stock portfolio getting larger wont create jobs for anyone or help anyone. Whoop-dee fuckin doo, the economy gets a little injection because this douche buys a car or a plane or a new island for himself. He is hardly doing anyone a favour. Besides, should we let drug lords slide because they might buy a huge house here and there with their profits? Afterall, its investing in real estate! An exxageration because their actions are illegal, but the ends dont justify the means. I dont care if he strengthens an economy by buying a new house, not if its at the expense of lots of other people.
                          Originally posted by ethan20
                          There's a correlation between cervixal cancer in women and un-circumsized penises. Not to mention it almost cuts your bacteria count on the penis in half.
                          Originally posted by reservoirGod
                          Ethan sure does know alot about dicks

                          Comment


                          • #14
                            Originally posted by role model
                            You're right Keg, these are some profoundly evil people, much like those Enron execs.
                            I think capitalism would work if people weren't so greedy, you gotta give a lot of your profits back to the communities and people that made you what you are, in my opinion. But some people are so disconected with what it's like to be poor that all they see is material items, it's really sick.
                            It's funny, they commented on this on The Sopranos the other night... Chris was out in Hollywood and saw an award show gift basket, which are about 30,000 a pop. He said that it was wrong, because that's more than a lot of people make in a year working, and here these lazy fucks are making millions for playing pretend. It was a really good message...
                            Commie.

                            Comment


                            • #15
                              Originally posted by whereismarshall
                              Commie.

                              lol
                              *********

                              Comment

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