Exxon Chairman Gets $400 Million Retirement Package

[Acebass]

There is something very wrong here...

I'm reminded of a quote by Franklin D. Roosevelt, “The liberty of a democracy is not safe if the people tolerate the growth of private power to a point where it comes stronger than their democratic state itself. That, in its essence, is fascism - ownership of government by an individual, by a group,”

We are getting close!...


Exxon Chairman Gets $400 Million Retirement Package Amid Soaring Gas Prices


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.




http://abcnews.go.com/GMA/story?id=1841989&page=1&gma=true

[Trillo]

1. This is another reason civlizations collapse.

A few grab all the money.

[Vinnie From Indy]

2. How much is enough?

I am speechless!

[Acebass]

14. That was my reaction, at first!...

then I decided to stand up and ask questions...

[AuntPatsy]

3. You would be stunned how many oil ceo.s have been retiring as of

late with just as much or more, someone should do a bit of research.

[DS1]

4. That's more than my entire family will make in their lifetimes

[kurth]

5. Selling gas at $3/gal is HARD WORK

[Viva_La_Revolution]

6. There's a poll to the left of the article...

If you're so inclined to DU it. :)

[tulsakatz]

10. I did vote.........twice!

So far, about 90% say it's unfair

[Poppyseedman]

7. The deal may not be as outrageous as it seems

Depends on the amount of the stock options that are part of the deal.

Pulled off their website He has 4,100,000 Shares Covered by Exercisable Options. He owns another 3,655,038 shares At 61.35 a share that a lot of jack.

Still it does seem to be a bit much no matter how it is put together.

I'm not sure how a CEO getting 400 million no matter how it is given, is stronger than "their democratic state itself" and "ownership of government by an individual, by a group"

The stock owners can say NO, if they get enought votes together to protest.

http://www.sec.gov/Archives/edgar/data/34088/000104746906004990/a2167124zdef14a.htm#dg1011_director_and_executive_officer_stock_ownership

[Acebass]

11. I know that your argument is sound...

but I'm just amazed at the lack of emotion at the ludicrous sum of money mentioned. 400 million, thats one hell of a gold watch!...

[mtnsnake]

8. You can bet your ass a piece of oil pie will be filtered to the Bush's &

Cheney's, too, when all is said and done. How many millions apiece is anyone's guess.

[Coastie for Truth]

9. I'm a chemical engineer

I'm better looking.

My wife, kids, and grandkids love me.

My cat loves me. (At least I think she does, she rubs against my ankles)

How come I don't make $400 M.

[Acebass]

12. Lifes just unfair that way...n/t

[Acebass]

13. Remember you heard it here first...

People are staing to question, thats a good thing!...


DALLAS - A $69.7 million compensation package and $98 million pension payout to Exxon Mobil Corp.’s former chief executive and chairman Lee R. Raymond has some shareholders and economists asking, “how much is enough?”

“Some folks will ask the question, ’Is this more evidence of big oil taking an enormous windfall and retaining all the riches?”’ said Mel Fugate, assistant professor for Southern Methodist University’s Cox School of Business

http://news.bostonherald.com/national/view.bg?articleid=135344

[Jacobin]

15. Its criminal

This idiot had nothing to do with record profits. The wells had been drilled, the price had been very low for a decade and then BushCo and world events quadrupled the price of oil and made the oil in the ground they produce go from $12/bbl in the late 1990's to $70 a bbl.

This guy didn't do that and taking advantage of the stockholders of Exxon, not to mention consumers (if you look at it that way) is not just 'wrong' it should be criminal and the board of directors should all be fired.

[ShortnFiery]

16. Guess his kids (and grandkids) won't be without those *designer jeans* n/t

[Acebass]

17. you wonder if he's gone to the gas station recently...

oh but I'm sure thats taken care of for him too...


What the hell let'm eat cake!...