Corporate Pig

Discussion in 'Politics & Religion' started by ZZZzzzzzzz, Apr 16, 2006.

  1. <img src=http://us.news3.yimg.com/us.i2.yimg.com/p/ap/20060416/capt.ny11304160537.exxon_riches_ny113.jpg?x=229&y=345&sig=7Xr84S9BLL3o8xtEcJBSxQ-->

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

    Exxon Made Record Profits in 2005

    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.
     
  2. Apparently running a giant oil company pays alot better than professional trolling.

    Perhaps the troll's guild could strike for higher wages?
     
  3. Almost 1/2 billion dollar for the pig's retirement!? If I were an Exxon shareholder, I wouldn't hesitate to dump the stock, or a fund holding that stock in its portfolio.
     
  4. i *am* an exxon shareholder. done very well thanks. love my XOM (and my BA and my HANS, although i sold the latter...)

    am i disgusted by this salary?

    YES

    am i selling exxon?

    NO

    the former does not imply the latter

    XOM's been a good investment
     
  5. I've always looked at these corporate hogs as the price we pay for our free enterprise system. Their compensation packages are indefensible, but in the overall scheme of things, not all that important. My view has changed.

    There is a ripple effect through the entire system. Monkey see, monkey do. This comp package beocmes the benchmark for the next, and the one after that. Of course, those in control of the system are thrilled, as such theft legitimizes every other CEO's greed. There are numerous related effects, all of them noxious. Workers are demoralized and infuriated. Exec's are incentivized to cut corners and engage in shady accounting to "justify" huge payouts. FNM and Enron are only two examples. An economically illiterate public feels jsutified in supporting dubious political schemes, such as prcie controls, because of this obscene greed.

    Clearly, corporate governance is broken. the institutional investors who control the votes to put a stop to this kind of theft of shareholder resources are too conflicted to do anything but rubberstamp it. They have lucrative pension business that the company might terminate, or they are worried about losing access, and frankly, no one gets ahead by being a boat rocker.

    I'm afraid the only solution is for the SEC or congress to step in. Mandate an upper limit on compensation. If a CEO can't be sufficiently motivated to get out of bed in the morning by say, 5 mill a year, then find someone who will. Something tells me they're available, if not here, then in India. Let the CEO's reap the results of their superior leadership the way we do, by risking their own money to buy stock in their companies.
     
  6. Well, that must have taken some doing................

    Indefensible, BUT.............
    Welcome to the system:D
     
  7. This parachute is just another little thing that makes me uneasy about XOM. Others are not ending the Valdez appeal, the unfunded part of pensions, and the ridiculously low yield. Have owned it off and on all of adult life. Founder of the company would be horrified by this ghastly extravagance IMO. I'll be curious to hear what Tillerson says about this.

    Geo.
     
  8. This guy is a perfect example why corporate America is out of control with ceo pay (stealing). Bring in illegals to suppress the wages of working class Americans. Those were the men and women whose fathers, mothers,grandparents etc fought and died so their children could have a better future.

    Now we import others social problems to hurt our own country so these fat slobs can steal us all blind with healthy corporate pay.

    Who is the fool in that picture? Illegals marching down our streets for rights. The American worker sits on the couch and takes it sitting down. Wake up candy ass workers. .....:eek: :cool: :mad: :confused:
     
  9. Pekelo

    Pekelo

    Without taking sides, here is a moral question:

    Let's suppose YOU ARE the retiring CEO of a Big Corporation. Your lawyers, big board members make you a wonderful golden package of let's say 100 million dollars. Completely legal, you were doing a good job, your company made outstanding profits while you were the boss.

    Would you take it, or would you say: "No thanks, but I think it is overdoing it a bit, our janitor makes only $8 an hour. I am perfectly fine with 5 million. After all I already have my houses,cars,etc."

    Answer honestly....
     
  10. but not all CEO's are made from the same material...I understand CEO's reaping big paydays when their stock is down ( thats absurd )...but when things are going good; hell, what can i say..... A-ROD gets what he gets even when his numbers are down...peace

    i hear ya though when is enough enough??
     
    #10     Apr 17, 2006