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Wayne Besen
PO Box 25491
Brooklyn, NY 11202
While many Americans are struggling to pay exorbitant prices at the pump, ExxonMobil CEO Lee Raymond is pumping millions into his personal bank account. It turns out that Raymond earns a whopping $144,573 a day. Now we learn that the selfish corporate hack's total compensation package is more than $400 million.
Shareholder advocates point to what they describe as stealth compensation arranged for Mr. Raymond but not disclosed in proxy filings. Consumer groups complain that while last year's rise in global oil prices left many consumers feeling less prosperous, oil executives have become a lot richer from the higher prices. And some corporate governance experts argue that much of Mr. Raymond's pay came from easy profits generated by skyrocketing oil prices.
This is the same obnoxious CEO that fought domestic partner partner benefits for GLBT employees. What a typical tactic of a conservative: Pretend you are just a regular guy by virulently opposing GLBT equality, while screwing red state Americans financially. Mr. Raymond's actions are unseemly in a time of crisis and war. While the profits he earned for the company are commendable, they are overshadowed by his wanton profiteering.
13 Comments:
Erm, you think you pay "exorbitant" prices in the USA?
Do you know that in the UK we pay just over $6 per US Gallon? Most of that is tax.
posted by Anonymous, at
4/15/2006 4:42 PM
Wayne: It should all be past-tense. Raymond has been retired since December.
posted by thc, at
4/16/2006 11:56 AM
I make it point to drive past Exxon-Mobile Stations because of their anti-GLBT policies.
It has been 17 years since the Exxon Valdez spill and Exxon is still in court fighting to get out paying the court awarded damages and other costs associated with that disaster.
That Disaster ... BY THE NUMBERS
* $300 million: Paid by Exxon in actual damage claims * $2.3 billion: Spent by Exxon in cleanup * $4.5 billion: Punitive damages against Exxon * $25 million: What Exxon claims it owes in punitive damages * $36 billion: ExxonMobil 2005 profit * 32,000: Remaining plaintiffs * 11 million: Gallons of crude spilled * 1,300: Miles of coastline fouled * 2,800: Number of sea otters killed by spill*
*Estimate by Exxon Valdez Oil Spill Trustee Council
Its not as if the company cannot afford to pay for its mistakes.
I heard a quote once: "The trouble with socialism is socialism. The trouble with capitalism is capitalists." In the case of compensation, what this means to me is that as long as the pay trend is in line with company performance, good for them. The fundamental purpose of a corporation (really the only one that matters) is to increase shareholder wealth. Those executives that receive huge bonuses while the corporate profits/stock value tank (Disney/Michael Eisner, for example) make no sense to me, but when someone like Raymond enriches the firm and its shareholders greatly, it seems only fair that he be rewarded, and in a manner that is agreed upon by all relevant parties--the executive, the corporation, and the shareholders. The value of a good or service is determined by only one thing--what the buyer is willing to pay for it, or in this case, what the corporation and shareholders are willing to pay the executive for his time and service.
The value that leadership brings to a huge MNC such as Exxon cannot be underestimated. Successful executives lead and manage a firm for years, even decades, consistently building and capitalizing on the firm's strengths and moving toward the only goal that counts--creating wealth. It requires exceptional thought and judgment. Excellent CEOs are as rare as professional sports players, and eminently more valuable to society, because while the professional athlete may enrich some and make for a pleasant game day, successful executives can enrich literally millions of everyday citizens through stock ownership. During the 12 years he ran the company, Exxon became the largest oil company in the world, and the stock price went up 500 percent! And in the business world, every day is the Super Bowl--there is no off-season or respite from the need to perform at peak.
two words: Viva Citgo! if you drive, then buy your gas from a company that's based in leftist venezuela and NOT saudi arabia or texas.
posted by jay lassiter, at
4/17/2006 11:11 AM
I've posted a brief discussion of Exxon/Mobil's sweetheart relationship with prominent incumbent politicians on an ActBlue page at :
I've also profiled a group of Democratic candidates who are running against Exxon-funded GOP incumbents in winnable, flippable districts. Anyone who dislikes the giant oil monster might want to have a look.
posted by Anonymous, at
4/24/2006 3:29 PM
