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canuckistan
Mod Team
Joined: 17 Jun 2003
Location: Training future GS competitors.....
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 Posted: Mon Apr 17, 2006 12:16 am Post subject: The poster boy for wretched corporate excess |
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http://abcnews.go.com/GMA/story?id=1841989&page=1&gma=true&gma=true
$400 million is just so vulgar...... His face says so much about the whole industry: www.drudgereport.com
Looks like he spent most of his time "working" at company lunches and dinners while the rest of us were wondering how to budget the higher gas costs.
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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.
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Manner of Speaking
Joined: 09 Jan 2003
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| Posted: Mon Apr 17, 2006 10:59 pm Post subject: |
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It is taky, but unless the shareholders get organized to bring the excess down it doesn't seem like there's a lot that can be done about it.
Personally I don't understand why anyone would want to have THAT much money anyway...what can you do with it? |
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igotthisguitar
Joined: 08 Apr 2003
Location: South Korea (Permanent Vacation)
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| Posted: Tue Apr 18, 2006 4:59 am Post subject: |
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thepeel
Joined: 08 Aug 2004
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| Posted: Tue Apr 18, 2006 5:45 am Post subject: |
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What the hell is with that guys neck/chin? Does he have to feed it?
Couldn't he afford neck liposuction with his base salary?
It is often said that the worst advocates for Capitalism are the Capitalists themselves.
400 million is just sick. I understand that competition for highly talented CEOs is tends to drive the wages up (it is quite similar to the NBA/NHL etc.), but this is totally unreasonable. He is being rewarded for high oil prices which, I hope, he had little to do with. |
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canuckistan
Mod Team
Joined: 17 Jun 2003
Location: Training future GS competitors.....
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| Posted: Tue Apr 18, 2006 9:24 am Post subject: |
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What the hell is with that guys neck/chin? Does he have to feed it?
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It has its own name and passport too  |
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fiveeagles
Joined: 19 May 2005
Location: Vancouver
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| Posted: Tue Apr 18, 2006 6:52 pm Post subject: |
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The question is, "What are you going to do about?"
Rather than demonize a CEO who was created because of a capitalistic society, why not determine how to change the market.
Brazil will no longer import gasoline from other countries. They will be 100 percent relient on their own gasoline, because they have switched to ethanol.
When will the states switch? Why haven't they? Don't try to blame Bush, because this could have happened 20 years ago. What's the hold up?
Or how about endorse trading that is ethical. |
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Manner of Speaking
Joined: 09 Jan 2003
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| Posted: Tue Apr 18, 2006 7:11 pm Post subject: |
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| canuckistan wrote: |
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What the hell is with that guys neck/chin? Does he have to feed it?
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It has its own name and passport too |
 He sure does look like Jabba the Hutt, doesn't he! |
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khyber
Joined: 16 Jan 2003
Location: Compunction Junction
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| Posted: Tue Apr 18, 2006 7:20 pm Post subject: |
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| All I can do is hope the poor bastard lands on his feet... |
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Manner of Speaking
Joined: 09 Jan 2003
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| Posted: Fri Apr 21, 2006 7:08 pm Post subject: |
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Canuckistan,
You know, now that I really look at that pic, he REALLY IS the poster boy for wretched corporate excess, isn't he. He looks like something out of the movie Seven.  |
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