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Does anyone really think this guy works for a living?

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. The Irving company has drawn criticism from politicians and economists for becoming the most profitable company in history — at consumers' expense, they say. Exxon benefited from high oil and natural gas prices and solid demand for refined products en route to earning $36 billion last year. The company has defended its profits, saying that other industries have larger profit margins but oil companies' bottom lines stand out because they operate on a much larger scale. Recent news of Raymond's payout and pension is stoking embers Fugate said had been starting to die out. But with gasoline prices again reaching $3 a gallon at the pump in some areas and big oil companies about to report first-quarter earnings in coming weeks, expect more fallout, economists say. On Wednesday, Exxon reported executive compensation in a regulatory filing that showed Raymond receiving $48.5 million in salary, bonuses, incentive payments and stock awards. His compensation package also included $21.2 million from exercising stock options, which the company stopped awarding in 2001. His $98 million pension payout reflects 43 years of service. But he would have received nearly $17 million less had he retired just last year, according to the company's 2005 proxy statement. BTW, on the subject of redistribution of wealth, neocons think this is OK. They all agree that working class people should pay $3 a gallon for gas in America. WE used to have a Federal price Cap on gas but Neocons ended that protection measure long ago. Note, he will pay no federal taxes on this income. All of it will be defered and he will get S.S. at age 65. This is a great example of who got the Republican Tax cut. Daaaaaaaaa, what part of stealing from the working class with price fixing is it you do not understand. Of course when you put the shaft to the consumer stock price goes up. Republicans call this hard work? Republicans will call it "leadership", I call it "organized crime". In 1973 I already owned 2000 shares. I worked really hard when I told my broker to buy them for me., right

Public Comments

1. That is some package. Of course he had to work his way up to getting a great package deal but that is outtrageous. I am a poor person and that is outtrageous. Hey that is the american dream. Money makes the world go round they say. Hell no this guy doesnt work for a living he is living luxuriously and well at least uncle same will get a big piece of that pie in taxes.
2. Here's the thing...this dude worked for Exxon/Mobil for over 12 years and during that time, under his leadership, the company's stock rose in value by 500%. That translates into billions of dollars and a huge dividend to the shareholders. From that perspective, and from the perspective of the company's shareholders, he was a top performing executive and did what he was tasked to do; provide the company with profits. It's all about supply and demand...if you're unhappy with how that system works, I'd suggest moving to a communist nation where no matter how hard you work, you end up with the same crappy stuff as the slub who barely does what's expected.
3. The more you work hard, the more you are rewarded. Ambition does not allow "enough" in its dictionary. Work hard and get rewarded hard till death does you part.
4. Believe me you don't want the federal price controls back on gasoline. Something makes me sure you're not old enough to remember what happened in 1973, but that aside, it is egregious for a company to compensate any executive like that. Those earning could be retained and probably doubled in a matter of five years on simple investments, much less research, development and exploration. How about infrastructure improvements like new refineries and pipelines? This madness in U.S. and U.K. corporate culture with the salaries and bonuses is going to implode just like the nonsense with the stock market did 5 years ago. Investors beware! Can anyone say Dick Grasso?