Oil man's half a BILLION dollar bye-bye (OMG!)

[TexasLawyer]

Oil man's half a billion dollar bye-bye
By Jad Mouawad
April 14, 2006

http://www.smh.com.au/ffximage/2006/04/14/leeraymond_narrowweb__300x336,0.jpg
Lee Raymond … plus golf fees paid.

LAST year's high oil prices not only helped Exxon Mobil report $US36 billion in profit - the most ever for any corporation - they also allowed Lee Raymond to retire in style as chairman of Exxon Mobil.

Mr Raymond received a compensation package worth about $US140 million last year, including cash, stock, options and a pension plan. He is also still entitled to stock, options and long-term compensation worth at least another $US258 million, according to a proxy statement filed by Exxon with the Securities and Exchange Commission.

The total sum for Mr Raymond's golden years comes to at least $US398 million ($545 million). The compensation is among the richest known and is certain to provoke criticism of profiteering from oil prices - though oil companies say fluctuations in prices are outside their control. The biggest payout ever is the $US550 million to Michael Eisner, the former head of Walt Disney, in 1997.

Exxon's board also agreed to pick up Mr Raymond's country club fees, allow him to use the company aircraft and pay him another $US1 million to stay on as a consultant for another year. Mr Raymond agreed to reimburse Exxon partly when he uses the company jet for personal travel.

<snip>

http://www.smh.com.au/news/business/exxon-chairman-walks-away-with-545m/2006/04/13/1144521461216.html

[Deja Q]

1. How many chins will $140 mil buy?

:rofl:

[wordpix2]

22. hahahaha, great comment! LOL

:rofl:

[woodcutter]

27. He's got more chins

than a Hong Kong phone book. Sorry. I know it's an old joke. But I couldn't resist.

[leftchick]

40. perhaps he could pay to get a couple removed now

or maybe Exxon will pick up the tab for him?

[Haole Girl]

67. I swear, I was thinking something similar-

Can't he afford a little surgery with all that money? :D

But, they keep telling us the oil companies are not making huge profits. Yeah, right.

[brentspeak]

2. Lee "Jabba the Hut" Raymond

[NorCalDem]

8. love the pic n/t (so true)

[happydreams]

64. OH .....ROFLMAO!!

[Kutjara]

3. C'mon, give the guy a break...

...he is going to chip in for gas for the jet. Whadda guy!

[Cronus Protagonist]

Yeah, he'll probably get gout

I suppose wishing for an early death to free him from his pain is out of the question?

]Educate A Freeper - Flaunt Your Opinions!
http://brainbuttons.com/home.asp?stashid=13

[Roland99]

4. Laugh it up, mofo!

:mad:

[0007]

5. This is a direct insult to humanity for anyone to have this much

money.

[radfringe]

35. you are aware that

this money came from your pockets, right?

it goes from your pocket, through the gas pump and into his and other's pockets...

[DainBramaged]

46. All he did was take advantage of market forces

He did nothing to deserve such enormous compensation. $3.6 million salary for such a large corporation maybe, but if the average Exxon employee makes $40,000 a year,( my calculator can't divide that high) how many times average is he getting for just being there?

Another Republican oil man games the system, and people like this are the ones trying to end the inheritance tax. And I like so many of us here, couldn't afford a hubcap off of one of the cars he owns.

[Jose Diablo]

56. I wouldn't call have day traders manipulating the spot price of oil

'market forces'. I'd call it Enroning the world.

If we examing how Junior used the strategic petroleum reserve to buy oil thus increasing demand, and also choking the supply by disrupting the oil supply coming from Iraq, I'd say we've been Enroned, just like California was with the 'deregulation' of electricity.

The invisible hand of 'market forces' my butt. It's a rigged game. Those day traders are right there in Texas. I wonder if these guys were the same guys that worked the Enron scam.

[DainBramaged]

57. Absolutely, and it's still market forces

Filling the reserves has kept demand artificially high, and is also contributing to our debt. But what does this scummy oil slick misAdministration care. Iraq went from 6,000,000 bbl. per day to zero, (not counting the stolen oil, but we won't get into that here).

I didn't vote for this asshole. But we have to tie him up in knots by winning in November. For earth's sake.

[Jose Diablo]

58. I wouldn't call it 'market forces'

I'd call it profiteering during artificial shortages caused by an illegal war, that these guys started, just to make money and crash the economy as the fuel costs trickle through the economy.

Look at the bankruptcies caused by the inflated fuel costs, and how that is affecting workers pensions, another juicy target of these people.

You know Jeb worked the teachers pensions in Florida when he directed the purchase of Enron stock just before Enron tanked. Being the governor, he had a place as the board of trustees in that fund. I've heard the pension took a $300M clip on that Enron collapse. Any guess who sold the Enron stock to the teachers pension? Ah, thats just a 'natural' consequence of market forces.

There is no such thing as 'market forces' as some sort of natural event. The market is a human construction and thus it's movement is controlled by human events. It's like people get this idea that somehow markets just do things that are like the weather, not controllable. Sure it's supply and demand, but both sides can be and are manipulated, so it's far from natural.

It's profiteering during wartime.

[DainBramaged]

59. It's called gaming the market

And still market forces, a thing we have no control over and won't until we have control of the government again. Someday, before everything is owned by The Carlyle Group.

[xxqqqzme]

70. I doubt he even owns a car

a driver,yes, I'm certain he has. I bet the cars carrying his lard ass around are leased by m/e. He probably does own a golf cart tho,

[MsKandice01]

6. God, he's hideous...

That's just shameful.

[Atman]

11. NOW does everybody understand the need for prostitutes?

No way this guy ever gets any without sending out for it and plunkin' down some serious cake. No way.

If it weren't for hookers, he'd be luring school children into the back of his limo to check out his "Playstation."

[Divine Discontent]

50. omgosh

that's HORRIBLE!


and true!

[happydreams]

65. You made me think....

I wonder who the paying customers are of these child sex/porno rings run by Homeland Security?

[Atman]

7. Eisner vs. Raymond

Love Eisner or hate him, love Disney or hate Disney, 50 years from now we'll still have some pretty incredible films to look at.

What the bloody fuck as Lee Raymond contributed to the world? Oil spills, air pollution, global warming, economic disaster...thanks a lot, you fat fuck. If anyone ever erects a statue to bloated corporate abuse and avarice, I'm sure you and your twelve chins will be featured prominently.

[reprobate]

33. Yes, good films. But at the risk of starting a flame war, I wish they'd

release "Song of the South" again. I do realize that there are some race issues involved but I still think it's one of Disneys best films ever. I saw it as a young kid in the 40s and again when it was released in the 60s (I think).

This film tells the story of the folk tales told on the plantations of the old south. Certainly there are some who will take offense at Disney's treatment of old Uncle Remus, but ol' Remus represents a rich heritage of a cultural history that I think we'd all be better better off to have access to. So go ahead and flame away.

[TexasLawyer]

9. When you're rakin' it in

you're rakin' it in! Yippeee!

Exxon CEO's Pay Package Up 33% in '05
From Bloomberg News
April 13, 2006


Exxon Mobil Corp., the world's largest oil company, raised Chief Executive Rex Tillerson's pay by 33% last year to $13 million as record energy prices boosted the company's profit to the highest in U.S. history.

Exxon Mobil increased Tillerson's salary 22% to $1.17 million and raised his bonus 25% to $1.25 million, the Irving, Texas-based company said Wednesday in a filing with the Securities and Exchange Commission. Tillerson was president until he succeeded Lee Raymond as chairman and CEO on Jan. 1. Tillerson's restricted stock awards rose 30% to $8.75 million. Other compensation, including use of the company's aircraft, totaled $1.87 million.

Tillerson was the second-highest-ranking executive at Exxon Mobil last year when surging worldwide fuel demand and hurricanes in the Gulf of Mexico pushed oil prices to a record. The company's net income jumped to $36.1 billion last year. Revenue climbed to $328 billion, exceeding the gross national products of countries such as Taiwan, Norway and Argentina.

Exxon Mobil's 43% increase in 2005 net income was the biggest among the world's five largest oil companies. The Hague-based Royal Dutch Shell was No. 2 with a 37% increase, followed by France's Total and London-based BP. Chevron Corp. had the smallest profit growth at 5.8%.

<snip>

http://www.latimes.com/business/careers/work/la-fi-exxon13apr13,1,4587847.story?coll=la-headlines-business-careers

[tabasco]

10. If you see a freeper, thank him for putting guys like this

in charge of our country. :mad:

[saigon68]

17. Those Freepers are Hateful, Fucking Ignorant

They have assumed power because they have convinced some rustics with few teeth that:

1. Tramps should NOT get abortions, let the tramp suffer raising the kid.

2. Gay Men are sex deviants whose evil sex practices should never be granted marriage status.

3. That Crazy Chuck Schumer is out to confiscate their shotgun they use to hunt possums.

[nolabels]

41. People with long attention spans the can connect the dots are dangerous

First they make them believe that having a 'pot of gold' is the most important thing in their life. Then they make them swallow the part about how it's okay for some to have their 'pot of gold' now because later they will also get their 'pot of gold' after leave earth and visit with the old bearded dude in the sky. And as always, it works out in the end

[saigon68]

61. It could be the OTHER BEARDED DUDE

The one with the coal shovel and a never ending supply of manure. In a small room resembling the boiler room of the Titanic

[TexasLawyer]

12. $36,100,000,000.00

"The company's net income jumped to $36.1 billion last year."

The number written out is $36,100,000,000.00. OOOh, that's a lot of lobbyists!

How much is a billion?

A billion is a thousand million. That would be written

1,000,000,000

To make a book with a billion dollar signs, printed 1000 per page as before, our book would be 1,000,000 pages long, and would be 2,000,000 inches thick! There are 12 inches in a foot, and 5,280 feet in a mile, so dividing 2,000,000 by 12 to convert the inches to feet, and then dividing that by 5,280 to convert the feet to miles, our book would be 166 feet 8 inches thick!

http://www.punahou.edu/acad/sanders/geometrypages/GP10BillionEtc.html

[unblock]

15. on revenues of a third of a TRILLION dollars.

[unblock]

13. "though oil companies say ... prices are outside their control"

even assuming they had NOTHING to do with installing two oilmen in the white house, the question is not whether or not they controlled prices, but whether or not they had material nonpublic information about prices and profitted unreasonably from them.

first, i STRONGLY suspect that oil execs were at least made privy to the administration's plans to disrupt middle east oil supplies one way or another. they KNEW high prices were on the way and that he would do nothing about it. they KNEW there would be no windfall profits tax. they KNEW they could bet the farm that oil prices, once high, would not fall.

commodities companies hedge the crap out of their product so that they can make a profit predictably and not be at the whims of the price of their one commodity. does anyone really think that these guys took and honest bet and just lucked out into their $36,000,000,000 profit? good guess, if oil prices had gone the other way, they could just as easily have LOST that much? of course not. they gambled on a ginormous profit vs. a merely stupendously huge profit.

and they took mega profits just for having a product that went up in price while making that product at the expense of the rest of us whose jobs were getting outsourced, whose families were torn apart by the war needed to bring about those high oil prices, etc....

but i'm sure mr. raymond thinks he earned every penny....

:grr:

[teryang]

38. Exactly

This is what the administrations energy policy was all about - WAR.

This is why resource prices have gone into a second phase of explosive prices - markets understand the lesson in round one with Iraq and are anticipating huge profits from round two with Iran. Since Iran may involve a larger and more protracted struggle, the price inflation is more widespread. The affect on markets is macroeconomic at this point and multi-dimensional. So many people are taking advantage of it to make smaller fortunes, that the best strategy from the upper, upper crust might be NOT TO GO TO WAR until very late say late 2007 or early 2008 and cause a market fatigue collapse. Energy and resource stocks could then be picked up on the cheap from exhausted weak hands. Then GO TO WAR.

[northzax]

43. well, he did earn every penny

he made the company into the single most profitable corporation the world has ever seen. with a profit of 36.5 billion dollars, ExxonMobil had a higher profit that the GNP of 136 soveriegn countries. with renenues of 300 billion, it not exceeds the GNP of all by 17 countries in the world. Under his leadership, the stockholders of the company made a shitload of money, which was, after all, his job.

I'd rather see golden handshakes like this for CEOs who make money, as opposed to the disgusting ones for guys who get canned for poor performance.

it's still a disgusting sum of money, but he did earn it under the system he works in.

[unblock]

47. my point is he didn't EARN it. he was, at best, in the right place

at the right time.


let's just assume that he did a good job and deserves a few million bucks. i'm not arguing that.
but the overwhelming profit he got, versus a normal profit, was purely due to oil being over $60/bbl. instead of $30/bbl.

[silverweb]

14. That's just obscene.

n/t

[ToeBot]

16. But Exxon still wont pay the fines from the Valdez disaster...

I ride a bike.

[Just Me]

18. Okay. Detail EXACTLY how this "being" is worth so much more than the rest

,...of us human beings.

I want fucking DETAIL!!!! (number of chins, fatness of fingers, curvature of smile and white-ness of skin DON'T COUNT) :grr:

[Divine Discontent]

51. details?

the right PIG at the right pile of SLOP sucking on the right TEET at the right TROUGH is the ONLY reason he is in this position. I would hope (ha) that he helps his fellow mankind out with all this money he stole from us in 3/gallon gas!

www.cafepress.com/armandaleg
www.cafepress.com/lol_omg_wtf

[Canuck55]

19. Oh c'mon, he earned every penny...

He performed his job remarkably well for their shareholders.

I mean, who didn't he get bent over the proverbial crude barrel and anally rape?

[saigon68]

20. For that kind of money the Fat Bastard--- On Cue

Would jump in a pond and fuck fish.

[Canuck55]

23. For that kind of money....

...yeah i could handle the 'pond incident' on my resume. Having your name attached to fucking up the planet big time for a few millenia is a bit of a tougher chestnut there.

[colorado_ufo]

36. ROFL!

"The Pond Incident" - too funny

[wordpix2]

24. now who would be glad to pay him so much money? Not the shareholders

who would prefer to split the profits among themselves.

Saudi sheiks? Carlyle Grp-Halliburton?

I was reading the other day about Andrew Carnegie, the steel magnate. Carnegie not only bought out and undersold competitors---that was only one way he gained his monopoly. The other thing he did was gain control of every facet of steel making, from mining the ore to getting steel products to market via the railroads. He bought up mines, railroads, ore processing plants, as well as anything more directly related to steel-making.

Think about it. Saudis, Exxon, Halliburton, Carlyle, KBR, Fox, BushCo---together they form a trust with different names on the various company flagships but it's all the same trust or megacorporation.

I'm starting to think this whole Iraq mess was Saudi-inspired but I don't know enough about the Kingdom to really know.

[Canuck55]

25. Not sure really...

I'm not going to pretend i understand how salaries or retirement packages of Mega-Oil CEO's are structured, but i would guess it was probably a percentage based thing tied into overall performance during tenure or something. I'm sure any shareholder 'outrage' will evaporate once their dividend cheque shows up.

I still think the Saudi's would like to see oil level off around $50.00/barrel, they still reap their unfathomable profits, and over $50.00 the oil sands become viable. That knocks the whole 'estimated reserves' out the window as Canada would then rival S.A., and that seriously diminishes their political power and/or influence.

In other news, pump prices magically jumped 6% up here today, magically and oddly convienently the day before the Easter Long Weekend, friggin' Iran.

[daleo]

29. He was a company employee, not an entrepreneur

There is no way a company employee should make money in that amount. There may be a case for owners, who are taking risks, but not a mere employee, which is all a CEO actually is.

[Canuck55]

32. Meh, not arguing that...

And i haven't even googled this matter, but i would guess he took over as CEO back when oil was under $20.00/barrel back in 2001, had a few 'Breakfast Club' type meetings with Uncle Dick an' Friends, and voila, 36 billion profit. If they actually ever released the Energy Task Force meeting minutes it would most likely subject the VP and the Mega-Oil CEO's/representatives to RICO codes.

[northzax]

44. I bet most of the money is in stock options

and since he drove the price of the stock up (well, he'd be blamed if it went down, right?) his options are worth more. I have a lot of friends who worked for options, some of them made a lot of change (google) some lost everything (Lucent) such is the way the cookie crumbles.

of course, he probably had protection against downswings as well, which the CEOs get, not the worker bees.

[Zynx]

It wasn't worth $500 million.

Many stocks increased a lot more than Exxon's.

[Zynx]

53. It wasn't worth $500 million.

Many stocks increased a lot more than Exxon's.

[mitchum]

21. Pig

[Journeyman]

26. How's he going to make ends meet if Social Security is privatized? . . .

Good thing Exxon's going to pick up his club fees, otherwise he may face destitution if the SS check's late. . .

[pacalo]

28. Exxon...Enron. Beware of companies that end with "on".

[Rex]

30. Keep the oil market lucrative by bombing foreign homes.

We should paint EXXON on the side of our tanks, planes and helicopters.

[Maven]

31. CREEPY

:scared:

Reminds me of Dan Ackroyd's character in "Nothing But Trouble."

[Blue_Tires]

34. well, does this surprise anyone??

nt

[xchrom]

37. one of the architects for the raping of america.

[w4rma]

39. This is why I buy Citgo. (nt)

[northzax]

45. ahh yes, the company that claims single ownership

(here I thought it was a state, so the owners should be in the millions) and therefore refuses to release executive compensation amounts. Seriously, check out their 10-Ks. you figure Felix Rodriguez is making Venezuelan Civil Servant pay?

[w4rma]

48. subsidiary of Petróleos de Venezuela, the national oil company of Venezuel

Petróleos de Venezuela, S.A. (PDVSA) is the Venezuelan state-owned petroleum company. Venezuela is a major petroleum exporter. PDVSA purchased 50% of the United States gasoline brand Citgo from Southland Corporation in 1986 and the remainder in 1990.
http://en.wikipedia.org/wiki/Petr%C3%B3leos_de_Venezuela

[northzax]

49. yes, I know who owns them

they are the only one of the top 5 oil firms who report no data whatsoever. We don't know if they made money last year, lost money last year, spent it all on giving oil to poor people or on expensive hookers (I don't that's the case, by the way)

I assume that Citgo's profits were, on a percentage basis, similar to the ones reported by BP/Amoco, ExxonMobil, and Chevron/Texaco, but we have no idea where that money is going, do we? Venezuela doesn't have similar auditing requirements to the US, and PDVSA has ceased filing ANY reports with the SEC since FY2004, and hasn't published audited statements since 2002. And from looking at what numbers are avaliable, one of two things is happening at PDVSA, either the company is hemmoraging cash, and tons of it, or someone is seriously skimming, or Chavez is lying about the amount of oil being pumped and exported.

take the 1st quarter of 05. Venezuela reported exportable oil products of 2.8 million bbl/day. That should have generated $9.9 billion in export revenue, which PDVSA is required, under its charter, to deposit in the Venezuelan Central Bank. However, PDVSA said that it deposited $6.43 billion. (and outside estimates say it's as low as $4.8b, but let's just use their numbers)and remember, this is gross, not net, so there are no expenses to offset yet. so in the first quarter of the year 2005, one of three things was true:

1: the Government (Chavez himself) lied about the amount of oil pumped.
2: PDVSA lied about the amount of cash deposited.
3: 2.47 billion dollars vanished into the ether.

now we all know that Chavez wouldn't lie, so that rules out number one.(?) So you have either the company lying to the people of Venezuela about how much money they have (and downplaying their assets, not upgrading them) or someone lost a quarter of PDVSA's export revenue.

think about that, for a minute.

[w4rma]

71. Citgo is the #1 best acting oil company in the world

I read news reports about the many good things going on in Venezuela. And there is corruption in every organization (the trial is to minimize it which I believe that Chavez has done). I really don't think there is that much corruption going on inside Citgo, atm. Chavez definitely seems like the type of person who got into politicis for reasons above self-gain.

I just flat out don't really care about a single one of your "concerns".

[northzax]

75. you don't care that 30% of their revenue vanished?

that doesn't matter to you at all? that someone apparently stole 2+ billion from the people of Venezuela? really? before Chavez, the company published earnings, and filed 10-Ks in the US. Transparency is important, don't you think?

think, for a second. the US has a GDP 80 times greater than Venezuela. If the US government 'lost' 160 billion dollars, and didn't tell anyone what happened, wouldn't you have an issue with that? but because it's Chavez, you're ok with it.

two billion dollars. in a quarter. vanished. that's eight billion over the year. eight billion dollars. wow, that's pretty inspiring.

[toopers]

42. Sounds like we should have bought oil stocks.

EOM

[Earth_First]

52. So when will I be expecting my windfall subsidy tax refund?

:crickets:

I thought so.

[NewJeffCT]

54. Not long after Aetna acquired US Healthcare in the mid 90s

The former head of US Healthcare got a $1 billion golden handshake... and, Aetna had a ton of problems with the acquisition and for a good half dozen years after that due to the acquisition. They eventually had to sell off their very profitable financial services business to ING to stay afloat and Aetna went from a huge multi-line insurance company that was all things to all people when it came to insurance to a company that was strictly health insurance.

[gatlingforme]

55. Bush will send him a letter of congrats.

[Media_Lies_Daily]

60. Glad that tax cut helped him build his retirement!....

...Blood-sucking, oil-rich vampire.

[Yavin4]

62. He'll Also Get A Huge Tax Cut From Bush As Well

What dumb Republicans don't understand is that the Lee Raymonds of the world are the ones that get that tax cut.

[Dont_Bogart_the_Pretzel]

63. That's a lot of peanuts!

I'm wondering when Bill Gates retires how much will his retirement be?

[niallmac]

66. Retirement? Isn't he already worth 40 Billion or so? As for this guy

he gets 500+ million severance because so many Americans swallow the equal opportunity fairy tale.
In fairy land everyone has the same opportunity to land that 500 million dollar severance pay job.
In fairy land, the reason we don't have health care for everyone but do have a rotting mildewing
national infrastructure is that the super rich are immune from a proportional share in the
public services that we pay for with our blood sweat and tears.
The rest of us are lazy and deserve to be ill with mountains of bills or no access to care
at all.
It is un American to complain about the super rich in fairy land.

[Gregorian]

68. Gain the world, and lose your soul.

What a pitiful creature.

[xxqqqzme]

69. and yet they still won't pay ANY of the fines

from the exxon/valdez oil spill. rat bastards

[CornField]

72. You and I were thinking alike

bastards.

[saigon68]

73. So true

The thing will never get settled in the NEOCON's courts

[corporate_mike]

74. Eisner got $550 million????

Wow!

[Blue_Tires]

76. disgusting kick