Ex-Exxon CEO's Massive Pension Draws Fire

[ProSense]

Ex-Exxon CEO's Massive Pension Draws Fire

By STEVE QUINN, AP Business Writer
Sun Apr 16, 9:20 AM ET

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.

more...

http://news.yahoo.com/s/ap/20060416/ap_on_bi_ge/exxon_pay

[marmar]

1. Whew. Don't you feel better about the $2.77 a gallon you're dolling out?

:argh:

[ClintonTyree]

6. Try $2.87...

in lovely upstate New York. No end in sight either and the "summer spike" isn't anywhere close yet. I can foresee higher prices than the post-Katrina squeeze this summer. All because oil future investors are "nervous". :eyes: Of course they have every right to be nervous with Gamma-Ray Georgie in the White House but merely being nervous does not constitute a good enough reason for price gouging this early in the Spring. Bastards! :grr:

[marmar]

8. True.

I paid $3.60-something a gallon last Labor Day weekend and nearly passed out. I can't imagine what it will be like during the big holiday weekends this summer. Might be a good time to stay at home and enjoy the patio.

[paul_fromatlanta]

2. I've seen a much higher figure for this - $400 million in article Friday

[acmejack]

3. It is smaller now everytime they print it.

Damage control?

[cassiepriam]

4. LOL I noticed that too.... so simple, bad news, just change it!

Isn't big brother great?

[Deja Q]

5. Yuppers; it was $400 mil.

Sad.

[ClintonTyree]

7. Wow, that comes out to about $10 million per chin....

on that "fat cat" oil-man. Looks like he could stand to miss a few meals.

[malaise]

9. While corporations cut workers' pension plans

they are giving all the money to CEOs. This will not go down well.
More and more Americans are discussing special interests these days. People are catching on and they will snap one of these days.

[Mr.Green93]

10. Beyond certain amounts compensation should be taxed at 110%

CEO compensation is out of control there must be limits set.