Are our Oil Companies Really Robber Barons?

[eilute]

If yes, what do they do that makes them robber barons?

 

[dmcowen674]

Originally posted by: eilute

If yes, what do they do that makes them robber barons?

Originally posted by: Harvey

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.

His $51.1 million paycheck in 2005.

That's equivalent to $141,000 a day, nearly $6,000 an hour.

You tell me. Are you making $6,000 hr???

 

[Harvey]

Dave -- Thanks for the quote. For reference, here's the entire article from ABC News from my post in this thread:

Oil: Exxon Chairman's $400 Million Parachute

Exxon Made Record Profits in 2005

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.

I also pointed out that they haven't invested in refining capacity, either, because they wanted to be sure they would have an excuse for not being able to deliver gasoline manufactured from the available crude supply.

Cliffs:

• Record profits while consumers go broke and hungry?
  Check!
  
• Record executive salaries, bonuses and golden parachutes?
  Check!
  
• Record high fuel prices?
  Check!
  
• Insignificant investment in new refining capacity?
  Check!
  
• Record campaign contributions to former oil execs, Bush and Cheney?
  Check!
  
• Well heeled lobbiests in closed Whitehouse meetings on energy policy?
  Check!
  
• Well heeled lobbiests in other closed meetings with Republican members Congress to "suggest" they keep their legislative hands off the oil industry's money grubbing practices?
  Check!

Robber barons on the loose, raping the American public? Say it ain't so, Joe! :roll:

 

[smashp]

Originally posted by: Harvey
Dave -- Thanks for the quote. For reference, here's the entire article from ABC News from my post in this thread:

Oil: Exxon Chairman's $400 Million Parachute

Exxon Made Record Profits in 2005

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.

I also pointed out that they haven't invested in refining capacity, either, because they wanted to be sure they would have an excuse for not being able to deliver gasoline manufactured from the available crude supply.

Cliffs:

• Record profits while consumers go broke and hungry?
  Check!
  
• Record executive salaries, bonuses and golden parachutes?
  Check!
  
• Record high fuel prices?
  Check!
  
• Insignificant investment in new refining capacity?
  Check!
  
• Record campaign contributions to former oil execs, Bush and Cheney?
  Check!
  
• Well heeled lobbiests in closed Whitehouse meetings on energy policy?
  Check!
  
• Well heeled lobbiests in other closed meetings with Republican members Congress to "suggest" they keep their legislative hands off the oil industry's money grubbing practices?
  Check!

Robber barons on the loose, raping the American public? Say it ain't so, Joe! :roll:

Dont forget that when they do visit the legislature they dont even have to be under oath

 

[zendari]

Their margins aren't large at all. The industries where people like Dave work in undoubtedly make larger profit margins.

. But by another measure of profitability, gross profit margin, it ranked No. 127.

Most financial institutions, such as commercial banks, are routinely more profitable than Exxon Mobil was in its third quarter. For example, Exxon Mobil's gross margin of 9.8 cents of profit for every dollar of revenue pales in comparison to Citigroup Inc.'s 15.7 cents in 2004.

Text

Maybe 1 cent on the dollar is satisfactory to whiny liberals.

 

[Harvey]

Originally posted by: zendari
Text

Maybe 1 cent on the dollar is satisfactory to whiny liberals.

Maybe a large and growing number of poor working families and funding for the resources to help them out of their plight with improved medical care, education and support for infrastructure and emergency services is satisfactory to whiney, anal trolls who can't even read the content of the articles in their own links. Start with the first paragraph:

Oil Industry Seeks to Cast Huge Profits as No Big Deal

By Terence O'Hara
Washington Post Staff Writer
Friday, October 28, 2005; Page D01

By most familiar comparisons, the $9.92 billion profit earned by Exxon Mobil Corp. in just three months is almost unimaginable. It would cover all Social Security benefit payments for three months. It would pay for an Ivy League education for about 60,000 kids. It would pay the average list price for more than 160 Boeing 737s. It would fund the military operations in Iraq and Afghanistan for more than two months.

The rest of the article reports nothing but Exxon's own self-promotion in their paid newspaper propoganda campaign. :roll:

 

[ericlp]

Originally posted by: smashp

Originally posted by: Harvey
Dave -- Thanks for the quote. For reference, here's the entire article from ABC News from my post in this thread:

Oil: Exxon Chairman's $400 Million Parachute

Exxon Made Record Profits in 2005

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.

I also pointed out that they haven't invested in refining capacity, either, because they wanted to be sure they would have an excuse for not being able to deliver gasoline manufactured from the available crude supply.

Cliffs:

• Record profits while consumers go broke and hungry?
  Check!
  
• Record executive salaries, bonuses and golden parachutes?
  Check!
  
• Record high fuel prices?
  Check!
  
• Insignificant investment in new refining capacity?
  Check!
  
• Record campaign contributions to former oil execs, Bush and Cheney?
  Check!
  
• Well heeled lobbiests in closed Whitehouse meetings on energy policy?
  Check!
  
• Well heeled lobbiests in other closed meetings with Republican members Congress to "suggest" they keep their legislative hands off the oil industry's money grubbing practices?
  Check!

Robber barons on the loose, raping the American public? Say it ain't so, Joe! :roll:

Dont forget that when they do visit the legislature they dont even have to be under oath

Don't forget that when they do taxes they are getting a way better break then you or I could. And your president wants to put this in the law books...

 

[Genx87]

Originally posted by: Harvey

Originally posted by: zendari
Text

Maybe 1 cent on the dollar is satisfactory to whiny liberals.

Maybe a large and growing number of poor working families and funding for the resources to help them out of their plight with improved medical care, education and support for infrastructure and emergency services is satisfactory to whiney, anal trolls who can't even read the content of the articles in their own links. Start with the first paragraph:

Oil Industry Seeks to Cast Huge Profits as No Big Deal

By Terence O'Hara
Washington Post Staff Writer
Friday, October 28, 2005; Page D01

By most familiar comparisons, the $9.92 billion profit earned by Exxon Mobil Corp. in just three months is almost unimaginable. It would cover all Social Security benefit payments for three months. It would pay for an Ivy League education for about 60,000 kids. It would pay the average list price for more than 160 Boeing 737s. It would fund the military operations in Iraq and Afghanistan for more than two months.

The rest of the article reports nothing but Exxon's own self-promotion in their paid newspaper propoganda campaign. :roll:

Stop buying their gas if it upsets you this much.

 

[Harvey]

Originally posted by: Genx87
Stop buying their gas if it upsets you this much.

Great idea! And when the cost of fuel drives the price of even the most meager food and clothing out of reach, would you suggest we should go hungry and naked, too? :roll:

 

[Genx87]

Originally posted by: Harvey

Originally posted by: Genx87
Stop buying their gas if it upsets you this much.

Great idea! And when the cost of fuel drives the price of even the most meager food and clothing out of reach, would you suggest we should go hungry and naked, too? :roll:

As usual a completely irrational response from you.
So let me guess, you will continue to consume gas at your present rate and whine the prices are too high, but not high enough to stop consuming!

You showed them!

 

[zendari]

Originally posted by: Harvey

Originally posted by: zendari
Text

Maybe 1 cent on the dollar is satisfactory to whiny liberals.

Maybe a large and growing number of poor working families and funding for the resources to help them out of their plight with improved medical care, education and support for infrastructure and emergency services is satisfactory to whiney, anal trolls who can't even read the content of the articles in their own links.

Do you have the limited 5th grade brain to understand what a margin is?

 

[Zebo]

Originally posted by: dmcowen674

Originally posted by: eilute

If yes, what do they do that makes them robber barons?

Originally posted by: Harvey

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.

His $51.1 million paycheck in 2005.

That's equivalent to $141,000 a day, nearly $6,000 an hour.

You tell me. Are you making $6,000 hr???

Havey's maths a little off since people don't work 24 hrs and 365 days - it's more like 171,000 a day (300 work days a year and I'm being gererous here) thus $21.500 an hour!!

 

[rickn]

it's pretty sad people have to hawk their furniture, jewelry and various other valuables so they can afford to buy gas. maybe the ex-president of exxon should help and buy all that crap back for them, afterall he can certainly afford it.

 

[dahunan]

Originally posted by: Genx87

Originally posted by: Harvey

Originally posted by: Genx87
Stop buying their gas if it upsets you this much.

Great idea! And when the cost of fuel drives the price of even the most meager food and clothing out of reach, would you suggest we should go hungry and naked, too? :roll:

As usual a completely irrational response from you.
So let me guess, you will continue to consume gas at your present rate and whine the prices are too high, but not high enough to stop consuming!

You showed them!

How is it irrational? It was more rational than your response.

The whole US economy is dependant on oil and gas to move resources...

**BTW, here is another response you will think is irrational.. Why did your president give them a $15,000,000,000 tax incentive AND in the same year REDUCE FUNDING for Higher Education LOANS by THE EXACT SAME AMOUNT?

 

[Engineer]

Originally posted by: rickn
it's pretty sad people have to hawk their furniture, jewelry and various other valuables so they can afford to buy gas. maybe the ex-president of exxon should help and buy all that crap back for them, afterall he can certainly afford it.

[Typical defender of big oil] Tell them to get off their @ss and work two or three jobs if they want to buy the stuff. Lazy society scum sucking leaches! [/Typical defender of big oil]

 

[dahunan]

Originally posted by: Zebo

Originally posted by: dmcowen674

Originally posted by: eilute

If yes, what do they do that makes them robber barons?

Originally posted by: Harvey

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.

His $51.1 million paycheck in 2005.

That's equivalent to $141,000 a day, nearly $6,000 an hour.

You tell me. Are you making $6,000 hr???

Havey's maths a little off since people don't work 24 hrs and 365 days - it's more like 171,000 a day (300 work days a year and I'm being gererous here) thus $21.500 an hour!!

And if oil and gas prices are ONLY tied to consumption then WTF does some fatass CEO do at one of those places.. He certainly isn't responsible for any of the pricing of my gas is he? Maybe he was able to get in on the first ever secret energy meetings with our Vice President RIGHT BEFORE prices went through the roof

 

[Genx87]

Originally posted by: rickn
it's pretty sad people have to hawk their furniture, jewelry and various other valuables so they can afford to buy gas. maybe the ex-president of exxon should help and buy all that crap back for them, afterall he can certainly afford it.

Can you show me people hawking valuables so they can drive? This type of irrational response is why people tune out.

 

[Genx87]

Originally posted by: dahunan

Originally posted by: Genx87

Originally posted by: Harvey

Originally posted by: Genx87
Stop buying their gas if it upsets you this much.

Great idea! And when the cost of fuel drives the price of even the most meager food and clothing out of reach, would you suggest we should go hungry and naked, too? :roll:

As usual a completely irrational response from you.
So let me guess, you will continue to consume gas at your present rate and whine the prices are too high, but not high enough to stop consuming!

You showed them!

How is it irrational? It was more rational than your response.

The whole US economy is dependant on oil and gas to move resources...

**BTW, here is another response you will think is irrational.. Why did your president give them a $15,000,000,000 tax incentive AND in the same year REDUCE FUNDING for Higher Education LOANS by THE EXACT SAME AMOUNT?

It is irrational because he went to an extreme by saying food wont even be affordable.
Me telling to stop buying gas isnt irrational, it is the only rational process to undertake to stop the hike of gas prices. Less demand = more supply = lower prices.

 

[Engineer]

Originally posted by: Genx87

Originally posted by: rickn
it's pretty sad people have to hawk their furniture, jewelry and various other valuables so they can afford to buy gas. maybe the ex-president of exxon should help and buy all that crap back for them, afterall he can certainly afford it.

Can you show me people hawking valuables so they can drive? This type of irrational response is why people tune out.

It was a newstory earlier this morning on one of the networks (CNBC IIRC). Pawn shop activity is skyrocketing and the pawn shops are taking the gold/silver (because it's of very good value right now) and giving very small amounts of money. When asked why the uptick, the response given "most" of the time was needed more money for gas. Take it for what the story was worth.

 

[zendari]

Originally posted by: rickn
it's pretty sad people have to hawk their furniture, jewelry and various other valuables so they can afford to buy gas. maybe the ex-president of exxon should help and buy all that crap back for them, afterall he can certainly afford it.

I wonder how people can afford precious jewels and not gasoline.

 

[rickn]

CNN ran a piece about it, how people are selling stuff so they can afford $4 per gallon gas in california.

 

[Genx87]

Originally posted by: rickn
CNN ran a piece about it, how people are selling stuff so they can afford $4 per gallon gas in california.

sounds like an exageration or overblown.

What moron hawks his furniture so he can drive? Sounds like an addiction if you ask me.

 

[Engineer]

Originally posted by: zendari

Originally posted by: rickn
it's pretty sad people have to hawk their furniture, jewelry and various other valuables so they can afford to buy gas. maybe the ex-president of exxon should help and buy all that crap back for them, afterall he can certainly afford it.

I wonder how people can afford precious jewels and not gasoline.

You're such a troll. People may have bought them years ago, had a better job, inherited them. Who know and who cares. Nobody said that they just went out and bought them but they are indeed pawning them to buy gas.

 

[dahunan]

Originally posted by: Genx87

Originally posted by: dahunan

Originally posted by: Genx87

Originally posted by: Harvey

Originally posted by: Genx87
Stop buying their gas if it upsets you this much.

Great idea! And when the cost of fuel drives the price of even the most meager food and clothing out of reach, would you suggest we should go hungry and naked, too? :roll:

As usual a completely irrational response from you.
So let me guess, you will continue to consume gas at your present rate and whine the prices are too high, but not high enough to stop consuming!

You showed them!

How is it irrational? It was more rational than your response.

The whole US economy is dependant on oil and gas to move resources...

**BTW, here is another response you will think is irrational.. Why did your president give them a $15,000,000,000 tax incentive AND in the same year REDUCE FUNDING for Higher Education LOANS by THE EXACT SAME AMOUNT?

It is irrational because he went to an extreme by saying food wont even be affordable.
Me telling to stop buying gas isnt irrational, it is the only rational process to undertake to stop the hike of gas prices. Less demand = more supply = lower prices.

How long do you think Americans could stop buying the gas?

Hottest years on record are here and this Summer will be hell for statest that need air conditioning
Hospitals that need electricity and air conditioning

^^^ this all comes from OIL ..

I guess we should just return to hunter gatherer societies?

 

[Genx87]

Originally posted by: dahunan

Originally posted by: Genx87

Originally posted by: dahunan

Originally posted by: Genx87

Originally posted by: Harvey

Originally posted by: Genx87
Stop buying their gas if it upsets you this much.

Great idea! And when the cost of fuel drives the price of even the most meager food and clothing out of reach, would you suggest we should go hungry and naked, too? :roll:

As usual a completely irrational response from you.
So let me guess, you will continue to consume gas at your present rate and whine the prices are too high, but not high enough to stop consuming!

You showed them!

How is it irrational? It was more rational than your response.

The whole US economy is dependant on oil and gas to move resources...

**BTW, here is another response you will think is irrational.. Why did your president give them a $15,000,000,000 tax incentive AND in the same year REDUCE FUNDING for Higher Education LOANS by THE EXACT SAME AMOUNT?

It is irrational because he went to an extreme by saying food wont even be affordable.
Me telling to stop buying gas isnt irrational, it is the only rational process to undertake to stop the hike of gas prices. Less demand = more supply = lower prices.

How long do you think Americans could stop buying the gas?

Hottest years on record are here and this Summer will be hell for statest that need air conditioning
Hospitals that need electricity and air conditioning

^^^ this all comes from OIL ..

I guess we should just return to hunter gatherer societies?

When was the last time you filled up your air conditioner with gasoline? I am curious.
And if the gas prices get high enough and people do need to make a choice then they need to make a choice. Gasoline powered air conditioning or save some money.

I know, life without air conditioning is unimagineable. How did we do it for the last 30,000 years?