Exxon Chairman Gets $400 Million Retirement Package Amid Soaring Gas Prices

These bastards taking everything they can because they know time is short...I wonder whats Bushit & Dickhead cheneys retirement pay be like

April 14, 2006â?? 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. http://www.libertyforum.org/showflat...b=5&o=21&part=

My bad i forgot to say its the arabs fault for making the price of gas so high

Don't you think consumers are also responsible? If we would go back to walking more..downsize on what we do drive..maybe we could learn (Americans) to depend alot less on oil. The "powers that be" supply on demand right? If we would do simple things and a little investment maybe then the fat cats wouldn't be getting 6,000 an hour. I have always thought it ironic that the people that have the oil..and money..ride camels for the most part...that kind of money is sickening though..no wonder therre is still people going hungry in America..beyond shameful..I don't even know a good word for that situation yet..maybe after coffee.

I hear what u saying shelbay, I feel its our faults as well, we let these people do what they want without putting up a fight, but we can still exposed em...Hell there is no reason for the gas to be nearly $3 now when you have a failed oil man as president, a former Halliburton chief executive officer as VP, and an oil tanker named Condoleezza Rice

haha..Condoleeza an oil tanker..haha..sorry..but I just would like to know what the look on her face would be this time of day if she read that! I just know gas is over 3.00 here (Alabama) already..I will be staying home more this year..thats a start for me in protesting the prices. I am going to California next month,but after that..I will be walking and riding my bike much more...anyway..we are lucky..no children at home..I feel for the parents that have to worry with transportation costs these days..doctors,schools etc. And that is something else! Why with all the Dr. shortages and high health costs..aren't there more Dr's for the middle and lower class sections of society?

I am suprised we are allowing these oil companies to claim such record profits while sticking it our consumers. I paid 2. 97 a gallon for regular today. Im glad the cash goes to filling some old fucks pockets. Im sure he will put his money to good use, probably give it to help fight a war on drugs that works so greatly

While they have record profits, oil companies also pay record taxes. Ahh capitalism. Just imagine how horrible it would be if we were a socialist country.

haha..thanks Mont for the "other side"..i was getting sad reading some of these posts and yours just hit me the right way..I wonder what the taxes go back into though?

The same things our taxes go to, roads, welfare, schools, defense, etc

Oil company own by regular joes huh, they have no pull in CONgress or any other part of the government, and they tend to give generously to there favorite republicans, especially when investigation comes around for record profits making, which is the least of there crimes......We Y'all common folks here just living the best we can..:stoned:

Oh yes...I somehow forgot about supporting thousand of other peoples kids I didn't even choose to have....schools,welfare etc...It would be great if people actually had at least a job when procreating..then maybe those taxes thats being engulfed by welfare programs and HUD housing. But if the taxes are going back into the schools,roads,welfare etc...I sure don't see it. Most everone I am "close" with that has children do home school or Christian Schools which they pay the fee..but have more control over what their children are being taught than public schools. At least in Georgia they have put many millions from the lottery into their school system and it shows..has for years..Alabama is so poor and backward sometimes.