Corporate Pig

Quote from Pabst:

The Board often/usually gives voice to institutional holders. Ever hear of proxy's?
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One thing I can guarantee is that the "real" shareholders would not vote to pay this guy $400M. Institutions likely hold the majority of this stock ... but they are actually managing the money for Joe 6-Pack. All J6P knows is that he has some money in his 401K or pension plan. He probably doesn't even know the name of the institution that manages it, and he definitely doesn't know if any of his funds own Exxon stock. If J6P actually knew that his shares were being voted to pay some guy close to half a billion dollars to retire ... I'm sure most would vote NO. Assuming the proxy even provided a vote on the CEO pension or compensation package (extremely unlikely); it would be worded in such a way that even the sharpest securities lawyer would have a difficult time deciphering what it really meant.

I made a comment a long time ago that I totally agree that a “Good” CEO is worth his weight in gold. This guy looks gravitationally challenged, so I would estimate he weighs upwards of 250 lbs. Convert his weight to ounces, multiply by the current price of gold and that seems like fair and equitable compensation to me.

Regards,

Slave2Market
 
No amount of money will happily compensate that creature for his hideous apperance. I bet he cannot have mirrors in his house, even bulletproof glass would be shattered by that reflections.

It's the oil conglomerates, bunch of Texas good ole boys. Yeah he does not deserve half a bil, I doubt he even deserves $1mil. But thats how the good ole boys run the oil business, it's all one big racket. Not much thinking involved behind it, it's oil, America's addiction.
As someone who now has to do business with a Texan exec/manager at a major international energy company, let's just say it's VERY obvious that they are not being hired for their brains or savvy.

P.S. My eyes hurt from looking at that picture.
 
Price caps on CEO compensation - no way, bad idea - road to hell paved with good intentions. Keep in mind the XOM is the biggest corporation in the world so of course this guy is going to get the biggest comp. package out there. To put it in perspective: divide Raymond's total comp while at XOM by the numbers of years he worked there and the 400 million headline number maybe not seem so large. Besides the shareholders don't give a shit. 53% institutional ownership. Even if a couple of the largest owners critizied the deal and vowed to vote out the board - it wouldn't have happened. Its like if the shareholders don't care enough to do anything, why should management and you get cronyism. Same with government, if taxpayers don't care enough to do anything then politicians are gonna empty the treasury for themselves and their cronys.
 
We need a new political party, Pabst:

The Social Darwinists. Sociopaths of the world unite!

bt

Quote from Pabst:

Ok, you're a socialist. I have max respect for both your intellect and ideas AAA, but that's the most inane idea I've ever heard from you.

So if I'm a shareholder in a conglomerate that syndicates television shows I should freak out if my company pays Larry David a quarter billion? Even if we'd make money off the deal?

I don't know where you get the idea that CEO's in well established publicly listed companies "select the board" but it's an erroneous notion.
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Quote from Pabst:

The Board often/usually gives voice to institutional holders. Ever hear of proxy's?
More...
That may well be, Pabst, but don't pretend you don't know the reality of it.
 
Relative deprivation will help you understand the tension between a free-market philosophy, and the outrage many feel.

Anyway, putting a cap on CEO compensation would not break the whole system, though I'm not recommending one. It would be merely a compromise to achieve an end. Like illegal wiretaps, but only of suspected terrorists.
 
Any of you guys watching QM oil -- it's squeezing on the report. :D This is absolutely hilarious.


President George W. Bush said on Tuesday he was "concerned" about the impact high gasoline prices were having on families and businesses.

Exxon earned the wrath of many lawmakers when it reported more than $36 billion in profits last year as energy prices paid by consumers soared.

Dorgan said he will push to win passage of his legislation that would impose a windfall profits tax on big oil companies and rebate that money to consumers, unless the companies used their earnings to explore for and produce more energy.

"I think a sensible public policy would insist that the big oil companies either invest those windfall profits in things that will increase our own domestic energy supplies, or we should return some of that money to consumers," Dorgan said.

"Using them to drop $400 million dollars in the pocket of a big oil executive is simply unacceptable," he added.

Exxon Mobil has defended Raymond's retirement package, saying it was pegged to the rise in the company's profit and market capitalization that occurred during his tenure.
 
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