Executives Cash In on War and Oil Bonanza

[CollegeDUer]

Executives Cash In on War and Oil Bonanza
by Emad Mekay

WASHINGTON - Top oil and defence industry executives in the United States are raking in record personal profits on the backs of the U.S. wars following the terror attacks of Sep. 11, 2001 and sky-high oil prices, two think-tanks said Wednesday.

"CEOs (chief executive officers) in the defense and oil industries have been able to translate war and rising oil prices into personal jackpots," says the new report "Executive Excess 2006," a 60-page study by the Institute for Policy Studies in Washington and the Boston-based United for a Fair Economy.

The report's authors say U.S. taxpayers are funding much of this bonanza and faulted U.S. political and congressional leaders for not exercising better and more thorough oversight.

"Americans across the political spectrum should be outraged by the sight of executives cashing in on war windfalls," says report co-author Sarah Anderson. "Unfortunately, partisan politics has stopped Congress from effectively overseeing this war contracting free-for-all."

http://www.ipsnews.net/news.asp?idnews=34520

Not at all surprised. After all, this was the very point of much of this happening -- the money.

[rodeodance]

1. this should be circulated very WIDELY --

[CollegeDUer]

2. you mean the "liberal media" isn't reporting it?

GASP :p

[rodeodance]

3. much blame goes to congress for not doing oversight RESPONSIBILITIES

[Pharaoh]

4. surely the corporate media

will pounce on this story! :rofl:

[indepat]

5. Such small prices to pay for keeping us safe and not having to fight

the terraists over here.

[UpInArms]

6. related: Oil and Defense CEOs Pocket the Spoils

http://www.faireconomy.org/EE06

DOWNLOAD THE REPORT HERE: Executive Excess 2006 (PDF, 1 Mb)

CEOs in the defense and oil industries have been able to translate war and rising oil prices into personal jackpots, according to a new report from the Institute for Policy Studies and United for a Fair Economy, Executive Excess 2006.

OIL BARONS: With Americans now paying over $3 per gallon, petroleum profiteers are raking in nearly three times the pay of CEOs in comparably sized businesses. In 2005, the top 15 U.S. oil CEOs got a 50% raise since 2004. They now average $32.7 million, compared with $11.6 million for all CEOs of large U.S. firms.

Executive pay at U.S.-based oil companies also far outpaced pay at oil companies based outside the United States. BP and Royal Dutch Shell paid their CEOs only one-eighth what their U.S. counterparts collected — just $5.6 and $4.1 million in 2005, respectively — even though both companies operate in the same global marketplace as their U.S.-based competitors.

CEO William Greehey of Valero Energy took home the oil industry’s biggest executive pay rewards in 2005, pocketing $95.2 million. The average construction worker at an energy company would have to work 4,279 years to equal what Greehey collected last year.

DEFENSE CONTRACTORS: Since the “War on Terror” began, CEOs at the top 34 military contractors have enjoyed average paychecks that are double the compensation they received in the four years leading up to 9/11.

...more...

[Jack Rabbit]

7. That was the only point of invading Iraq

The knew that they didn't really know whether there were WMDs. They knew they were no ties to al Qaida.

The invasion of Iraq was the most grotesque campaign finance scandal in history.