The Man Who Sold The Planet For $400 Million - Independent

[hatrack]

Investors and environmental campaigners condemned a $400m (£214m) retirement package for the boss of Exxon Mobil, the man known as the "Darth Vader of global warming" for his denial that carbon emissions cause climate change. Protesters descended on the annual shareholder meeting of the world's largest oil company's in Dallas, Texas, amid fury over the lavish lifestyle that it plans to fund for Lee Raymond, who retired after 12 years as chairman and chief executive.

Exxon has been condemned by green groups for fuelling the world's addiction to oil by opposing the Kyoto treaty on reducing emissions and refusing to invest a penny in alternative energy sources. The total amount of carbon released into the atmosphere by the production and use of Exxon's oil and gas output is calculated at 500 million tons a year, or six billion tons during Mr Raymond's tenure.

Since becoming chief executive in 1993, Mr Raymond had become infamous for his dismissive response to environmental lobbyists at previous annual meetings. He has funnelled $19m of Exxon's money to groups that question the science of global warming. His package of pension and perks includes a bodyguard, a car and driver, and use of a company jet, plus a $1m-a-year deal to stay on as a consultant.

Exxon says the value of the package is at least $258m, which comes on top of a retirement bonus of $98.4m. This largesse makes his salary and bonus for 2005, $49m, look modest by comparison, but it was still one of the biggest pay deals for an executive last year and it has stoked claims that big oil companies are profiteering from the soaring price of crude. Exxon made a profit of $36.1bn in 2005, the biggest ever by any company in the world. Up to 100 protesters gathered outside the Morton H Meyerson Symphony Centre in downtown Dallas to bang drums and chant slogans, including "Pumping global warming lies" and "No planet, no dividends".

EDIT

http://news.independent.co.uk/environment/article622745.ece

[RoseMead]

1. I guess you can take comfort

in the belief that no matter how hot the planet gets, Hell will be hotter.

Unless, like me, you don't believe in Hell. I don't know what comfort is available in that case. :)

[Selatius]

2. Don't hate the player; hate the game

Nothing he has done from corporate lobbying to setting up groups attacking environmentalists is illegal. In fact, it's all legal as far as the evidence presented here is concerned, and nothing with respect to his compensation is illegal. Corporations have first amendment rights as the SCOTUS has ruled, and if the corporation wants to buy ads and airtime for the campaigns of politicians who are willing to change environmental policy to help their financier, they can because it's a first amendment right.

He got rich by owning and operating the oil refineries and distribution networks. That's the glory of private ownership of the means of production. In capitalism, you can own things...including politicians.

[Vinnie From Indy]

3. Exactly!

Americans had better realize that our government has been "acquired" by corporate interests. Not only have they absorbed the US Govt. as a wholly owned subsidiary, they got it cheap. Compare the tens of millions they spend to finance our political system to the TRILLIONS of dollars of profits they realize from favorable legislation and protection from being prosecuted for illegal activities.