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Retired Exxon Mobil CEO cashes in

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Wow! The details are now coming out about Lee R. Raymond's compensation and retirement and let's just say, it's good to be a CEO in Big Oil. I have no problem with people making money and believe that is what helps make the system move but how much is enough and what is fair? Whether we are talking about professional athletes complaining that they need an extra $X million or CEOs who bathe themselves in riches while hacking at employee head counts and benefits, I just can't stomach it.

In the case of Raymond, he oversaw the Exxon purchase of Mobil which resulted in thousands of lost jobs and great economy of scale which big business always claims will help the who out there has felt the benefit of that merger? Yes, those Exxon prices at the pump are so much cheaper than the rest. How did that merger in any way help consumers or employees? With a rising market for oil prices, how could anyone not delivery massive profits? A half-trained monkey could deliver billions in this market.

To lay blame exclusively on Raymond though is not fair because if someone is offering and that is what they can negotiate, why not? The problem is the continuing idolization by the media of these so-called business leaders and the boards who continue to shovel over millions and exacerbating the feeding frenzy. The SEC may force companies to become more transparent with compensation packages and that may have an impact, but until people become noticeably angry, I suspect the trend will continue.

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