In Defense of the Rich

Human Events Online ^ | 31 May 2006 | John Hawkins

[Aussie Dasher]

Nothing wrong with wealth - I just wish I had a bit more of it!!!

[A CA Guy]

The left uses all kind of divisiveness for their agendas and power.

Race card.
Class card.
Victim card.

[leadhead]

“Behind every great fortune there is a crime.”

He met the Kennedys.

[Aussie Dasher]

Met them? He worked for the Kennedys!!!!

[USFRIENDINVICTORIA]

"So, given that Raymond ran a company that grossed $371 billion worldwide in 2005 and made $36 billion in profit that same year, is a $400 million retirement and salary package for 12 years’ worth of work out of line?"

Well, maybe it is out of line. Given the recent rise in oil prices, it would be hard to imagine an oil company not increasing its profits dramatically.

CEOs are employees -- the owners (shareholders) need to get a handle on CEO compensation, which is spiraling out of control. CEO pay has increased many times faster than the pay for ordinary workers -- Boards of Directors seem to be letting the shareholders down. If the pay of all CEOs were cut in half, very few would quit, because they'd still be making more money than they could by doing just about anything else.

[Lurker]

Balzac lived in a time and place where wealth was frequently gotten by acts of conquest or by royal decree. There weren't many people working themselves to wealth in France in 1820.

Besides, he was French.

L

[Aussie Dasher]

SCREW THE FROGS!!!!

[Lurker]

Allow me to interject a 'bullshi**' in response to your comments.

Let's do some math, shall we?

Exxon made 37 Billion (with a B) dollars in one year. Raymond got a package that works out to about 33 million a year. That's less than 1/10th of one percent of one years profits for the company he ran. That's a pittance in percentage terms.

If he had agreed to work for just 1 percent of the annual gross profits he would have made 360 million dollars in a single year.

Mr. Raymond should be kicking himself in the ass for negotiating such a lousy deal for himself.

L

[USFRIENDINVICTORIA]

It does make a big difference that Exxon was profitable; and the pay package does seem small compared to the total profits of Exxon.

However, your math isn't quite right. The money in question wasn't his total pay -- just the severance package. And you're comparing it to Exxon's best year (up more than 25% from last year) rather than the average during Raymond's reign. Raymond also presided over several years of declining Exxon stock prices.

This is a shareholders' rights issue. Boards of Directors aren't doing their jobs if they're paying anyone more than they have to.

[napscoordinator]

"So, given that Raymond ran a company that grossed $371 billion worldwide in 2005 and made $36 billion in profit that same year, is a $400 million retirement and salary package for 12 years’ worth of work out of line?"



Why don't we just give them 1 million dollars per year. That seems to be more than enough. lol. Actually, it is too difficult to argue this. I mean to me 400 million is a ton of money, but for someone who has lived with this their entire life, I guess it is a normal thing.

[Lurker]

So they made 27 billion last year...oh woe to the Exxon stockholder.

This is a shareholders' rights issue

Shareholders get to vote on the B of D, including the Chairman. If they don't like his performance he'll be shown the door soon enough.

This whole 'overpaid CEO' thing is a load of hooey IMO. When I ran a company, I kept 100% of the profits. I guess that makes me a bad guy as well.

L

[USFRIENDINVICTORIA]

George Bush makes $400,000/yr plus expenses for presiding over an organization with a budget of $2.5 trillion (with a "T") and a country with a $12.5 trillion economy growing at over 5%/year (that's about $600 billion growth).

Is Bush's job any less complicated or important than any corporate CEO's?

[USFRIENDINVICTORIA]

"When I ran a company, I kept 100% of the profits. I guess that makes me a bad guy as well."

I presume you were the owner -- so, no.

[Lurker]

I don't mean to seem brusque here, but how about it's no ones business but the stockholders of the company in question?

Unless one is a stockholder of Exxon, it's really none of anyones business how much the company pays their Chief Exec. This is another 'look how unfair capitalism is' whine from the usual leftist scum. Don't fall for it.

If the government can tell Exxon how much to pay their Board of Directors, it's just one small step to them telling you how much any business can pay anyone.

That's the real agenda here.

L

[Lurker]

There's a big difference between Exxon and the US Government.

Exxon makes a profit.

L

[ajolympian2004]

Always substitute the word "successful" for "rich" any time you hear a liberal using the word "rich". The liberals, democRats and leftists use it to promote their divide and conquer strategy when trying to make potential voters jealous of people in this country who have earned their wealth through hard work, innovation, etc.

Think about it... all democRats have to do to win elections is make 50.1% of the people jealous of the other 49.9%. By tagging successful people with the word "rich" they come close to achieving their goal each election cycle. Thank goodness that enough of the people in this country who vote understand that many of those "rich" people democRats talk about are the "successful" small business owners who make this country what it is today.

[Darteaus94025]

"When I ran a company, I kept 100% of the profits. I guess that makes me a bad guy as well."

I presume you were the owner -- so, no.

He could be Castro

[Darteaus94025]

"George Bush makes $400,000/yr plus expenses for presiding over an organization with a budget of $2.5 trillion (with a "T") and a country with a $12.5 trillion economy growing at over 5%/year (that's about $600 billion growth)."

Is Bush's job any less complicated or important than any corporate CEO's?

Dude! You've NAILED it!! Bush should get a couple $B! Just like BJ & the PIAPS.

[USFRIENDINVICTORIA]

Would it make any difference if the President were paid $400 million/yr.? It seems to me that the competition for the office of President couldn't possibly get any more competitive.