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http://abcnews.go.com/GMA/story?id=1841989...a=true&gma=true

In summary

He is already a multi-multi millionare

In 2004 they gave him a small 3.4 million bonus

He made $51.1 Million last year

His retirement package includes nearly $400 million, including pension, stock options and other perks, such as a $1 million consulting deal, two years of home security, personal security, a car and driver, and use of a corporate jet for professional purposes.

He has millions of dollars and they still give him a car, driver and use of the company jet. This guy can afford 5 of all of that on is own.

Im just jelouse, moslty, but damn I hate rich people. :p
 

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You'll love this site then:

http://www.footnoted.org

An entire site full of corporate excesses usually regarding their former executives hidden deep within SEC filings.

One little thing that most people don't know -- most companies pay their executives on top of their salary an amount to cover their taxes on that salary. So, if an executive is making $1M/year, he's actually taking home $1M/ year. The company will pay him $1.4M to offset what he'll pay in taxes.

As far as the CEO of Exxon goes, I imagine the vast majority of his "$400 Million" is in the pension and the options. Considering what he did to the stock price of Exxon, it's not surprising he'll walk away with that kind of money.
 

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Its the way this country works. The rich get even richer...the middle class struggle...and the bottom stay at home, fuck, and collect welfare checks. You can even use your earnings from your cash only business to fly your senior aged foreign family members in to the country to live for 2 years so they can collect Medicare. Basically, if your honest and nice, you lose.

What a country!
 

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You'll love this site then:

http://www.footnoted.org

An entire site full of corporate excesses usually regarding their former executives hidden deep within SEC filings.

One little thing that most people don't know -- most companies pay their executives on top of their salary an amount to cover their taxes on that salary. So, if an executive is making $1M/year, he's actually taking home $1M/ year. The company will pay him $1.4M to offset what he'll pay in taxes.

As far as the CEO of Exxon goes, I imagine the vast majority of his "$400 Million" is in the pension and the options. Considering what he did to the stock price of Exxon, it's not surprising he'll walk away with that kind of money.
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Actually, the $400M is in cash and other valuables (Additional stock), his pension, other benefits (like insurance, cars, an office budget, etc) and NEW stock options. It's on top of all the options he has already been handed over the years. And on top of that he gets a $1M contract as a 'consultant' for at least a year. (That means he gets paid to play golf with 'top consultants' from other companies.)

The reason why the top execs get this kind of money? Because the Boards of Directors decide it's fair compensation. And who makes up the Boards of Directors? People that are all CEO's and Presidents of OTHER companies. And who sits on the Boards of Directors of those other companies? The same guys they are currently rewarding. Even if it's not the same guy, it's someone just like him from still another company. These guys all grin, award each other with huge bonuses, retirement packages and even huge termination compensation when they fuck up so they will be treated the same when when it's their turn.

And who ends up paying for all this excess?

One guess...

:jackoff:
 

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The reason why the top execs get this kind of money? Because the Boards of Directors decide it's fair compensation. And who makes up the Boards of Directors? People that are all CEO's and Presidents of OTHER companies. And who sits on the Boards of Directors of those other companies? The same guys they are currently rewarding. Even if it's not the same guy, it's someone just like him from still another company. These guys all grin, award each other with huge bonuses, retirement packages and even huge termination compensation when they fuck up so they will be treated the same when when it's their turn.[/b]
Exactly.
 

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The problem I have is that the treatment of many of these gains allows them to also duck taxation on these enormous gains. The dollar amounts themselves do not bother me as much as the fact they are not paying their fair share of taxes on them... leaving a higher burden for everyone else.
 

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We love money.
We love people with money, even when they are total butt munchers.

People are people and money is money but for some reason we can't make that distinction so we accept these things because we say "money = good" in our minds.
 

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You guys are also forgetting the fact that in the 12 years that he ran the company, the company stock price went up 500%. Last year, Exxon's reported total profit was 36 billion. I think it's fair to say that he earned that money.
 

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On top of that, its been recently reported that middle and lower class americans pay up to 17% taxes and the rich pay up to 11%. Just another way for our govt to keep us down. Pretty soon there will be no middle class and hopefully people will realize that they are being treated like shit and revolt! We need to make the change happen and Americans are very complacent these days.
 

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You guys are also forgetting the fact that in the 12 years that he ran the company, the company stock price went up 500%. Last year, Exxon's reported total profit was 36 billion. I think it's fair to say that he earned that money.
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And exactly how did he 'earn' that money?
Do you really believe he had anything to do with that? Or was he in the right place at the right time? And if it was work and the right decision, was it really him, or was it EVERYONE IN THE COMPANY that was responsible? Will they get their fair share of the windfall?

Jeez, get real.
 

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top 1% pay like what of our taxes?

they pay for like 10% of people to live through welfare. and what do those welfare morons do? drugs and booze and sex. great.


there are a few who work hard and are proud of themselves and earn their own living, and those people should be congratulated. the others? screw them. this is not a society of givenness.
 

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And exactly how did he 'earn' that money?
Do you really believe he had anything to do with that? Or was he in the right place at the right time? Was it really him, or was it EVERYONE IN THE COMPANY that was responsible? Will they get their fair share?

Jeez, get real.
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Agreed. A rising tide raises all ships.

I think heads of organizations frequently receive too much of the credit or blame for a company's actions. This case is certainly one of them.
 

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On top of that, its been recently reported that middle and lower class americans pay up to 17% taxes and the rich pay up to 11%. Just another way for our govt to keep us down. Pretty soon there will be no middle class and hopefully people will realize that they are being treated like shit and revolt! We need to make the change happen and Americans are very complacent these days.
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WTF? Please elaborate. First, please define what you mean by "rich". Secondly, Do you mean that rich people pay 11% of their total income in taxes or do you mean that rich people only pay 11% of total taxes? Either way you're wrong.
 

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If you look at the overall statistics, the top 1%, 10%, and 20% are paying a share of taxes equal to or greater than their share of income. That is not the issue in itself. The issue is that those tax dollars are far from evenly distributed amongst the dollars of income, with far too many forms of income receiving preferential treatment.

Also, the way "income" can be manipulated is highly problematic. There are far too many ways to expense things as business expenses which either are not business expenses or what is bought is far in excess of what is needed for business. A work truck with a nicely painted or appliqued company logo is a business expense. A Hummer with a $10,000 custom paint job and ostrich upholstery is not.
 

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And exactly how did he 'earn' that money?
Do you really believe he had anything to do with that? Or was he in the right place at the right time? And if it was work and the right decision, was it really him, or was it EVERYONE IN THE COMPANY that was responsible? Will they get their fair share of the windfall?

Jeez, get real.
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Oh yeah, rich people never earn the money that they make. They are all evil. This kind of mentality will ensure that you will never become "rich". Yes, everyone in the company is responsible, and everyone should be paid for the amount of responsibility that they carry (and if you're not, don't bitch, get a better job). I think it's safe to say that the president of a company carries the most responsibillity in the eyes of the shareholders, who are the true owners of the company, and therefore should receive the most money.
 

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Oh yeah, rich people never earn the money that they make. They are all evil. This kind of mentality will ensure that you will never become "rich". Yes, everyone in the company is responsible, and everyone should be paid for the amount of responsibility that they carry (and if you're not, don't bitch, get a better job). I think it's safe to say that the president of a company carries the most responsibillity in the eyes of the shareholders, who are the true owners of the company, and therefore should receive the most money.
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Did he earn some compensation? I'm sure he did.

But my questions are simple: How exactly did he "earn" a $400M retirement package? And will the rest of the employees receive "like" compensation?

And I would be willing to bet that if you asked 'most shareholders' what they thought of the compensation they would all say it was too much.

But then, the majority of the shareholders don't own the majority of the shares, do they? The controlling shares of ANY large company are in relatively few hands and they are all at the same level (or higher) as the CEO, so of course they would think it was perfectly deserved.

Like I said - get real.
 

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You guys are being immature. Running a major corporation is no joke, and requires intelligent, sharp, and dedicated individuals to work often well past the usual 9-5 work week (I know attorneys and CEOs that have had to in past work 80 hour weeks for weeks on end). In addition, I assure you that individual has at least a BA, MBA, and perhaps even a law degree, none of which are cheap these days.

In addition, the highest tax brackets in the US pay away something over 40% of their income in taxes. In reality, the top 1% pay something near 30% of all taxes in terms of pure dollars.

Seriously, capitalism may not be "fair" but it is as least "free." If you guys have such a problem with that I invite you to go visit places like Cuba where the entire country lives in a state of poverty, where a brain surgeon makes the same pay as the janitor outside his office, and it's illegal to open a business (even a lemonade stand).

I'm not saying that this particular CEO is not making an incredible amount of money annually. However, I can't stand this petty jealousy and desire for "Robin Hood" economics. You go explain to the young attorney who took out hundreds of thousands of dollars in debt and loans to put himself through college and law school why he should, now that he makes $90,000 a year after probably close to $250,000 in schooling, pay far more in taxes to support welfare for others.
 

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You guys are being immature. Running a major corporation is no joke, and requires intelligent, sharp, and dedicated individuals to work often well past the usual 9-5 work week (I know attorneys and CEOs that have had to in past work 80 hour weeks for weeks on end). In addition, I assure you that individual has at least a BA, MBA, and perhaps even a law degree, none of which are cheap these days.
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I AGREE WITH YOU!
 

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Also, the way "income" can be manipulated is highly problematic.
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Indeed, this is where TapDatMac is getting that 11% number. The 11% isn't the effective tax rate, JimmyGT, its an average figure of what the top 1% actually pay as a portion of their actual income. Technicalities rule the tax system. Gaming it has become an artform.

I have to say though, I think the anger is a tad misplaced in this case. We have allowed a commodity to suffer regulation (18.4 cent tax rate, not percent.) not actually tied to prices. And we elect politicians who have no problem with this. This isn't even a left/right thing. The American public is responsible for this.
 
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