Monday, June 12, 2006

Cavalcade of Capitalists: The Fat Oil Cats II

In April, I introduced you to Lee "Fat Bastard" Raymond, retiring Exxon CEO, who--thanks to our dependence on petroleum products and his own sense of excess--is receiving the largest retirement package in history ($400 million). Now come to find out from Jim Hightower that taxpayers will be subsidizing Raymond's rather luxurious retirement until he dies, which gives us the opportunity for the second installment of our sporatically running series, "Cavalcade of Capitalists."

How is Raymond shaking this sugar tree? Exxon is on the hook, being under contract, to pay Raymond's country club fees, provide him their corporate jet, fund personal tax advisers, furnish his security guard and a security system for his palatial home, and supply him with a limo and driver so that he can arrive at the country club for tee time. He also will receive an extra million to serve as "consultant" to the corporation. In return, Exxon gets to deduct these "business expenses" from its corporate income tax, which lets it off the hook and puts the rest of us on it. Thanks, Fat Bastard. Thanks a lot.

1 comment:

  1. I share your disgust. To me, the fundamental problem is how we finance political campaigns. The result is rule by the wealthy. Very frankly, I no longer feel we live in an authentic democracy. We've just got the trappings. Having your choice at a voting booth between this or that corporate sponsored multimillionares just isn't the real thing, imo.