“For Exxon, this is chicken feed, it’s barely a rounding error on their annual budget,” said Tom “Smitty” Smith, state director of consumer environmental group Public Citizen.”
I always love a “deep pockets” argument. I’m fascinated by how something so flawed can be so persistently persuasive. In addition to being logical rubbish, it completely ignores the simple fact that officers/directors of a US for-profit corporation have a legal obligation to maximize shareholder value, and can be sued if they fail to fulfill that obligation.
Mr. Tom Smitty Smith probably makes more than $100,000 a year. What’s a couple grand to him? It’s chicken feed to him. He should buy me one of those big flat screen TVs.
Given Exxon gave their former CEO Lee Raymond a nearly $400 million retirement package, 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, I’d say the $45mil isn’t chicken feed, but more like chicken s#!t
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“For Exxon, this is chicken feed, it’s barely a rounding error on their annual budget,” said Tom “Smitty” Smith, state director of consumer environmental group Public Citizen.”
I always love a “deep pockets” argument. I’m fascinated by how something so flawed can be so persistently persuasive. In addition to being logical rubbish, it completely ignores the simple fact that officers/directors of a US for-profit corporation have a legal obligation to maximize shareholder value, and can be sued if they fail to fulfill that obligation.
Good luck Exxon getting anything out of Obama on this. He will probably just shut the refinery down since they are an environmental hazard.
Mr. Tom Smitty Smith probably makes more than $100,000 a year. What’s a couple grand to him? It’s chicken feed to him. He should buy me one of those big flat screen TVs.
Given Exxon gave their former CEO Lee Raymond a nearly $400 million retirement package, 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, I’d say the $45mil isn’t chicken feed, but more like chicken s#!t
If the owners of the company approved it, which they did, it is no one elses’ business.
Exxon’s gross production is more than that of most countries.
I say we pay the 45 MM and then just remove the billions in tax subsidies. That seems fair to me.
All tax subsidies for business and individuals and the practice of trying to run the economy through the tax code should be abolished.