Rising oil prices and profits translated into pay packages for oil companies CEOs that are nearly three times the size of similarly sized businesses”.
Bloomberg News
Rising oil prices and profits translated into pay packages for oil companies CEOs that are nearly three times the size of similarly sized businesses”.
Bloomberg News
Why do they want so much? How can they spend it? What is the point?
But, what is the point of pointing it out? Their shareholders are apparently satisfied to make such compensation. Besides, it’s gross oversimplification to say it was oil prices and profits that “translated” to such pay packages. How about saying it was their hard work, competence and expertise in achieving record-setting business success that translated into record-setting pay packages? Should their compensation be based on something else? If so, what? Is there an objection to the price of gasoline? Why? Is it to be the rule that America is the land of opportunity but only if you don’t make too much from the opportunities? Who’s going to decide how much is too much? I don’t know, just watch out not to cross the line, wherever it is, between successful and too successful.
Since I am privileged to know job of the writer of the above post, I feel constrained by friendship in any comment I make. My remarks are as far from being personal as they can be. However, since we are grown-ups I’m sure I can put a point of view without causing offense!
Well, first of all, the power has shifted from the “owners” (shareholders) to the management of most, if not all, large public companies. I am sure that this is overlooked by most busy shareholders, who are happy now. But what will happen if the profits drop and there is a major recession, and they find themselves powerless, is another matter. Receiving as we do annual reports from large companies, any comments we as shareholders have are advisory only, and can be totally ignored by the CEOs and the boards. I cannot comment on every individual companies, but this is general as far as I can see, although there are always exceptions I am unaware of. If you cannot help in setting the remuneration of your principal employees (the management) how can you say that you are an owner (however minor), and how can you possibly talk about “democracy” when it comes to American capitalism. Beats me.
There is another matter, however, and here those who worry about global warming and the future of this planet differ markedly from those who believe that God gave us the resources and that we should use them willy-nilly and let future generations look after themselves. It is an honest difference. Big Oil has spent a fortune on research “proving” that either global warming doesn’t exist and that, even if it did the consumption of oil has nothing to do with it. Almost every responsible scientist on the planet agrees that oil consumption is indeed having an affect on the climate, but financial power and lobbying (by Detroit as well) has had the effect of making the Administration sit on its hands and do nothing (until very recently when some reluctant noises have been made). Irresponsible?
Global warming presents a profit opportunity for American business. It is not a threat alone. Like the machinery wreckers in England in the 19th Century, these big modern companies can only see the negative. they should be putting their zillions into new technologies, not hugging the old ones.
And yet as you say, John, the “shareholders are apparently satisfied to make such compensation” to the chief executives”. You are probably quite right. Looking ahead is not a popular pastime, and as for history…….!
What I am trying to say, as a minor shareholder in Exxon Mobil, is that the CEO should be held to account for what I consider to be his harmful policies. Deciding his salary would be a good start! i am an employer, and my judgment should count for something. But alas, Exxon Mobil is not a democracy. Hands up anyone who cares.
The span of my lifetime is now long enough for me to look back with interest and sometimes amazement at the evolution, change and/or development of my attitudes. There’ve been stretches as a environmentalist, pacifist, egalitarian, naturalist, opposed to capital punishment, and other matters that come up as issues in society. Presently, I find myself rather unable to begrudge anyone making lots of money. Perhaps due to the stress of imminent retirement age with nothing to retire on. Much as I’d like to have a few million in the bank, I certainly can’t begrudge anyone who does.
Ah, yes, oil and global warming. Unfortunately, I haven’t the time to fully research that, nor fully research nearly any other burning issues of the day. I have to rely on summaries and the reporting done by others. I read a respectable article the other day that noted Mars is also experiencing global warming of a more or less similar rate to Earth. There are just so darned few people any more who don’t have some hidden agenda behind what they do. I remember when all the experts said we’d be overcrowded by now on account of over-population. People ran around getting vasectomies as their badge of social consciousness. Today they’re driving electric cars. As far as I know, all those vasectomies didn’t really have much to do with the failure of overcrowding to occur as predicted.
I watched a spokesperson for one of the major oil companies recently acknowledge in a public forum that combustion of hydrocarbons is a factor in global warming. I guess that’s something. He stopped short of saying how big of a factor was being acknowledged. Heh, I remember when they lowered the speed limit to 55 because we were going to run out of oil. This spokesperson I heard recently said there’s so much oil down there it’s not possible to ever run out of it. Overall, it sounded to me like we’re going to be driving cars with internal combustion engines for quite a while. So, anybody thinking of buying beach front property might be well advised to build far enough back to account for the glaciers melting and raising the sea level!
I forgot to mention you needn’t be concerned about this visitor taking any remarks personally or as an affront to friendship. Blogs like this are a wonderful venue for debate in a spirit of repartee rather than a spirit of battle. Additionally, I’m a veteran of usenet newsgroups and this is pretty tame compared to the flame wars that are commonplace there!