Exxon Chairman Gets $400 Million Retirement Package Amid Soaring Gas PricesExxon Made Record Profits in 2005
Lee Raymond's retirement package -- worth nearly $400 million -- is one of the largest in history. (ABC News)

April 14, 2006— Soaring gas prices are squeezing most Americans at the pump, but at least one man isn't complaining.

Last year, Exxon made the biggest profit of any company ever, $36 billion, and its retiring chairman appears to be reaping the benefits.

Exxon is giving Lee Raymond one of the most generous retirement packages in history, 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.

Last November, when he was still chairman of Exxon, Raymond told Congress that gas prices were high because of global supply and demand.

"We're all in this together, everywhere in the world," he testified.

Raymond, however, was confronted with caustic complaints about his compensation.

"In 2004, Mr. Raymond, your bonus was over $3.6 million," Sen. Barbara Boxer said.

That was before new corporate documents filed with the Securities and Exchange Commission that revealed Raymond's retirement deal and his $51.1 million paycheck in 2005. That's equivalent to $141,000 a day, nearly $6,000 an hour. It's almost more than five times what the CEO of Chevron made.

"I think it will spark a lot of outrage," said Sarah Anderson, a fellow in the global economy program at the Institute for Policy Studies, an independent think tank. "Clearly much of his high-level pay is due to the high price of gas."

Exxon defends Raymond's compensation, pointing out that during the 12 years he ran the company, Exxon became the largest oil company in the world and that the stock price went up 500 percent.

A company spokesman said the compensation package reflected "a very long and distinguished career."

Some Exxon shareholders are now trying to pass resolutions criticizing the company's executive pay policies. The company is urging other shareholders to vote against those resolutions.

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I say congrats to Lee Raymond. The perfect example of persuing the American dream. And if whiney libs have a problem here take note that the Fed and State governments make more money off Exxon products then Exxon does.

ya, if American Dream= money w/ blood on it.
But, ya congrats Lee, Good to hear you're making tons off of an event in which lives are taken.
HMMMM.....I wonder if Mr. Raymond is Democratic....naaaa, Not having a war in the oil-rich part of the world would really cut back on his earnings.

Money with blood on it? Seems to be OK for the people on the federal welfare program. Where do you think that money comes from? Seems to me that if the money was that dirty, the people would be prosecuted, not taxed.

Regardless, please explain what blood you are referring to.

Use your imagination, or did you miss that day in vocational school?

Please tell us, sh!thead, how the oil companies are profiting from the war on terror. And while you're at it tell us how you feel about the fed and state governments making way more money then the oil companies on every gallon of gas sold? Fn idiot.

Is it really necessary for you to be so obscenely abrasive? For much less, I was banned, how come you aren't being banned?
Oil companies are clearly profiting from every activity on earth, including your smelly bowel movements.
As far as taxes on gas, US taxes are way lower than Europes so what are you complaining about?
You really think the USA war machine can run without sucking out your taxes?

Gas prices are up in the lions share because oil prices are up. Oil companies don't set the price of oil, the market sets the price. That market is made up in largest part by speculators. Oil prices are up not because there is a shortage of oil (because there is no shortage) but on the speculation that there may be a shortage of oil. That type of specualtion is fueled largely, neah, giganticly by a dooms day media.

Here is a man, Lee Ramonds, that worked over 30 years for a company where he entered at or near an entry level position, worked his way up the ranks to the position of chairman and with a profit of just about 9 cents per gallon (compared with about 60 cents per gallon to the government) made more money than any other company in history. Yeah, that is what is called a job well done.

400 million dollars is just over 1% of Exxon profit just last year. That is not an unreasonable 'thank you' bonus percentage.

Boh Bpen Yang

In the calculus of conservative economics or laissez faire economics or Republican or oil-field economics, the retiring chairman got a generous but reasonable retirement package. I would add, as a federal retiree, that his package is far more than anybody at the IRS retires with, but that's comparing durian with longan. I didn't realize it, but this guy did for Exxon what Jack Welsh did for General Electric, or what H. Ross Perot did ADS (though that's comparing eggs to watermelon).

Even an oil company can be mis-managed, although I can't think of one, offhand. Plenty of dead airlines and retail giants to think of, though, plus GM and Ford.

What is interesting is that he signed the contract up front when he was hired, and the bonuses he has reaped, were ALL based upon his ability to produce the profits that Exxon is currently receiving. While I tk thought it may have been a bit excessive at first, once I realized that it was the outstanding performance that he engineered that allowed him to receive this much money.

In that case he really DOES deserve what he made. People should be rewarded for their productivity, not membership or perks.

who REALLY needs that much money...I mean seriously....

Out of control capitalism isn't about need.
To learn more, read John Kenneth Galbraith. (RIP)

There are people who own two or more cars. Are you going to say the same about them as well?

There are those who own more than one computer, or stereo. Are you going ot say the same about them as well?

If someone is productive and EARNS the money, regardless the amount, are you going to punish them for PRODUCING too much? You are sounding more like a Marxist every day: you know "To each according to his needs". Perhaps we should simply have the State decide what is best for each citizen? After all The Collective is more important than the Individual, right?

John, that didn't make any sense.
Nobody is talking about people owning 2 cars or 10 cars, we are talking about OBSCENE concentrated wealth, people who passively make enough to buy 100 luxury cars every few seconds.

Although one is greater than the other, the principle is still the same. Further, who is to determine what is 'OBSCENE concentrated wealth'? I believe that you naturally relegate this to the purview of the State, since you are a confirmed Statist. That is simply tyranny, in which the Collective tells the rest what they can and cannot do.

And who cares what a person makes, as long as that person follow the law and does no harm to others. Based upon your assumption, Bill Gates should also be stripped of most of this wealth, which he honestly earned, BTY.

Further, there are those of us, such as myself, who make a living by selling our goods and services to those who have much disposable income. I resent it when others would strip those who they deem too rich, thus harming OUR means of obtaining a descent living.

Again, you are economically ignorant and not even interested in the well being of your fellow man.

Wrong I again. I am much more concerned than you. Why should a CEO make 100,000 times much more than a mailroom worker?
There are more mailroom workers and they are SUFFERING from POVERTY. That is simply not fair. It is all about YOU, it seems, and your spoiled prima donna clients.

It is a question of productivity. Perhaps he is 100,000 times more productive. I'm certain that you have not thought of this before, have you?

I have, hardly possible.
Nice dodge though.
You don't actually BELIEVE that Americans pay is a direct relation to their productivity, do you?

I agree with John L (and it's not the first time!). Some fortunes such as Ford, Rockefeller, Watson, Gates, Buffett, et al., were made by the founder of the empire (though he may have broken all 10 Commandments in the process). It's fair to see the Jack Welches and this Exxon guy, Lee Raymond, making a family fortune by outstanding work as an employee of a company he didn't found (in fact, Rockefeller founded it).

If Lee Raymond or his heirs squander the money, that's beside the point. Besides, he's probably paying 33% income tax on most of the income.

He won't pay hardly any taxes!
How naive!
It is the MIDDLE CLASS Patsy of PATSY NATION that subsidize pigs like that. Welfare for the corporation, welfare for the rich, the USA way of PATSY NATION.

Really? Perhaps you can provide us with a link showing us where you got this astounding revelation.

Now, if he invests a certain amount, then the taxes will be withheld until a later date. I'm certain he has financial planners, who will direct him on the best path, so as to allow him to keep the money HE EARNED! Of course, Collectivist such as yourself, don't think anyone earns money, if it is more than what you consider "Fair". Surprise, Surprise, Surprise.

Dude....how can you compare RADIOS to 400 MILLION dollars?!?!?!?!

I was a tax auditor and revenue agent for the IRS, and I know how much tax rich people pay. I saw personal income tax returns where the old lady (heir to an oil dynasty) didn't even itemize and was paying 70% on most of her royalty income, and the state govt. got more of it. The middle class pay their share, and the poor receive more federal tax revenue than they pay in (negative income tax, also called the Earned Income Credit, and greatly abused by the poor). The people with the highest income pay the highest taxes by far, even after paying their accountants and lawyers. Google 'IRS STATISTICS OF INCOME'

I know plenty of cases to which the money was falsely given to others than who need it

Haupt, I'm not sure, but I guess you're saying that tax money went to people who didn't need it. That's typical of the EIC money; it's probably the most fraudulent part of the income tax system.

As for CEO's with salaries in the multi-million dollar range: they're in the highest brackets. Also, they pay Medicare tax on their entire salary, and they get back the smallest PERCENTAGE of what they pay into SS (OASDI).

I'm not crying any tears over these CEO's financial situation; I'm just trying to clarify that they are paying a lot of income and payroll taxes.