The Nation: The Rich Get Greedier

[marmar]

BLOG | Posted 02/08/2007 @ 7:29pm
The Rich Get Greedier

Most Nation readers couldn't have missed ExxonMobile's recent announcement that in 2006 it reaped the largest annual profits of any corporation in history--39.5 billion dollars.

But what may be missed beneath the headlines is that unlike most of its competitors, ExxonMobil is avidly opposed to renewable energy and is actively working to undermine action on climate change. That means that at a time when the oil industry is starting to invest in alternatives to fossil fuel, CEO Rex Tillerson is poised to pump his profits right back into polluting oil and gas projects, lobbying against solutions to global warming, and funding front groups and junk science to confuse the public.

At the recent Davos meetings Tillerson told the business crowd that "even if renewable energy production grows at double digit rates, it will remain less than two percent of world energy supplies." (Well, yes, if companies don't invest in its development. Moreover, current calculations by the Renewable Energy Policy Network show that renewable energy already supplies roughly four percent of world power.)

Meanwhile, ten corporate giants, including Duke Energy, GE, Alcoa, PG&E and oil giant BP, have announced their broad support for mandatory reductions of global warming pollution. ExxonMobil, which typically outspends its competitors in the industry on lobbyists, reiterated its intentions to continue lobbying against such solutions. .....(more)

The complete piece is at: http://www.thenation.com/blogs/actnow?bid=4&pid=164477

[orpupilofnature57]

1. Insatiable greed among those in control is the biggest danger in modern....

...times,we need a Smedley Butler. http://www.straightdope.com/columns/051118.html

[marmar]

2. Agreed....

We need someone else who's tired of being a gangster for capitalism.

[NotGivingUp]

3. i say we lock these guys up for the rest of their lives for being traitors to the world

[illinoisprogressive]

4. I guess this is why, even tho not a supporter, I do say good to Edwards

As a rich man he could very easily become one of the new breed of the greedy.
He at least has decided to use his time and money in helping the disadvantaged and poor and bring those issues to light.
Even if he has a huge house, which I say is his right, he doesn't flaunt it.
He could go on making more millions and accumulating masses of more wealth.
The fact that he is trying to do something substantial and make things more equal for those who are down and it's highlights the fact that he is very rare rather than something so many who have so much don't do is sad.
I say good for him.
I do support someone else for president but, that doesn't mean I do not admire him for what he is doing.