Senator rips ex Exxon CEO ( Dorgan"shameful display of greed")

[cal04]

Amid record oil prices and soaring gasoline costs, Exxon Mobil's $400 million retirement package to its former CEO is a "shameful display of greed" that should be reviewed by Congress and investigated by federal regulators, Democratic Sen. Byron Dorgan said on Tuesday. Dorgan said he wants Exxon Mobil officials to appear at a Senate Commerce Committee hearing to explain how the corporation "justifies" giving its former boss, Lee Raymond, such a huge retirement package.

He also said the Securities and Exchange Commission should investigate the deal that "appears to shortchange" shareholders. "There can be no more compelling evidence that the price gouging and market manipulation which has produced record oil prices is out of control, and is working to serve the forces of individual greed and corporate gluttony at the painful expense of millions of American consumers," Dorgan said.

Dorgan's criticism of Raymond's financial package came on the same day that U.S. crude oil prices hit a record high of more than $71 a barrel at the New York Mercantile Exchange. Higher crude oil prices are helping to push of up gasoline costs. The Energy Department reported prices jumped 10 cents over the last week to a national average of $2.78 a gallon, up 55 cents from a year ago.


(snip)
Dorgan said he will push to win passage of his legislation that would impose a windfall profits tax on big oil companies and rebate that money to consumers, unless the companies used their earnings to explore for and produce more energy. "I think a sensible public policy would insist that the big oil companies either invest those windfall profits in things that will increase our own domestic energy supplies, or we should return some of that money to consumers," Dorgan said. "Using them to drop $400 million dollars in the pocket of a big oil executive is simply unacceptable," he added.


http://news.yahoo.com/s/nm/20060418/pl_nm/energy_exxon_senator_dc_1

GO DORGAN!

[Robert Oak]

1. Dorgan for Pres.

Dorgan has also introduced an amendment in the "immigration reform" disaster to strip out all of those corporate sponsored
"guest worker" Visas that are for labor arbitrage.

(this is separate from the "earned citizenship" and other portions and buried in this bill so corporations can continue
to wage suppress).

[ninkasi]

2. How can Republicans

oppose these measures? They would absolutely catch hell from their constituents. So many people are dissatisfied right now, and hearing about some executive getting almost half a billion in retirement funds, while they are feeling pain at the pump, will cause further erosion of people's faith in the Republican party. It's about time they have to face the consequences of their unlimited greed.

[rniel]

3. someone had a picture of that guy

on here earlier today. He looks like some cartoon character. He's got the most enormous 2nd chin I've ever seen.

[NorCalDem]

4. Jabba!

[ladjf]

5. Easy. They will just do it. Count on it.