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..and meanwhile, thousands starved to death in .....
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| LazFX |
This really irks me...... it really does
| quote: | Saturday April 7, 5:37 pm ET
CHICAGO (Reuters) - Occidental Petroleum Corp.'s chairman and chief executive took in more than $400 million in compensation last year, the company said in a filing, one of the biggest single-year payouts in U.S. corporate history.
The largest part of Ray Irani's 2006 payout was $270.2 million from the exercise of options awarded from 1997 to 2006, representing more than 7.1 million shares, according to the company's annual proxy statement, which was filed with the Securities and Exchange Commission in March.
Irani also received $93.3 million in stock and dividends from a deferred stock program when the company closed the plan in October due to increases in liability and expenses for the program, the company said.
Irani's salary in 2006 was $1.3 million and his cash bonus was $1.4 million, according to the filing. But stock and option awards and other benefits lifted his 2006 compensation to $55.6 million, the proxy said.
In the proxy, the company said that from December 1990 -- when Irani succeeded Armand Hammer as chief executive -- through 2005, the company's stock rose to about $40 a share from $9 and its total shareholder return was 699 percent.
"When you look at this, this is solid pay for performance," said Richard Kline, an Occidental spokesman. "It serves the best interest of the corporation and the best interest of the shareholder."
Occidental shares closed on Thursday at $49.95 on the New York Stock Exchange.
According to the Wall Street Journal, only a few CEOs have ever made more money in one year. In 2001, Oracle Corp. CEO Larry Ellison received $706 million from exercising stock options and in 1998, former Walt Disney Co. CEO Michael Eisner received $570 million, according to the newspaper.
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Sad really.... |
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| Capitalizt |
hmmm...Did he steal that money?
Or did he help create it?
Occidental's stock price has more than doubled since he took over as chairman. More than $23 billion in new wealth has been created for shareholders in the past 3 years (that means you if you own any mutual funds).
Not many people can do what this man has done. This is why the directors and shareholders place such a high value on his skills. Directing a huge multinational company isn't an easy thing to do. After growing the market cap of Occidental by 23+ billion dollars, he received less than 2% of that amount in compensation.
Sounds like the shareholders got a bargain to me. If I owned the stock, I would gladly pay up for that kind of performance. |
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| Krypton |
| quote: | Originally posted by LazFX
This really irks me...... it really does
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Sad really.... |
Unless you live in the perfect unattainable socialist society, the winners of capitalism will always be blamed for the losers problems.
Did you realize that because of this CEO, whoever owned OXY stock, from small individual investors to institutional banks have all profitted. They created wealth for average people and big corporations alike. Get your head out of the socialist hole. |
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| Magnetonium |
Last time I checked, many oil and gas companies lately have been making big bucks, no new information to me. More of a coincidence. Plus all the crazy payouts and corruption are boring repetitive day-to-day reoccuring type of events. I was only shocked at the shocking surprise of some of the TAs here. Nothing to see here. |
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| LazFX |
I know gents, I am a capitilist whore when it comes to making and turning a few Dollars. But its just irks me that with all the wealth some have there are still starving people. I am not talking about the lazy focks that just collect Welfare or other types of Gov Assitance... but I am talking about the true poor.... IE; Africa, Middle East and yes, even some in the West.
Maybe its the old bleeding heart utopian liberal that is in me, but oh well, it is nice to dream...... |
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| MrSquirrel |
If the oil companies are making such high profits that their CEOs are "earning" 400 million dollar annual paychecks, then they should not be getting ANY government subsidies of any sort.
Big oil gets billions of dollars a year in tax payer money when the industry does not need it to remain profitable.
This country will never have alternatives to oil if the government continues to give oil a competitive advantage, and an industry that is making record profits should not be getting government subsidies period.
But you won't hear any of the "capitalist" line toeing monkeys say anything bad about corporate welfare on this board.
I am no socialist, but you cannot look at CEO pay packages and say, on the whole, the system isn't broken.
MrS |
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| Kapedan |
Well the way I look at it is that if a company is making billions in annual sales, then why not pay a good CEO the bucks that they are being paid now. Being a CEO is a tough job and even though 400 mils seem a lot of money, to the owner making billions each year, its nothing because he
'd rather pay the CEO the bucks then do it himself. |
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| Shakka |
There was some commentary on a nightly news show last night about CEO compensation and what not. One of the guests was from the Ayn Rand institute who discussed how those who are outraged at things like executive compensation are trying to make it a moral issue (i.e. the more money you make, the more immoral you must be or something like that). I wish I could find the transcript, though they only gave the guy about 30 seconds of airtime. For now, this will have to suffice.
| quote: | Cross: "Shareholder Democracy" vs. Shareholder Rights (March 13, 2007)
Irvine, CA--House leaders are promoting a new measure that would require all public corporations to hold annual shareholder votes to voice approval or disapproval of executive compensation.
"While this measure is being portrayed as protecting the rights of shareholders," said Dr. Yaron Brook, executive director of the Ayn Rand Institute, "it is in fact a violation of those rights."
"If a majority of shareholders wishes to hold an annual vote to voice approval or disapproval of their board's executive compensation decisions, they have long been free to implement such a policy. But most companies and shareholders have judged that such votes are not in their interest, and it is not hard to imagine why--they do not want to give anti-CEO pundits and politicians yet more fuel to grandstand about 'excessive' CEO pay.
"To force shareholders and companies to adopt such policies against their judgment is not to protect shareholder rights, but to violate them wholesale." |
Now, someone like Bob Nardelli might be an easier target, but even then, I don't think it is the role of government to meddle in things like this when it should be the responsibilities of the owners of public companies (i.e. the shareholders) to implement policies and changes where they see fit. Additionally, stock price action is not always (in fact rarely) a perfect reflection of business fundamentals and management, rather it is more a reflection of investor sentiment. And more government regulation is rarely a good thing, imho. |
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| Magnetonium |
| quote: | Originally posted by LazFX
I know gents, I am a capitilist whore when it comes to making and turning a few Dollars. But its just irks me that with all the wealth some have there are still starving people. I am not talking about the lazy focks that just collect Welfare or other types of Gov Assitance... but I am talking about the true poor.... IE; Africa, Middle East and yes, even some in the West.
Maybe its the old bleeding heart utopian liberal that is in me, but oh well, it is nice to dream...... |
To tell you the truth, its a humanitarian crisis. Over 45,000 people, mostly children, die of hunger every day. Many people know about this, but noone gives a . Remember the famous rock festival aimed to raise money and bring spotlight to the issue? Well, many people showed up, got drunk, partied, left loads of garbage on the fields, threw in a few pennies and got back to their lives like its no big deal. Noone cares. Just like politics. If people dont care about obvious blatant political lies and manipulations and could care less to do something about it in their own country, and you then expect people to give a about some poor innocent children dying somewhere halfway around the world? These guys would rather watch Survivor or get high and drunk than doo anything to make the world better.
I appreciate your thinking, but you know ... its sad, it pisses me off because I see people's ignorance all around me, the ignorance on the environmental, humanitarian, political crisis. Human race is definitely screwed up. I have learned so many terrible things in my environmental course in college so far. Disgusts me. |
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| Marc Summers |
| quote: | Originally posted by Capitalizt
Yep...It's farking terrible. But the "solution" is not to destroy the wealth others have created in order to redistribute it to the poor. Any attempt to reduce poverty this way will likely have the opposite effect...moving the middle class workers of those companies into the unemployment line.
People need to realize what one person earns has no bearing on what someone else does or does not earn. The two are unrelated! When you earn your next paycheck, you aren't stealing food from the mouth of a poor Bosnian kid. That kid would be starving regardless of whether or not you showed up for work last week.
If you want to blame anybody for world povery, you should blame the corrupt and overbearing governments of these countries...not an American businessman. |
OK.. You have an opinion of what NOT to do.
What DO we do? |
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| Capitalizt |
| quote: | Originally posted by Magnetonium
To tell you the truth, its a humanitarian crisis. Over 45,000 people, mostly children, die of hunger every day. Many people know about this, but noone gives a . Remember the famous rock festival aimed to raise money and bring spotlight to the issue? Well, many people showed up, got drunk, partied, left loads of garbage on the fields, threw in a few pennies and got back to their lives like its no big deal. Noone cares. Just like politics. |
Yep...It's farking terrible. But the "solution" is not to destroy the wealth others have created in order to redistribute it to the poor. Any attempt to reduce poverty this way will likely have the opposite effect...moving the middle class workers of those companies into the unemployment line.
People need to realize what one person earns has no bearing on what someone else does or does not earn. The two are unrelated! When you earn your next paycheck, you aren't stealing food from the mouth of a poor Bosnian kid. That kid would be starving regardless of whether or not you showed up for work last week.
If you want to blame anybody for world povery, you should blame the corrupt and overbearing governments of these countries...not an American businessman. |
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