| OPINION AND COMMENT By Bob Weaver
Most West Virginians live in areas that economically have long been left behind, with government reports about the booming national economy making little sense.
The lack of opportunity continues to dwindle as millions of low-paying jobs have exited the country, along with millions of higher-paying jobs.
Most people I know just want to make a living for their family, with peter-to-paul survival now becoming less of an option. They have truly become the "working worn," facing stagnant wages, declining benefits, shaky retirements, and high transportation costs getting to the workplace. Most of Calhoun's working class drive 50-200 miles a day.
Now we are once again approaching $3 a gallon or more for gasoline.
Maybe we should consider the "greed" word.
Consider the recent $69.7 million compensation package and $98 million pension payout to
Exxon Mobil Corp.'s former chief executive and chairman Lee R. Raymond,
A few shareholders whined, because the pay-out was slightly raking on their stock profits, asking "How much is enough,?"
But such amounts are a drop in the bucket considering corporate profits.
Exxon Mobil just made a $36 billion profit last year on high oil and natural gas prices, saying they are being unfairly examined.
Exxon Mobil has defended its profits, saying that other industries have
larger profit margins, but oil companies' bottom lines stand out because
they operate on a much larger scale.
Exxon Mobil said that Raymond's compensation is "appropriately positioned
relative to CEOs of U.S.-based, integrated oil companies and other major
U.S.-based corporations ... the substantial experience and expertise
that Mr. Raymond has brought to the job."
Last year, Chevron Corp. Chairman and CEO David O'Reilly received a
$1.55 million salary, $3.5 million bonus and $3.57 million in long- term
compensation. He did not exercise any options, but owns options valued
at just over $34 million, including exercisable options worth $28
million, according to Chevron's proxy.
Exxon Mobil has not been asked to justify their enormous salaries or profits.
All the energy companies have denied price gouging.
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