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Oil executives defend profits  view story
Thursday, November 10, 2005
AP's H. JOSEF HEBERT - - Denver Post
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The chiefs of five major oil companies defended the industry's huge profits today at a Senate hearing where they were exhorted to explain prices and assure customers they're not being gouged.
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It's not just about oil company profits
According to CNN/Money.com, on Septemebr 1, 2005, Lee Raymond excercised stock options of 150,000 shares of stock for a net gain of over $3 million. So while people were literaly dying in the streets of New Orleans and Americans were sending whatever they could to help, Raymond was lining his pockets with cash. While there is nothing illegal about what he did, it is interesting to note tha he wouldn't have been able to do this if the price of gas hadn't soared that week. In fact he has done that same thing several times over the past year and netted himself over $35 million dollars. Also according to CNN/Money .com he is not alone. Executives at Exxon as well as the other oil companies have all done it, and they are all making a fortune in personal wealth.
Beware the fury of a patient man |
by
cjmnh
on
11/10/2005 3:00 AM
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