Wednesday, April 26, 2006

ExxonMobil doesn't care what you think

Ok, so you think that ExxonMobile posted huge profits this last quarter? Of course they did, how could they not? Do they care? How could they - they're too busy huffing and puffing from the effort of lugging those bags of loot to the bank.

We've said it before, and we'll say it again probably, corporations are organized crime, but for now, we'll just cut and paste a slice of Steve Lendmen's article from his blog, Steve Lendmen's Blog. It's a long read, but important, and you should bop over to his blog and read the whole piece.

Photo: Jose Gil

by Stephen Lendman


Except for two brief and mild recessions, corporations in the US have prospered since the 1980s in a very business-friendly environment under both Democrats and Republicans. The result has been rising profits to record levels, enhanced even more by generous corporate tax cuts (and personal ones as well mostly for the rich), especially after the election of George Bush. Under this president, one of their own in the White House, US corporations have never had it better. It's been so good that 82 of the largest 275 companies paid no federal income tax in at least one year from 2001-2003 or got a refund; 28 of them got tax rebates in all 3 of those years even though their combined profits totaled $44.9 billion; 46 of them, earning $42.6 billion in profits, paid no tax in 2003 and got $4.9 billion back in tax rebates. And the average CEO pay for these 46 companies in 2004 was $12.6 million.

Along with big tax cuts and generous rebates, big corporations are on the government dole big time in the form of subsidies, otherwise known as "corporate welfare." It's also known as socialism for the rich (and capitalism for the rest of us). In 1997 the Fortune 500 companies got $75 billion in "public aid" even though they earned record profits of $325 billion. They got it in many forms - grants, contracts, loans and loan guarantees and lots more. Today there are about 125 business subsidy programs in the federal budget benefitting all major areas of business.

Some examples of this government largesse include:

Selling the rights to billions of dollars of oil, gas, coal and other mineral reserves at a small fraction of their market value.

The giveaway of the entire broadcast spectrum to the corporate media, valued at $37 billion in 1989 dollars.

Charging mostly corporate ranchers (including big oil and insurance companies) dirt cheap grazing rates on over 20 million acres of public land.

Spending many billions of dollars on R & D and handing over the results to corporations free of charge. "Big Pharma" is notorious for letting government do their expensive research and then cashing in on the results by soaking us with sky-high prices and rigging the game with through WTO rules that get them exclusive patent rights for 20 years or longer when they're able to extend them through the courts.

Giving the nuclear industry over $100 billion in handouts since its inception and guaranteeing government protection to pick up the cost in case of any serious accidents that otherwise might cost the company affected billions and possibly bankrupt it.

Giving corporate agribusiness producers many billions in annual subsidies.

You and I, the individual taxpayers, pay the bill for this generosity. But we actually pay these corporations twice - first through our taxes and then for the cost of their products and services. And they don't even thank us.

[end quote] - Via Information

You can read the rest of the story at

Corporate Pig: Lee Raymond, ExxonMobile CEO

Never never never think that a guy who took home a half a billion dollars in pay last year gives even one teeny tiny shit about how much gasoline or heating fuel costs you, Mr and Mrs Burger Flipper.


Richard Walling said...

I also think it is time that someone defend the "Big Oil" companies accused of creating recent increases in gas prices.

G. Randy Primm said...

well, richard, i for one have never accused the big oil companies of anything except being criminal enterprises, and as far as pricing gas at the pump is concerned, i defer to the canadian study here, which shows a direct and near instantaneous correlation between spot market price and pump price, ie, pump price goes up with crude price and regardless of the amount of oil in the pipeline, supertankers enroute or storage facilities. interesting, no?

still, i personally think that gas should be in the neighborhood of $10-12 right now. that just might (maybe yes maybe no) slow down consumption. hah.

personally, i have an annual mta bus pass; cost= $128. given my travels daily, that probably works out to about .01 cent/mile for all 178 pounds of me.

but you might want to take a gander at my other blog, marching morons. this month we are featuring peak oil and the carter catastrophe. be sure to follow the links. or you can check this post (scroll down a bit) on how much oil we actually use in our daily lives.

do take a peek.