Dennis Gartman: “In what must be the singularly worst public relations gambit in history, ExxonMobil announced yesterday that it is giving its outgoing president, Lee Raymond, one of the most generous retirement packages in the history of American business: nearly $400 million, including pension, stock options, a $1 million consulting deal, two years of home security, personal security, a car and driver, and use of a corporate jet for professional purposes. What were Mr. Raymond and the Board thinking when they allowed this sort of retirement package to be granted — and made public — at a time when gasoline prices are skyrocketing? We are capitalists here at TGL, and we are far to the right on almost all questions; but for ExxonMobil to grant this sort of package to a mere caretaker, albeit a very excellent one, is beyond reasonableness. The timing could not be worse. The entire oil industry will suffer because of ExxonMobil’s public relations idiocy in this matter.”

This is the standard CEO greed syndrome. Quite apart from the public relations aspect, this is theft from the shareholders. This man did nothing to deserve this kind of compensation except to be in the right place at the right time. Lucky sperm, indeed. I have no problem with, for example, Larry Ellison’s wealth, although personally I dislike him intensely. Without Larry, Oracle wouldn’t exist. He built it from scratch and deserves the credit and rewards. Regardless of his personal nastiness. But this jerk at Exxon can make no such claim. He’s entitled to a good salary but nothing more. He is abusing his position to make off with the shareholders’ money. Like many other CEOs, it must be said. Larry, on the other hand, is the shareholder.