Posted by
On the Right on Friday, August 15, 2008 4:53:25 PM
When capitalists fail to defend the system that's done more than any
other to end human misery, they make a fatal mistake. That's why it's
so encouraging to see Exxon Mobil's CEO stand up for his business.
Read Full Article
On July 31, Exxon Mobil reported an $11.7 billion second-quarter
profit, breaking the record for a U.S. company that it previously set.
Naturally, politicians and the public, provoked by a financially ignorant media, reacted as if the company had stolen the money.
Barack Obama called the earnings "outrageous."
Sen. Charles Schumer, Democrat from New York, called oil industries
"the most selfish group of companies that I've ever seen — and the most
hypocritical" and said it was "Christmas in July" inside the Big Oil
boardrooms.
NBC "Today" co-host Meredith Vieira moaned that "oil companies seem to be rolling in dough."
Perhaps the most asinine comment came from Rep. Ed Markey, a Massachusetts Democrat.
"These oil companies cannot continue to earn these profits, spend a
pittance on renewable fuels to move America beyond oil and then block
any efforts to shift billions in tax breaks to companies trying to
bring about the next generation of clean energy," he said.
Too often, business leaders choose to duck when the arrows of
outrage come flying. But Exxon Mobil CEO and Chairman Rex Tillerson
made an unusual and courageous stand Wednesday, appearing on ABC's
"World News" with Charles Gibson.
"I saw someone characterize our profits the other day in terms of $1,400 in profit per second," Tillerson told Gibson.
"Well, they also need to understand we paid $4,000 a second in
taxes, and we spent $15,000 a second in cost. We spend $1 billion a day
just running our business. So this is a business where large numbers
are just characteristic of it."