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Massachusetts Liberal

Observations on politics, the media and life in Massachusetts and beyond from the left side of the road.

Thursday, November 01, 2007

Wish I had ExxonMobil's problems

The stock market tanked today because ExxonMobil's profits did not meet Wall Street's expectations.

Say what?

Those poor folks, like former ExxonMobil CEO Lee Raymond, struggling to get by on a $400 million retirement package, are going to have to dig a little deeper to afford their champagne wishes and caviar dreams. ExxonMobil ONLY made $9.41 billion in the quarter, down from the $10.49 billion of the same period last year.

And that's while oil prices have shot up through the $90 a barrel mark. Let that sink in: $90 freaking dollars a barrel. Glad I heat my home with natural gas. Glad but not gloating because my time will come.

The sanity gap between Main Street and Wall Street has hit a record-high chasm. I see my own modest retirement package take a hit because the Masters of the Universe on Wall Street are disappointed that ExxonMobil has not gouged enough profit out of obscenely high prices?

We suffer because the company can't manage its refinery operations well enough to hit the $11 billion profit mark -- for a three-month period. (The poor dears had only made $158.5 billion from the start of the Bush-Cheney administration and the first quarter of 2007).

How long will it be before W proposed a tax break to get them through hard times?

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