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Capitalism at its best (or worst) July 31, 2008

Posted by shwaldman in Politics, Society.
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11.7 Billion Dollar Profit

The day after our government announced a 462 Billion Dollar budget deficit for the coming year, Exxon Mobil made this little annoucement. The “best” part of the story is the the stock value dropped 3% because it still wasn’t enough!

A few months ago, Congress brought the Oil company executives to hearings seeking to see if they were charging too much for gas/fuel/whatever you want to call it. And if I recall, their response was “Of course not. We are seeing higher costs and like any business we have to pass these costs to our customers. We answer to our shareholders and we have to make a profit.” And they said if they got a new tax for windfall profits (like 11.7 Billion), they would have to pass that along to customers, too.

Well at least someone is happy!

I really wish people (yes, people run companies and people are shareholders!) could be a little more altruistic and we could be a little less greed driven. Wishful thinking, I know!

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