Thursday, May 29, 2008

How Much Is Too Much?

I'm really sick of folks talking about Exxon Mobil and other oil companies making "excessive" profits. It is exceptionally annoying when you know that companies such as Microsoft, Wells Fargo, Disney all have a larger profit margin.

But yesterday Exxon Mobil had a shareholder's meeting. The shareholders resoundingly rejected proposal after proposal that would have wiped out portions of profit. The people that count--the shareholders--have rejected calls to eliminate "excess profit". Indeed, considering the relatively tight profit margin compared to other industries, the shareholders might have been upset that the profits weren't greater.

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