Thursday, October 30, 2008

Personal Rant: Corporations are Responsible to Both Shareholders and Society

Good Morning Bloggers - It seems that George Bush and Dick Cheney are leaving their best buddies in Texas a very nice going-away present. The world's largest publicly traded oil company has reported income today that shattered its own record for the biggest profit earning $14.83 billion in the third quarter.

Exxon said its net income jumped nearly 58 percent to $2.86 a share in the July-September period. That compares with $9.41 billion, or $1.70 a share, a year ago. The previous record for U.S. corporate profit was set in the last quarter, when Exxon Mobil earned $11.68 billion. Revenue rose 35 percent to $137.7 billion.

WOW! So, despite these HUGE numbers John McCain still wants to give corporations like Exxon Mobil HUGE tax cuts. The misleading reason he gives is that he wants to encourage them to drill more. Strange, they never seem to listen.

So far most of the profits from the last two years have been pumped into buying back the company's stock, for more control of course. So, why are you Republicans buying the BS again? I don't get it. There have even been reports that Exxon Mobil might relocate to Dubai. Incredible! Where's the loyalty?

Let's stop the lies and end this BS forever. These corporations have no national allegiances. Stop treated them like charity cases. Let's elect Barack Obama and get back to a world where corporations that do business in the US pay their fair share of corporate taxes.

We should also make sure that excessive profits are put to good use, such as investments in research and development to create better products for the environment. It's in our national interest.

I'll bet some of you will accuse me of being a socialist. Get over it! Socialism exists in every government to varying degrees. That "socialism" crap from the McCain campaign is nothing but fodder for their retarded sheep!

Republicans who think government interference in business is wrong should remember that our government spends billions on R&D - the same R&D that benefits corporations like Exxon and its stockholders. The truth is both help each other. That non-interference crap is just Republican spin. They want to "have their cake and eat it too" as they say. It's more greedy BS!

As a society and a government that invests in these corporations, it's only reasonable to encourage corporations to invest in products that are better for our future while benefiting business. Speaking as a businessman and stockholder, I think it's fair.

Thursday's Personal Rant #1 - Michael

1 comment:

Anonymous said...

I think your assessment of Republicans and Bush and friends giving each other kudos for the big profits is kind of silly. Sure Exxon Mobil did very well, just about every retirement fund and 401k of middle America benefitted from that. But let's get real here. Granted, it sounds like a lot but when you look at the dollar amount paid in taxes to the government by EM they pay way over their fair share. If they contribute twice their profit amount in taxes (about 40%)plus double that in other sales taxes and taxes associated with the sale of their products it comes out to close to 100 billion dollars going to good old uncle Sam. In fact EM alone pays more in taxes to the government that 50% of American workers pay in income tax. One company, one corporation pays more that 50% of American taxpayers! That is substantial. The liberal socialists always paint corporations as greedy capitalists. How about Obama talking about how he is going to sock it to those greedy Democratic celebrities and sports figures that get obscene salaries for throwing baseballs and acting. What about their obscene profits, what about their greed, what about them paying more in taxes from their extreme windfall incomes? How can those liberals in the entertainment industry support someone like Obama who supposedly thinks they are such greedy money grubbers! What about the liberal movie star that makes more money in one movie than people in the whole state of Arkansas make? Please, the oil companies do well, they give good returns to their shareholders, they provide needed products and they contribute billions of tax dollars to the system that Obama wants to give away as he pleases.