No Excuse for Anger with Exxon's Profits (XOM)

Feb.28.06 | About: Exxon Mobil (XOM)

I always enjoy Ben Stein columns in the New York Times. I particularly enjoyed his piece yesterday about ExxonMobil; I only wish he’d written it when the oil-bashing was at its peak around the time that XOM had released their now-fabled earnings for the fourth quarter.

Ben’s point: who are critics angry with, when they’re angry at oil companies for their profits? Are their executives vampirizing their employees, sucking away fruit of their labor for themselves? No. Should the ExxonMobil’s critics be angry with the stockholder-owners? That would be self-hatred, because about “41 percent of the stock is owned by retirement funds, private, public (federal, state and local) and individual retirement accounts. In other words, by us.