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Thursday, October 30, 2008

Corporations are Responsible to Both Shareholders and Society

Good Morning Papamoka 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.

Michael Boh

Papamoka's Left Coast Contributor
from Our Rants & Raves Blog

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3 Comments:

Blogger Ms.Crystal said...

Did you see the breakdown? It was something like $1,850.00 PER SECOND that there net earnings were. Can you only imagine.

5:14 PM  
Blogger Papamoka said...

I've said it time and time again, there is no reason that any corporation should be making this kind of profit and still getting tax cuts from the federal government!

$1850 per second profit??? Ya, they need a tax cut... NOT!

10:48 PM  
Blogger B.J. said...

Michael:

Remember what George W. Bush told a group of millionaires at a fund-raising dinner? "Some call you rich: I call you my base."

Laissez-faire, and no compassion for humanity.

BJ

12:14 AM  

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