Tuesday, January 09, 2007

Exxon Mobil Spent MILLION$$$ to Deny Global Warming

Hat tip to the Center for American Progress for highlighting a new report that finds Exxon Mobil Corp. spent $16 million to “manufacture uncertainty” about global warming:
Exxon “gave $16 million to 43 ideological groups between 1998 and 2005 in an effort to mislead the public by discrediting the science behind global warming,” a new Union of Concerned Scientists report finds.
The company, according to the report, “has adopted the tobacco industry’s disinformation tactics, as well as some of the same organizations and personnel, to cloud the scientific understanding of climate change and delay action on the issue.” Harvard professor Dr. James McCarthy said Exxon has tried to “create the illusion of a vigorous debate” about global warming.
A few of the other tactics the oil giant used are listed in the report: “funded an array of front organizations to create the appearance of a broad platform for a tight-knit group of vocal climate change contrarians who misrepresent peer-reviewed scientific findings; attempted to portray its opposition to action as a positive quest for ’sound science’ rather than business self-interest; used its access to the Bush administration to block federal policies and shape government communications on global warming.”
Last year, we reported how Exxon Mobil CEO Lee R. Raymond’s retirement in January 2006 coincided with record profits for Exxon Mobil. Upon retirement, Raymond was entitled to receive an estimated annual retirement benefit of more than $8 million. He chose instead to take a lump sum payment of $98 million. Raymond also will get an administrative assistant, company-provided life insurance, a car, driver and airplane use for two years.
Between 2002 and 2005, Raymond’s annual bonus more than doubled from $2.1 million to $4.9 million.
But while spending millions on its CEO and millions more to mislead the public into thinking this 70 degree winter weather is normal, the mega oil corporation isn’t too concerned with ensuring its own employees have secure retirements. According to BusinessWeek, Exxon Mobil’s employee pension plans have one of the biggest funding deficits of all U.S. corporations. The company’s own 2005 annual report admits its pension for its U.S. workers is underfunded by $1.2 billion.

(And you KNOW that they wouldn't spend tha kind of money if they didn't expect a GREAT reeturn on the investment.)

1 comment:

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