October 30, 2014

The biggest criminal on Wall Street

By John Fischer
Staff writer
Posted 11/5/08

The third quarter just finished for the 2008 fiscal year and ExxonMobile posted a $14.83 billion profit-gain, the biggest one-quarter jump in American history, topping their previous record of $11.68 billion in this year’s second quarter.

Now a normal person might sit there and think, “Man, I should have bought some of that stock.”

And why not? Seems like a reasonable response.

But for me, this is the biggest scam in America.

How is an oil tycoon like ExxonMobile allowed to compete on the stock market? How, in times like these, times that have people scrounging for rent money or food money or gas money, times so terrible its being commonly referred to as the worst financial crisis in America since the Great Depression, times in which we saw gas prices rise to $4-$4.50 per gallon, is ExxonMobile legitimate in posting record profits?

Why wasn’t some of this profit used to keep gas prices down for the past two months?

I have no idea if that’s how this stuff is supposed to work, but it seems to me paying $4.25 at the pump while their company sets profit records is just plain criminal.

A company that affects so many people’s lives with the price of their product shouldn’t be allowed to be a part of the stock market.

I don’t want to hear about how much gas prices have dropped recently either. That’s like saying you like to buy Christmas gifts that are marketed as 40% off, but have been marked up 100% before the price reduction.

When I started driving eight or so years ago, gas was around $1.40 a gallon and now I’m supposed to be thrilled at the $2.60 sticker price they’re giving us?

That’s garbage.

These companies shouldn’t even be allowed to run themselves anymore. Something or someone needs to be step in and change the way oil companies work.

I’m sick of having to spend 10 hours a week pay just so I can have the luxury to work and in the mean time the oil barons get richer.

Whether it’s alternative fuels or simply better regulation, I hope ExxonMobile never posts a record profit-gain ever again.

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