As a point of comparison, that $40.6 billion in profits could fill up the gas tank of all 243,000,000 registered vehicle in the United States four times. Congratulations ExxonMobil - we are so proud of your contributions to the health the US middle class.
NEWSFLASH --- as you will see later, there are cases where that $40.6 billion in profit is actually not enough.
Microsoft (stock symbol MSFT), the smallish software developer located in Redmond, Washington announced it would bid for Yahoo (stock symbol: YHOO), the tiny internet portal in Sunnyvale, California. Offering price -- $31/share or $44.6 billion. Yahoo's stock closed up 47% today. Thanks Bill, for making the very poor David Filo and Jerry Yang avoid living in a Hooverville, like the rest of us.
The profits of ExxonMobil are just enough to bid for both Yahoo and Distributorcap.
Wheat is trading at about $10/bushel on the Chicago Board of Trade. In mid-2007 it was $4/bushel. Corn, soy beans and rice (not the Condolleezzaa kind, that is a brand unto itself) are also trading at record prices. You know that $1.99 loaf of bread at Trader Joes, last week it was $2.79. The bagels at Ess-A-Bagel on 20th Street -- now $0.95, without the schmear.
ExxonMobil's $40.6 billion in profit could buy every single New York City resident 5,000 schmearless bagels. I'll take 360 pumpernick, 722 salted, 2432 garlic, 1485 onion and 1 everything.
Experts are predicting that housing prices in many markets could decline another 25%. With supply outstripping demand, people losing a big chunk of their equity to declining prices, and household debt over-extended from using their home as an ATM, the housing problems continue on unabated. Yale economist Robert J. Shiller, a longtime housing bear, points out that a housing decline that started in 1925 and ran until 1932 weakened banks and inevitably contributed to the Great Depression. The great stock market crash of October 1929 was only a flash point in the inevitable downward slide. Wow aren't we glad we have something to look forward to.
That $40.6 billion in ExxonMobil profits could payoff the mortgages of 135,000 people about to lose their homes.
The economy lost 17,000 jobs in January. Rest assured Jerry Yang and Rex Tillerson (CEO of ExxonMobil) didn't lose their jobs. Angelo Mozilo of Countrywide Finance did lose his job last month, but his unemployment check of $100 million was a bit more than the standard New York state unemployment checks of $406 (which of COURSE are taxable).
ExxonMobil and that $40.6 billion in profits could pay the 26-week unemployment benefits for 3.8 million New Yorkers.
The great bad debt aka sub-prime mortgage meltdown continues. By January 2008, it was at $120 billion (still less than ExxonMobil's revenue) and counting. The leader of the pack
(I met him at the candy store
He turned around and smiled at me
You get the picture? yes, we see
That's when I fell for)
He turned around and smiled at me
You get the picture? yes, we see
That's when I fell for)
was Merrill Lynch at $22.4 billion in bad loans written off. If Merrill Lynch was the Affirmed (triple crown winner) of the big bad finance companies, Citibank had the honor of being Alydar (the perennial place horse) at only $20 billion.
ExxonMobil could be a noble civic corporation and bailout both Merrill Lynch and Citibank. And ExxonMobil would still have $4 billion left over! That leftover is still more than the profit of any car manufacturer in the US.
And, in the best news of the month, Rudy Giuliani dropped out of the Presidential sweepstakes. With his once double-digit lead fading fast, Rudy was a tad short of the 1,191 delegates needed to secure the nomination - by 1,190. Rudy, aka America's Scumbag-Mayor, had won just one delegate - one frigging delegate. And the cost for that one delegate -- $49 million.
Let's do the math. At those rates, it would have cost Rudy $59 billion to get the 1,191 delegates necessary. Even ExxonMobil couldn't have bought this one for him.
America - please let's beg for George Bush to stay on for a third term. We need him like we need this $3 bill.
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30 comments:
Just fabulous. This post should be seen everywhere. Ok, I'm linking it. Excellent.
Those bastards at ExMo will still claim that it's not THEM who are to blame for high gas prices - it's those damned A-Rabs!
And funnier still, we're about to give them still more of our hard-earned tax dollars in the form of a "stimulus package," because, you know, they need stimulatin'.
And Pelosi went along with it.
I have no problem with "profit."
It's from profit that salaries and benefits are paid from.
The thing that rankles my ass about Big Oil is, they haven't reinvested their staggering profits to rebuild what was damaged in the Gulf of Mexico following Hurricane Katrina.
Thus, refining capacity is artificially restricted as demand increases. The result is science fiction prices at the pump.
The Feds MUST compel Big Oil to rebuild their damaged refineries or risk being slapped with an excess profit tax.
"It's from profit that salaries and benefits are paid from." Actually, no. Profit is what is left after salaries are paid. Profit goes to the share holders as dividends, and CEOs and board members as bonuses.
You can buy me love. You know as long as it is high quality and kosher.
"The profits of ExxonMobil are just enough to bid for both Yahoo and Distributorcap."
Distributorcap?!?
your post is great fun (in the meaning of laughing for not crying...) and I just given you a link.
visit me and let me know if you want to reciprocate. ciao!
Actually, yes.
What you're describing is pre-tax profits. That's what I said.
We could get into a whole discussion about EBITA, that refers to a company's earnings before the deduction of interest, tax and amortization expenses but most sane people's eyes would glaze over.
Christopher,
What WILL ExMo's TAX -- both Federal and Texas, or whatever state/country they are incorporated in this week -- be on $48 bil???
Given all of the tax incentives and credits on drilling, depreciation, "depletion"??, blah, blah...
Will they pay ANYTHING? Or will they by some stroke of [limited] imagination qualify for a refund????
PS: I do understand EBITA and other forms of corporate accounting, but I don't expect you to discuss it here....
I once did 59 billion jello shots. Heh, heh.
- Dubya
I feel ill.
On the upside, I just found some new nipple slip pics of Paris, and Brit.
Wooooo Hooooo!!
Like Christopher says..they haven't reinvested all that largess either. Plus the bastids get a shitload of corporate welfare from the feds and even some states.
Which makes their profit margin all the more disgusting and heinous to anyone that pays attention.
Brilliant post, DCap. I too noticed the profits for ExxonMobil and thought how sick it is that they are making this much money during this mess we're in. You summed it up so wonderfully with all of the comparisons! Thank you for putting this amount in perspective and showing what a mess George W. Bush is leaving the next President of this country. It almost makes you almost wonder whether the Democrats will benefit by winning in the fall...they may just take on the blame for the mess! (Don't worry, I said "almost").
Indeed..required reading for all. But when you're making a $40.6 billion profit, I suspect that all the complaining done by us little people is but barely audible noise.
I'll take 360 pumpernick, 722 salted, 2432 garlic, 1485 onion and 1 everything.
Besides being the best post I have read today, it was the funniest, and I think it made me hungry.
Regards,
Tengrain
Totally off topic here,
Today is Blogroll Amnesty day in Blogtopia (y!sctp) You can see the history at Skippy the Bush Kangaroo.
I am putting you on my Blogroll and would appreciate you returning the favor.
Thanks.
Busted, the Ornery Bastard Mechanic.
http://ornerybastard.blogspot.com/
I hope we transition as quickly as possible to alternate fuels and these robber barons go under.
They're already trying to make it so that everyone in China and India has a car, so they're guaranteed revenue somewhere. I just propose to make them have to use THEIR money to do it and built the infrastructure, not your money and mine money and every other American peon.
Let's see. XOM revenue of about $390 billion. Profits of $40 billion.
That leaves $350 billion spent on salaries, taxes and building the business. Income taxes on the the pre-tax profit were about $27 billion. Billions of dollars of other forms of taxes were paid too.
With respect to the profit of $40 billion, about $30 billion was distributed as dividends.
comrade kevin, the pending car boom in India will follow from the production of the $2,500 vehicles recently introduced by a leading Indian car company.
Chinese car companies are hoping to put a set of wheels in the hands of hundreds of millions of Chinese citizens. Both the Indians and the Chinese want cars.
If that's what they want, that's what they should have.
We can increase our use of alternative energy sources as fast as you like, but if we use more ethanol or produce more electricity with nuclear power, the price of oil will drop, which means more people will use it for transportation.
If you really want to see the end of oil use, then you should encourage people to consume every drop. That would settle the issue of oil use forever.
no slappz- I would ask if we can take it to that end environmentally and still survive, but that is an irrelevant question because it is precisely what their 40 billion dollars in lobbying funds will buy them whether we want it or not.
DCap- Your depressing break-it-down-into-a-mathematical-model posts are why I love you.
Great post! The best part was the info on Rudy's loss of $49 million for one delegate. Just think of all the evening gowns he could have bought with that money. Poor Rudy.
You smarty smartypants. Terrific analysis as usual. And why is everyone always so hilarious in your comments? Everybody over here is bringing the funny and the smarts, so I'll just echo what they said without having to come up with anything new.
There's a book I own that I got in 1981. It's called "Everybody's Business: The Irreverent Guide to American Business." It's long out of print. In 1981, the business with the highest total assets was Exxon. It's total assets were about 12 or 13 billion. Their profit this quarter was nearly four times their assets in 1981, the year Reagan took office. I guess the Reagan "Cut all funding to alternative energies, subsidize the oil companies by sending the Seventh Fleet to the Persian Gulf at a cost of a few billion a year, and otherwise give the oil companies anything they want, including the right to drill in environmentally sensitive areas" policies have worked out pretty well for Exxon and Mobil, now Exxon/Mobil. Oh, and having a stacked Supreme Court that disregarded the anti-trust laws on the books and allowed Exxon and Mobil to merge. Yeah.
I will just say this company did better than it did the year before which set records then. That tells you that the profits are now even better and more records are set for this oil company.
We can continue to give them the incentives and use our tax dollars to repair and ensure that the damage done by Katrina are repaired as was the concerns of Vice President Cheney.
While they rake in the money regardless to where it goes and continue to raise and lower the amount of money we spend at the pumps.
What a great country we have here to rob from the poor a give more and more to the rich.
Dude,
this is an awesome post.
is it wrong that it makes me so happy that the one delegate cost him so much? sure it is but I am happy none the less.
Awesome post. I'll keep it in mind and link it if it works in one of my posts.
Loving your blog!
johnny yen, your recollections of Exxon are all wrong.
President Carter accused Exxon of earning "obscene profits" in roughly 1979 when it posted revenue of $100 billion and net income of $5 billion.
In 2007 ExxonMobil posted revenue of $400 billion and net income of $40 billion.
You have confused stockholders' equity with revenue and net income.
Exxon also PAID $30 Billion in Corporate Income Taxes. Should we protest the excess profits the government is making as well? After all they did absolutely nothing to earn that money.
And that doesn't even count the 30 cents a gallon the government makes on every gallon of gas sold with the gasoline sales tax.
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