"Could a media
system, controlled by a few global corporations with the ability to overwhelm all competing voices, be able to turn
lies into truth?" - George Orwell, 1984
Chevron Corp just released their 4th quarter report which showed a $5.1 billion net income for the quarter. That brought their 2011 net earnings to $26.9 billion. So what did Chevron do with all that money?
The enrichment of stock holders came in the form of buying back company stock. Buying stock, especially in large quantities, causes the price of stock to increase substantially. And the price of Chevron stock increased from $91.25 on December 31, 2010 to $106.40 one year later. That’s a $15.15 increase for calendar year 2011.
John Watson became CEO of Chevron in September 2009. At the end of 2010 he had 987,000 stock options. At a per share price increase of $15.15, that means Watson was $14,953,050 richer (on paper) at the end of 2011 than he was at the beginning of 2011. The remainder of the executive officers at Chevron were just as proportionally enriched.
Of course other benefactors of the buy back program include employees who participate in Chevron’s stock program. But the big boys on Wall Street were the big winners. Hedge funds love the likes of Chevron.
Okay, so you’re still waiting on me to show you the trickle-down results. Well, I hate to disappoint you, but I’ve already done that — it trickled down to the owners of Chevron stock. So, trickle-down-economics does work. That’s why we should lower corporate taxes even more and continue to give them taxpayer subsidies. Trickle-down-economics (supply-side-economics) works so very, very well — for the people at the top!
". . . . corporations have been enthroned and an era of corruption in high places will follow, and the money power of the country will endeavor to prolong its reign by working upon the prejudices of the people until all wealth is aggregated in a few hands and the Republic is destroyed." - Abraham Lincoln, 1864
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Chevron Corp just released their 4th quarter report which showed a $5.1 billion net income for the quarter. That brought their 2011 net earnings to $26.9 billion. So what did Chevron do with all that money?
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