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Exxon being challenged by Rockefeller heirs on Wednesday.

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mac2 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-27-08 01:42 PM
Original message
Exxon being challenged by Rockefeller heirs on Wednesday.
Edited on Tue May-27-08 02:01 PM by mac2
Wall Street Journal, pg. A1 and A12 May 25-26, 2008, "Rockefeller Rebellion Turns Up the Heat on Exxon-John D's Heirs Seek Change-Respect".

Exxon's leaders have the Rockefeller family in an uproar. The children of the third generation of the family are challenging the management of Exxon Mobile Corp. successor. They are concerned over the threat of global warming. Others are also concerned over lost business opportunities or risks.

The company seems unconcerned over the shareholders concerns especially those called Rockefeller. They have struggled to stay unconcerned as they were taught by their family that having a public fight was simply not the "done thing". "David Rockefeller,92, the former chair of Chase Manhattan Bank has taught that activism was "mostly carried on by nuts", says his daughter, Mrs. Goodwin, a Cambridge Mass., economics."

Twice in 2004 the company send in investors-relations executives to talk with the family. Their concerns were not answered.

The next year Exxon just didn't respond to information about what happened.They invited various experts to educate themselves. The family concerns snowballed when the new head Mr. Tillersonson took over. They made little headway.

Mr. Tillerson invited only David Rockefeller (Mrs. Goodwin's father) to a secret luncheon meeting. Although she finally get an invitation it was nothing new. Attempts to meet with other members of the family were handled the same as other investors. David Rockefeller is one of the heads of the Bilderberg Group. They send us to war for oil and power.

The family moved forward and drew up proxy resolutions, etc. (Senator Jay Rockefeller of West Virginia has his holdings in a blind trust and says he's supportive but isn't directly involved). They hate to go public but feel something is wrong with Exxon.

In my opinion, it is exactly what most Americans hate about the arrogant Exxon leaders. Family members should have been involved with the Exxon spill and refusal to pay for the Alaskan damage. That was Jay Rockefeller's responsibility as a shareholder and Senator.

Mr. O'Neill says his family sit on a lot of corporate boards "he says, we're not known for being meddlers." Ah but Mr. O'Neill it is your duty to be meddlers as shareholders and Americans. It is you who we directly hold responsible for what the company you own does.

Keep your eyes and ears open...this Wednesday is the showdown.
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benny594 Donating Member (14 posts) Send PM | Profile | Ignore Tue May-27-08 01:48 PM
Response to Original message
1. it is about time they were challenged on something
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Crabby Appleton Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-27-08 02:23 PM
Response to Original message
2. Won't make any difference
Rockefeller's don't own enough of the stock anymore to have any direct influence nor is there a Rockefeller on the board, and stockholder resolutions are non-binding. The larges share holder is Barclays Global Investors UK Holdings Ltd with 4.41% (abount $19 billion)
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stillcool Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-27-08 03:31 PM
Response to Reply #2
3. Kind of hard to know that isn't it?
Who is to say that Rockefeller's are not heavily invested in Barclay's, and other private holdings companies, that hide their identity?

http://www.soilandhealth.org/03sov/0303critic/0303socialcriticism.html


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mac2 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-27-08 10:42 PM
Response to Reply #3
5. It is a fact that you can't judge all the people in a family as
being the same as their fathers, etc.
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stillcool Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-27-08 11:25 PM
Response to Reply #5
7. Who said anything about
judging, or the father? I was responding to a post about how much of an interest the Rockefeller family had in Exxon.
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mac2 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-27-08 11:46 PM
Response to Reply #7
8. "They" hide their idenity.
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stillcool Donating Member (1000+ posts) Send PM | Profile | Ignore Wed May-28-08 09:22 AM
Response to Reply #8
9. Of course "they" do...
that has nothing to do with judging, it has to do with how wealth and how it is invested.
From the book "The Rich and the Super Rich" by Ferdinand Lundberg available for free download due to its copyright expiration...http://www.soilandhealth.org/03sov/0303critic/0303socialcriticism.html

For many years Rockefeller, Jr., son of the original self-made tycoon, had been prudently reducing his taxable estate by (1) establishing trust funds for members of his family and (2) allocating money to foundations controlled by the family. Thus, early in the 1930's he had begun transferring large holdings into trust funds for the children, according to the federal record. 40 As of December 18, 1934, when stock prices were abnormally low, two trusts for Abby Rockefeller were launched giving 2.13 per cent ownership of Standard Oil Company of California; one for John D. III giving .99 per cent ownership; and one for Nelson A. Rockefeller giving .92 per cent ownership--4.04 per cent in all. Similar trusts were set up at the same time for the same children in Standard Oil Company of New Jersey. 41 Later, as the will disclosed, trusts had been established for all six children and the twenty-two grandchildren. The family was now resting quietly in trust.
------------
There are reputed to be a large number of Rockefeller trust funds. According to the Washington Daily News, June 8, 1967, page 69, there may be as many as seventy-five family trust accounts "set up by John D. 'Junior,' for his six children and by those children for their 23 offspring. The latter generation--known as the 'cousins'--have begun setting up trust accounts for their 44 children."
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OKIsItJustMe Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-27-08 06:36 PM
Response to Original message
4. Exxon annual meeting likely more rambunctious than usual
http://www.star-telegram.com/business/story/666741.html
Posted on Tue, May. 27, 2008

Exxon annual meeting likely more rambunctious than usual

Exxon Mobil Corp.'s annual shareholders meeting Wednesday in Dallas promises to be even more rambunctious than usual, as a contentious shareholder proposal urging the nation's largest company to split the jobs of chairman and chief executive is just one of 17 such measures up for a vote.

Also on the agenda are proposals urging the company to do more to curb greenhouse gas emissions, invest in alternative energy, and allow a shareholder advisory vote on executive compensation, a measure that's also called "say on pay." There's even a shareholder proposal to ban any more shareholder proposals.

Exxon's annual meeting routinely draws a big crowd, but the event gained even more visibility April 30 when several members of the founding Rockefeller family went public with concerns about company leadership's continued focus on oil and gas.

Peter O'Neill, a great-great-grandson of John D. Rockefeller and spokesman for 73 family members behind the initiative, said at the time the company was "fighting the last war, and they're not seeing they're facing a new war."

...
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mac2 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-27-08 10:58 PM
Response to Reply #4
6. Thanks for this link.
Edited on Tue May-27-08 11:00 PM by mac2
http://corpwatch.org/article.php?id=15056 Many organizations are trying to educate Americans on corporate misdeeds, etc.

Public Citizen says, "polls show a growing number of Americans, including Republicans, think NAFTA gas been a loser for them and the nation, and many politicians agree."

Just think what is not an issue in this primary (except for controls they can't enforce in foreign nations). The Progressive candidates put out of the primary before they hardly started for the good of the party...emm globalists.

They might even keep it from the convention.
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