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July 31, 2008



How about noting that the profits of Microsoft s a percentage of gross sales were almost three times that of Exxon (and more than that when compared with most other oil companies), Google's were only slightly less than Exxon's and they enjoy close to monopoly status in their industries? Also many other big companies have equal or greater profits as a percentage of sales as oil companies. More importantly, do you realize that the biggest stockholder in Exxon is CALPERS (with 1.7 million hard-working pensioners) and that a huge amount of Exxon's stock is owned by other pension funds? So (1) if Exxon;s profits are a "windfall" so too are Microsoft's, Google's and every other company with profits that are more than 10.5% of gross; (2) lowering the value of stocks held by big pension funds and IRA's is really good for all the working stiffs whose pension funds, IRA's etc. own stock in Exxon and other oil companies. You are either naive, gullible, ignorant or all three.

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