"When $10 Billion Isn’t Enough"
Today, Exxon Mobil recorded the highest quarterly profit ever for a publicly traded U.S. company, raking in $10.71 billion in the fourth quarter of 2005. The previous record was $9.92 billion, set by Exxon in the third quarter of 2005.
Apparently, that’s not enough. Exxon wants the money it had to pay as punishment for the 1989 Valdez oil spill back:
Exxon Mobil Corp. urged a federal appeals court Friday to erase the $5 billion in damages an Alaska jury ordered the oil giant to pay for the 1989 Valdez oil spill.
Exxon attorney Walter Dellinger told a three-judge panel of the 9th U.S. Circuit Court of Appeals that the company should be liable for no more than $25 million in punitive damages. Punitive damages are meant to deter and punish misconduct.
If a company pulls in $10 billion in profits a quarter, a $25 million penalty won’t deter anything.
More on Exxon at Exxpose Exxon.