Tuesday, February 1, 2011

I'm so rich, I don't know how to spend my money

The fact that big oil gets tax breaks when it enjoys profits so large (for example, ExxonMobile had a 53% boost last quarter) that it can't figure out what to do with them all, and instead finds itself buying back its own stock* rather than, oh, I don't know, retaining its earnings to invest them in something useful (say, green energy perhaps?) is sort of a national embarrassment.

* Recognizing, of course, that such stunts tend to increase the value of investors' shares.  How virtuous of them.  Being that they're subsidized by tax breaks.