The Gilded Age presents: The 450 MIllion Dollar Man

Heavyweight companies like GM continue to announce layoffs and other giants are working to be released from their pension agreements to long-term employees.

Meanwhile, in the boardroom, things are going pretty well.

Exxon is giving Lee Raymond one of the most generous retirement packages in history, nearly $400 million, including pension, stock options and other perks, such as a $1 million consulting deal, two years of home security, personal security, a car and driver, and use of a corporate jet for professional purposes. (. . .)

That was before new corporate documents filed with the Securities and Exchange Commission that revealed Raymond's retirement deal and his $51.1 million paycheck in 2005. That's equivalent to $141,000 a day, nearly $6,000 an hour.

I suppose the laws of voodoo economics would mean that the $450 million will go back into the economy and mean countless new jobs for average Americans. My guess is that it sits around earning millions more in interest.

Exxon defends Raymond's compensation, pointing out that during the 12 years he ran the company, Exxon became the largest oil company in the world and that the stock price went up 500 percent.

And in these tough times for the oil industry, it really takes a mastermind to turn a profit.