Edwards Says Taylor Needs To Disclose To Voters How Much ExxonMobile Stock He Owns

[Press Release from U.S. Congressman Chet Edwards (D-Waco)'s campaign, TX-CD-17].[.pdf here]
Waco – Today Congressman Chet Edwards called on his opponent, Van Taylor, to tell the people of the 17th District how much stock he owns in the ExxonMobil Corporation.

In a financial disclosure statement filed with the United States House of Representatives in October 2005, Taylor reported owning between $5 million and $25 million in ExxonMobil stock.

“Americans understand that it is unfair for them to pay high gas prices while big oil companies like ExxonMobil are making billions of dollars in record profits,” stated Edwards. “Since voters are hurting every time they fill up their car or truck, they deserve to know how much Van Taylor is making as a result of ExxonMobil’s record breaking profits and high gas prices.”

At a time when most Americans are struggling to pay more than $3 per gallon at the gas pump, ExxonMobil Corporation on Thursday reported the fifth highest quarterly profit for any public company in history, $8.4 billion. In January, ExxonMobil posted their highest quarterly profits of any public company in history: $10.7 billion for the fourth quarter of 2005 and $36.1 billion for all of 2005.

This news comes just weeks after it was announced that former ExxonMobil CEO, Lee R. Raymond, was given a nearly $400 million retirement compensation package.  During his 13-year career at ExxonMobil, Raymond earned a reported $686 million, or $144,573 per day.

Taylor has used his personal wealth, including his up to $25 million in ExxonMobil stock, to personally contribute and loan his congressional campaign a total of $475,000.

“Voters won’t appreciate the fact that Mr. Taylor, who just moved to our district from North Dallas last year, is using the profits from his vast amount of ExxonMobil stock to try to buy a seat in Congress,” said Edwards.