Dem senators: Tillerson’s Exxon payout ‘egregious’

Dem senators: Tillerson’s Exxon payout ‘egregious’
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Sens. Tammy BaldwinTammy BaldwinHillary gives Bernie cool reception at Trump inaugural lunch Major progressive group unveils first 2018 Senate endorsements Overnight Finance: Scoop – Trump team eyes dramatic spending cuts | Treasury pick survives stormy hearing MORE (D-Wis.) and Elizabeth WarrenElizabeth WarrenWeek ahead: Regulators await Trump's 'day one' Franken emerges as liberal force in hearings Women's marches draw huge crowds as Trump takes office MORE (D-Mass.) say they are infuriated by a $180 million retirement package potentially heading to President-elect Donald TrumpDonald TrumpFormer Clinton spokesman: Virginia elections will begin resistance to Trump A closer look at McCain's proposed defense budget Scarborough: Missed opportunities in Trump’s inauguration speech MORE’s secretary of State selection.

Former Exxon Mobil CEO Rex Tillerson reached an agreement with the oil giant’s board of directors Tuesday to severe his ties with the company ahead of his confirmation hearings next week.

The company will buy him out of the more than 2 million Exxon shares he would have earned over the next 10 years and put the money in an independent trust. He will also sell of the 611,000 shares he already owns, valued at about $55 million, according to the Chicago Tribune

“Too many Americans feel that Washington is broken and isn’t working for them,” Baldwin and Warren said in a joint statement Wednesday. "Now that the Republican establishment owns Washington, it’s clear that corporate special interests will be calling the shots and writing the rules to make a rigged system work for them."

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“President-elect Trump made a commitment to ‘drain the swamp’ in Washington by reducing the influence of special interests in government, but this egregious payout deal is nothing more than a golden parachute that flies in the face of his campaign promise.”

Baldwin and Warren added that Tillerson must prove Exxon’s compensation will not influence his possible leadership of the State Department.

“It is important to know how Rex Tillerson plans to recuse himself from matters relating to the oil industry,” they said. 

“Government officials are supposed to work on behalf of the public interest and our common good. The American people can’t afford to have our secretary of State in the pocket of corporations and special interests.”

Exxon’s arrangement with Tillerson is meant to reduce conflict-of-interest concerns facing his nomination.

The company said in a statement that Tillerson will forfeit benefits and more than $4 million in cash bonuses scheduled over the next three years.

“The net effect of the agreement is a reduction of approximately $7 million in compensation owed to Tillerson,” Exxon said in a statement Tuesday.

Tillerson’s past business dealings, particularly his work in Russia, are facing fierce scrutiny before the start of his confirmation hearing in the Senate next week.