Amid all the hoopla over President Bush's State of the Union address, Archer Daniels Midland's quarterly report (PDF), released Tuesday, got little attention outside of Wall Street -- where it drew cheers, sending ADM's share price to an all-time high.
At the company's conference call with analysts, the Wall Street Journal reports, John M. McMillin of Prudential Securities "likened [Archer Daniels Midland] to Exxon Mobil Corp., which just announced its own record-breaking profit and jokingly suggested the company might be called upon to explain its profits."
Actually, McMillin's comparison isn't all that comical. Just as ExxonMobil clawed its way to the top of the corporate heap by peddling an environmentally ruinous commodity whose real costs don't burden its balance sheet, ADM's "blowout" profits can be traced directly to government largesse. Oh yeah, and both companies owe much of their surging profitability to making fuel for cars.
