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McCain Economic Adviser Carly Fiorina's Golden Parachute

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September 16, 2008 11:34 AM

ABC News' Lisa Chinn and Jennifer Parker report: Republican ticket mates John McCain and Sarah Palin Monday blasted corporate executives who leave their company with a "golden parachute"  and pledged to "stop multimillion dollar payouts" to CEOs, seeming to forget their own top economic adviser Carly Fiorina walked away with $45 million, including a $21.4 million severance package when she was dismissed by Hewlett Packard in 2005.

"We are going to reform the way Wall Street does business and put an end to the greed that has driven our markets into chaos," McCain said at a campaign rally in Florida Monday, as Wall Street reeled with the news that brokerage firm Lehman Brothers filed for bankruptcy and Merrill Lynch was sold to Bank of America.

"We will stop multimillion dollar payouts to CEO’s who have broken the public trust. We will put an end to running Wall Street like a casino. We will make businesses work for the benefit of their shareholders and employees. And we will make sure that your savings, IRA, 401k and pension accounts are protected,” McCain said.

Republican vice presidential candidate Sarah Palin,  echoed McCain's comments almost verbatim as she campaigned on her own in Golden, Colo., Monday.

"John McCain and I we're going to put an end to the mismanagement and abuses and on Wall Street that have resulted in this financial crisis," Palin said Monday. "We are going to reform the way Wall Street does business and stop multi-million dollar payouts and golden parachutes to CEOs who break the public trust."

The McCain campaign was asked by ABC News to clarify what a McCain administration would do to "stop multimillion dollar payouts" to CEOs.

McCain spokesman Brian Rogers said McCain supports allowing company shareholders to vote on CEO compensation. However it's unclear how any president could enforce such a measure within a private company. 

"What he supports is making sure that shareholders can vote on CEO compensation, right now he's saying they don't," McCain spokesman Brian Rogers told ABC News.

McCain's top economics adviser Carly Fiorina, a McCain campaign surrogate who made the rounds on the Sunday morning talk shows this past weekend and appeared on CNN Monday speaking for McCain, herself benefited from a multimillion dollar payout.

Fiorina was dismissed as the CEO of Hewlett Packard in 2005 after a merger with Compaq floundered, stock prices plunged 50 percent, and 20,000 people were layed off. Fiorina walked away with a $21.4 million severance package.

Asked whether McCain was talking about CEOs like Fiorina, McCain's top adviser who walked away with millions in compensation as her company's stock price plunged, Rogers said McCain was "talking about the issues that are before us today."

"We're talking about Freddie and Fannie and CEOs like Jimmy Cayne of Bear Stearns, Angelo Mozilo at Countrywide, folks that are largely responsible for what happened and walk away with this kind of multimillion dollar payout," Rogers said.

"I don't think there's any analogy there," Rogers said referring to Fiorina.

UPDATE: Obama has co-sponsored a bill with eight other Democrats that is currently before the Senate Banking Committee, S.1181, that would amend the Securities Act of 1934 to include a separate shareholder vote on executive compensation. McCain is not a co-sponsor.

September 16, 2008 in McCain, John, Palin, Sarah, Vote 2008: Republicans | Permalink | User Comments (59)

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Their errors are showing everyplace. Just as McCain didn't bother to vet Palin, now his campaign is using talking points that only point the finger at their own hypocrisy.

Posted by: jon in maryland | Sep 16, 2008 11:38:09 AM

John McCain economic advisor Douglas Holtz-Eakin this morning suggested that McCain deserves credit for helping create the handheld communications device known as the BlackBerry.

Posted by: ha | Sep 16, 2008 11:40:39 AM

she'll probably lie about this as well

I have yet to see her speak once where she seriously did not blatantly lie about something that did not fit her argument.

Posted by: dl | Sep 16, 2008 11:41:29 AM

This just illustrates the hypocrisy of the McCalin campaign. They should realize when they are pointing the finger, four are pointing back at them.

Posted by: Wm. J. LePetomaine | Sep 16, 2008 11:42:53 AM

her seriously pathological lies are probably what cost HP there shirt.

Posted by: dl (the real one) | Sep 16, 2008 11:43:42 AM

Man these people are loaded. No wonder McCain's tax plan benefits the rich.

McCain an out of touch loser.

The truth is coming out about Palin and her record. She's scared out if her wits to participate in an investigation... McCain numbers are dropping and so he results to LYING

Now it's been pointed out by the media

Their running scared. Should've chosen Romney McCain. Could've won Michigan.

Thanks for the election

Obama/Biden08

Posted by: Vanessa | Sep 16, 2008 11:43:46 AM

We are supposed to buy this snake oil? They were talking about Freddie Mac and Fannie Mae? How so? That John Green and Wayne Berman, co-chairs of the McCain campaign and part of his inner circle served as president of a lobbying association that fought to protect Freddie Mac and Fannie Mae from the sort of regulation that McCain is now proposing.

Posted by: Paige | Sep 16, 2008 11:45:08 AM

Welcome to the Republican Circular Firing Squad.

We fire with blanks.

Just political grandstanding and once Bush 44 is in office...... business as usual.

Posted by: Omentum | Sep 16, 2008 11:46:33 AM

Flip-flop, diddy-bop

Posted by: Wm. J. LePetomaine | Sep 16, 2008 11:47:19 AM

Why does a so called "maverick" like John McCain need to embrace the tactics of distortion, of outright lies in the current political race that looks as if it has become as down and dirty as any election in recent years? Doesn't a maverick refuse to join the herd, to march to a different drummer? If John McCain has already employed the tactics of the last eight years of the Bush administration (lies and deceit as in Iraq's WMD or that Iraq was responsible for 9/11), hasn't McCain already shown that his administration (should he win the election) will simply be a continuation of the untruths and distortions that are a hallmark of George Bush and Company?

Posted by: politicjock | Sep 16, 2008 11:48:43 AM

McCain can't remember how many houses he has, how do you expect him to remember in which house he left his COMMON SENSE?

McCAIN AIN'T GOT IT CAUSE McCAIN DON'T GET IT.

Posted by: Ed from MA | Sep 16, 2008 11:50:57 AM

Has anyone asked Carly Fiorina if Sarah Palin's remarks about her golden parachute are sexist?

Posted by: ricky | Sep 16, 2008 11:53:26 AM

If you vote republican this election cycle, you are part of the problem. McCain is corrupt to the core and a warmonger to boot. Ron Paul had integrity, but the republican primary voters have shown their true neocon colors. Republicans must lose big this time so that they can reassess what they stand for, which isn't anything good right now.

Posted by: Ben Straub | Sep 16, 2008 11:54:38 AM

Barack Obama got it WRONG

I believe McCain doesn't get it

AND

He doesn't care.


Posted by: Omentum | Sep 16, 2008 11:56:30 AM

"And we will make sure that your savings, IRA, 401k and pension accounts are protected,” McCain said.

McCain's chief economic adviser, Phil Gramm was the sponsor of the "Enron loophole" that deregulated us into this mess. Phil Gramm's wife Wendy was on the Enron Board of Directors. McCain has not only admitted he know little about the economy, he can't remember how many houses he owns.

Ask any former Enron employee how safe your IRA and pension will be with this gang in charge. They're the Houstonians who lost their jobs, homes and savings to Republican policies instead of Hurricane Ike.

Posted by: ricky | Sep 16, 2008 12:00:23 PM

another nothing story. rep. casey from pa is staunchly pro-life but endorsed obama in a rally they held together. people can have differing perspectives.

Posted by: Angry Black Democrat | Sep 16, 2008 12:00:34 PM

ricky

that's a good one ...lol

Posted by: dl | Sep 16, 2008 12:01:38 PM

Biden's son is/was a lobbyist for the Financial companies. Biden pushed the bill for all the Credit Card companies in Del. that caused the sup-prime fallout.

Freddie and Fannie donated tons to Biden and Obama. It's their fault.

Posted by: lm | Sep 16, 2008 12:09:00 PM

Typical McCain. The ol' slight of hand. But he gets a lot of naive, dumbed down voters to buy his snake oil medicine mantra.

Posted by: CMSgt Gary Preston | Sep 16, 2008 12:13:43 PM

Who cares.....why doesn't anyone want to work for their own American dream....don't punish those that do. She knows a thing or two about finance. McCain said he will be appointing Republicans AND DEMOCRATS to his cabinet, the wealthiest of those to take $1 a year. I beleive him. The McCain's donate 44% of their income, Obama only 1%.
CHANGE AGENTS, REFORMERS, McCAIN/PALIN ALL THE WAY. Shake up Washington with Palin there too.

Posted by: Debra | Sep 16, 2008 12:27:30 PM

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