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McCain Calls For End To The Type Of Golden Parachute His Own Economics Adviser Got

In a speech on the economy today in Scranton, PA, John McCain spat populist fire as he railed at the high executive compensation and golden parachutes enjoyed by top Wall Street executives. From the prepared remarks:

The firms we help need accountability too. We cannot have taxpayers footing the bill for bloated golden parachutes like we see in the Lehman Brothers bankruptcy, where the top executives are asking for $2.5 billion in bonuses after they ran the company into the ground. The senior executives of any firm that is bailed out by treasury should not be making more than the highest paid government official.

Only hours earlier, however, McCain was on MSNBC, where he displayed a notable lack of concern -- and a lack of awareness of the details -- about the golden parachute enjoyed by former Hewlett Packard CEO Carly Fiorina, one of his own leading economic advisers.

Asked if he viewed Fiorina and her $45 million golden parachute as an example of the sort of person that's the problem on Wall Street, McCain said: "I don't think so."

Asked to square her golden parachute with his pledge to crack down on such compensation, McCain responded: "I think she did a good job as CEO in many respects. I don't know the details of her compensation package but she's one of many advisers that I have."

Pressed further, McCain claimed: "I do not know the details of what happened."

A quick side note. Both sides are hammering away at the business ties of his opponent's advisers as a way of gaining traction on the economic crisis. The challenge for each is to make the criticism of his foe's advisers gel with the larger philosophical and political argument he's trying to make, rather than letting the chatter about advisers become a distraction from it.

Obama would seem to have a bit of an advantage here. The criticism of McCain's advisers as bloated execs or longtime lobbyists for corporate interests dovetails nicely with Obama's claim that McCain is philosophically a deregulator at heart as well as a D.C. insider tied to interests heavily invested in the status quo.

Meanwhile, the fact that Obama was advised by a former Fannie exec allows McCain to attack Obama as a hypocrite, perhaps, but doesn't give McCain ammo to draw any meaningful contrast between the two candidates in the realm of ideas.

Late Update: Here's the video of McCain on MSNBC:


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they're going to try to make obama into a scheming political product of chicago.

too bad they're going to keep lying

Amazing-he uses the "Main Street" language of Obama. Hopefully, he's a day late and a dollar short.

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Meanwhile, the fact that Obama was advised by a former Fannie exec allows McCain to attack Obama as a hypocrite, perhaps, but doesn't give McCain ammo to draw any meaningful contrast between the two candidates in the realm of ideas.

My bigger concern is it muddies the water and leads to a "they're all corrupt" mentality. Obama is the one who needs to draw the contrast when it comes to economic reform.

Then let him exert every ounce of his influence as the titular leader of the Democratic party to try to stop the bailout train. If he doesn't, I'm afraid his claim to be a reformer starts to ring very hollow in reality, not just in McCain's alternate universe. The 3 am call is on the line...

As is so often the case, I find myself agreeing with Mr LaBonne here. Sen Obama would do well to take a very strong stance against the proposed bailout as it stands lest he run the risk of ceding this territory to McCain. I am glad to see that no democrats (including Obama) appear to be caving to the administration at the moment, but on the other hand McCain is likewise pushing back against the administration, so we need to push back even harder if we are to keep McCain from stealing this issue from us.

Be careful what you wish for. This situation is much more precarious for Obama than many people realize. Obama and the Democrats will not get everything they want out of this deal, and there will be a deal.

Contrary to the popular opinion here at TPM, there is more at stake than some golden parachutes for CEOs. If it looks like the Democrats are obstructing passage and things turn south again in a big way, they will take the blame and get punished.

Obama himself was correct when he said the most important thing is to restore liquidity to the credit market. Banks are terrified of lending because of their fear of being exposed to the pandemic disease called bad debt.

If the credit market freezes, our economy stops. And when that happens, I just hope that you have enough land to grow your own food.

As my old boss used to say, this is not a hill to die on.

Gosh, McCain is also voicing opposition. I guess it is hard, then, for me to understand how Obama might catch flak if things worsen without McCain catching the same flak. I could see how such a turn of events could hurt senate democrats in general, but with regard to the specific presidential race of Obama vs McCain, I guess it looks to me like Obama is fairly well safe against that sort of blowback.

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Sorry, the banks aren't "terrified" of anything. The banks are talking about "deal breakers" in a situation where they claim very future of America is on the line. People who have "deal breakers" aren't terrified.

After spending the weekend reading about this crisis I conclude that this is just the Bush gang's parting effort to shake down the American taxpayer for an additional trillion dollars.

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You seem to be a lone voice among many other voices that are saying the opposite.

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That was meant as a reply to MASON.

I like Paul Krugman's quip that this is the "Authorization to Use Financial Force". Except that might turn out to be gallows humor...

In case you missed it, Obama himself supports the idea. Only he wants to be sure that there are constraints, oversite, and protection for taxpayers and home owners. "No Blank Check". Hopefully the Democrats will get those things. But he is not opposing the idea that a bailout is required. There will be a deal.

So just don't freak out when it passes with bi-partisan support and Obama comes out with one of his, "It's not perfect, but the right thing to do" responses.

Of course there will be a deal,if Congress does NOT agree to Bush's 'deal' Congress will be labled as the bad guys,slammed for failing the American people,and if congress does agree ,the GOP will claim congress is lineing their own pockets,it's a Political game of damned if you do ,damned if you don't.I don't think TAXPAYERS should bail anyone out of their own self made fianancial problems.I wonder if this wasn't a 'planned' failure to cause a political war ,to make it look like a democratic congress is against the American people ?Ironic that McCain claims he KNEW this was happening several years ago ,and suddenly it all happens NOW?Something smells awfully fishy ,sorta like a rotten frozen Alaskan Pollock !

Yes, Senator Obama had Jim Johnson as an advisor but McLame has (currently) Black, Fiorina, Davis; and still has Gramm, even though he might be side-lined for now, so far that's a 3:1 to me.

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Economic "MUSHROOM CLOUD ON HORIZON"
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BULLSHIT, BULLSHIT,BULLSHIT
Don't fall for this crap again congress.
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We've been through this once before
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"If we don't act now it will be too late",
"You are not patriotic if you don't sign on dotted line immediately congress",
"The American people are in peril otherwise"
"there is no time to waste"
"we must not blink"
"the American people and the world demand we act"
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fool me once, shame on — shame on you. Fool me — you can't get fooled again."
—President George W. Bush, Nashville, Tenn., Sept. 17, 2002

"Meanwhile, the fact that Obama was advised by a former Fannie exec allows McCain to attack Obama as a hypocrite, perhaps, but doesn't give McCain ammo to draw any meaningful contrast between the two candidates in the realm of ideas."

Okay, so maybe there's a good reason and you know something here. But my latest info is that Obama denies and the exec denies that Obama ever received any advice from exec. Is that the case? If so, is it true, and if it is, why would we be saying the opposite here?

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Greg should make it clear who he's referring to. Is it Raines, or Jim Johnson?

Because if it's Raines, then that amounts to parroting of a misleading McCain ad.

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McCain can't be too pleased about the Rick Davis piece in today's Times. SEems like that should be an advantage for Obama, as well.

I think the Obama line from yesterday: John McCain wants to do for the health care system what WAshington has done for the banking system is excellent, and he should repeat it.

I'm troubled that something seems to be inhibiting Obama from speaking plainly about what is happening to (and what the Bush Administration is threatening to do to) the economy.

There may be some good reason for his relative reticence that I can't know about, and perhaps his strategists tell him that being a Cassandra would hurt his election chances. But the apparent intention of Bush to clean out the Treasury in favor of the very people who caused the mess, charging every single inhabitant of the U.S. (including infants) $2000 to socialize the American housing market seems something worth his both announcing and opposing.

McCain is actually making more effective (though fraudulent) noises about this so far.

Yes, they are both going after each of their advisors, but McCain is the one who openly admitted that he does not understand economics and would be relying on his advisors for policy direction.

This focus on executive compensation completely misses the issue. It's a canard, a distraction. Gramm. Glass Stegall. Gramm-Leach-Bliley. Those are the things that are driving this mess. The further away McCain can put this issue, the better.

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What the fuck!?

So McLame is now running as a Democrat? Cause this doesn't sit well with the type of people who run the Repug party and are his biggest donors.

McLame is very very confused.

McCain's got nothing to say about de-regulation as he well knows, so he rails against a noun:

GREED! And he kind of growls and rolls that "r" angrily.

If he's so mad about this, though, how come he's so surrounded by all these people whose whole lives are about greed?

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Has he declared war on Greed yet? That's the Repugs' favorite indoor sport- declare war on a noun.

All the Repug "government" is is frontin for ripping us off. They just make shit up, pretend they are doing something and really they're just robbing us the whole time.

Tena-

Molly Ivins says "Yes!"

McCain is already having a bad week and it's on Monday!

I can't wait for the debates!

Hah! Good point.

Obama should ram Carly Fiorina down McShame's throat, too.

Dodd, thank goodness, has lowered the stakes for Obama a bit by coming out with a draft proposal that's much better than I had feared from some of the comments he'd been making- in particular he has provisions for the taxpayers to share in the upside as well as the risk as well as fairly tight oversight of the process. With some further tweaking we may end up with something that I'd be OK with Obama supporting. But both Dodd and Obama better be ready to hold a firm line when the Rethugs threaten to hold their breath till they turn blue.

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Since when is it okay for a presidential candidate to not know about the most famous debacle his prominent financial advisor was involved in? Fiorina's downfall at HP was headline stuff. And she sure wasn't forced out because she'd done a good job.

Why is his ignorance acceptible as an answer? McCain should have known all about this before he signed her on as one of his main advisors. It's his job to know what his people have done, if they've been involved in anything questionable, especially if it made headlines.

Man, his record on vetting his people isn't too hot, is it?

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Excellent points. I think this is worthy of an Obama ad- and they ought to feature the part of the interview where after Viera points out tha Fiorina was fired and 20,000 people were laid off, McCain says "Well I think she did a good job".

Really.

and the same with Palin.

this guy just cant make any good choices.

hey he's hust like ME!!!

maybe I should vote for him???????

or maybe the person running the country should be smarter then me.

but McCain is a war hero, he was a POW.

but he did finish at the bottom of his naval class, and he did crash about 3 planes before he got shot down and captured. And I guess flying/crashing plane is harder then operating Windows XP/Vista.

My mother can run windows, and I'm pretty confident she can crash a plane too. So maybe I will vote for her. Plus she is a woman. I hear they're all the rage this voting season.

hey everybody! vote for my mom!

I actually miss Carly. She was good for Dems.

He is such a moron, as evidenced once again in that video.

Regardless of what is written about Obama doesn’t mean it is true. What is true is “what comes out of the mouth the heart is full of” and we hear what Obama says and we can judge his heart accordingly.
Our biggest problem now aside from energy is terrorism (if we fix our energy we fix the economy) and there’s two ways to address terror, offensively or defensively. Both face the same tossup war or peace. Education is the key, why radical Islam hates us. Talking and listening with our enemies and allies spending money on the schools that will prevent the teaching of radical Islam and at the same time be sensitive to the ancient customs of the Arab nations and leave diversity the role it needs to play. I am an American that lived in Israel ten years near a Arab neighborhood (Bethlehem) and I know how Arab-Israeli (Arabs that were born in Israel) and Palestinians (Arabs who were born outside usually Jordan) and have an understanding how both think. The more violence we will use against this Holy War, the more they are given the right to use terror.
We need a president who understands this. Obama is a man who does.

ooooh, awkward!

Actually, if you watch the whole interview with Viera, there's more! He also flashes a weird, creepy, possibly nervous smile when talking about how Carly Fiorina worked her way up from part-time secretary to CEO of HP, which is a slap in the face to the many bootstrappers out there who actually learned how to run things while moving through the ranks. The second-scariest part after the Fiorina weaseling, though, is the way he describes Sarah Palin. He responds to a question about her drawing crowds by saying how exciting it is to have her around, several times. It's the most animated he is in the whole piece, and a bit cringe-inducing, given all the photos and video of him looking at her butt and her chest, and his incessant fiddling with his wedding ring. Viera's facial expression after the jump is telling, too.

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