McCain: Regulation and Golden Parachutes

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September 22, 2008

Meredith Vieira interviews John McCain on Sunday:

Summary of Questions and Responses:

1. Do you now believe in bail-outs?

McCain: "I believe in regulation....I've been very clear."

2. Some people say you're not clear--one day you say something, and the next day you say something else.

McCain: "I've been very clear....the American worker is the best and the fundamentals of our economy...and that's what I've said consistently."

3. Are we on the brink of collapse?

McCain: "most serious crisis since WWII"

4. Can you finance the bail-out without raising taxes?

McCain: "Not gonna raise anybody's taxes."

5. A lot of reasons for crisis, but you have said, bottom line--it's those fat cats--the greed on wall street....

McCain: "and the corruption in Washington..."

6. And you promised to crackdown on CEOs who walked away with huge severance packages. And yet the person who was your public face until recently, Carly Fiorina, was a former CEO of Hewlett Packard, fired in 2005, left with a $45 million dollar golden parachute while 20,000 of her employees were laid off. SHE is an example of EXACTLY the kind of person who YOU say is at the root of the problem.

McCain: "I don't think so."

7. How can you say that?

McCain: "Because 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 advisors that I have."

8. But she did get a $45 million golden parachute after being fired while 20,000 workers were laid off?

McCain: "I don't know the details of what happened."

9. How can you NOT know the details of her past?

McCain: "...she started out as a part-time secretary and made her way up to the top of the corporate ladder...."

10. Do you see Sarah Palin as taking a large role in your administration?

McCain: "Absolutely, sure, she'll do a great job. She shares my world view; I'm very proud of her and her job as governor of Alaska. She has an 80 percent approval rating in Alaska...."

11. Does it bother you that YOU draw the biggest crowds when she's there.

McCain: "It's exciting....we have a wonderful time together...it's great."

Please review the interview video:

http://www.msnbc.msn.com/id/21134540/vp/26839509#26834408

ANY COMMENTS?

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@Debra Law,

Question; did McCain answer the questions posed to him? LOL

He doesn't know much; including simple facts shared in the media about Fiorina as a failed CEO of HP, and her "golden parachute."

Same with the bail-outs of all those banks, finance companies, and AIG. Those officers and executives will "save" their million dollar investments by puting the onus on taxpayers. Great trade, don't you think?

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Also, Carly Fiorina stashed billions of corporate dollars in foreign accounts to avoid U.S. income taxes on company profits earned by moving American jobs overseas and utilizing foreign labor. But of course, while McCain points his finger at corporate fat cats, he doesn't think his advisor did anything wrong, even though he has never informed himself of the details.

1 Reply

@Debra Law,

There's a question on tax return about "foreign accounts." It would be interesting to get to the bottom of this issue, although it won't mean much to conservatives.

1 Reply

@Debra Law,

Of course! It's all so clear now! Just end the greed on Wall Street and the corruption in Washington, and everything will be fine. What a simple yet effective plan!

1 Reply

@Thomas,

indeed and while we're at it let's ban sin, cancer and obesity.

1 Reply

@dyslexia,

How about getting rid of the federal government? ROFL

1 Reply

In another interview with McCain's senior strategist, Nicolle Wallace, evading the questions about McCain's inconsistent flip-flopping positions, said that the American people want a leader who will come forward with his instincts. (That has to be their party mantra because informed, reasoned, and intelligent responses are not McCain's hallmark. He shoots first without asking questions). McCain was against the bail-out before he was for it. Now that he's for it, McCain's advisor was asked how was America going to pay for it? Wallace said she would go home, watch television, and see what the commentators worked out.

http://www.msnbc.msn.com/id/21134540/vp/26839509#26835607

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@cicerone imposter,

CI wrote: "There's a question on tax return about "foreign accounts." It would be interesting to get to the bottom of this issue, although it won't mean much to conservatives."

Quote:

Carly Fiorina

Fiorina defended corporate tax loopholes for McCain

Under Fiorina, H-P Kept $14 Billion Overseas In Tax Havens, Lowering Tax Rate To 12%. “By the end of its 2003 fiscal year, Hewlett-Packard Co. had ‘indefinitely’ deferred taxation on $14.4 billion of foreign earnings, according to SEC filings, a move that helped lower its effective tax rate from the statutory corporate income tax rate of 35 percent to 12 percent.” John McCain constantly cites the 35% corporate rate that what he contends is the “second highest in the world” on the campaign trail as the reason companies shift resources overseas. [Washington Post, 1/2/04; Pittsburg Tribune-Review (Pittsburg, PA), 7/9/08]

Fiorina Admitted That As CEO, She Kept “Billions” of Profits For HP By Parking Income Overseas. Carly Fiorina pointed out at an economic roundtable with John McCain that, as CEO of H-P, she purposefully parked “billions” of cash overseas to avoid paying taxes. She said, “The tax rate for us had a huge impact in terms of where we parked cash. And, of course, cash is important in a business, so when we looked at the tax rates here, and what it would cost to bring cash from overseas to here, we left billions of dollars of cash overseas, because of the differences in tax rates.” [McCain Town Hall and Roundtable, (Milwaukee, WI), 4/16/08]

Fiorina Defended McCain For Not Wanting To Shut Down Offshore Tax Havens, Said That Business Would Benefit From Reducing Corporate Rates Instead.

During an interview, George Stephanopoulos interrupted Ms. Fiorina, who was arguing that businesses do not benefit from offshore tax havens, and he made the point that companies are allowed to “defer the taxes on those profits as long as they stay overseas” which is the loophole that Senator Obama wanted to close. Fiorina responded saying, “If the tax rate were lowered on businesses in this country, businesses would bring money back. The reason they cannot bring money back is because the tax rate is so onerous.” The segment concluded with Stephanopoulos’ final rebuttal, “Not if they can pay no taxes for leaving them overseas"which is the way the law is right now.” [ABC’s “This Week with George Stephanopoulos,” 5/11/08]

Isn't It Bad Enough She's McCain's Economic Advisor?

Fiorina Called the Outsourcing of American Jobs ‘Right Shoring.’

As HP CEO, Fiorina made comments in Washington alongside Intel’s CEO that “drew an unusually strong reaction from workers, who suggested the pair forfeit their own highly paid jobs to Chinese or Russian executives working for a quarter of their pay.” Fiorina said that “there is no job that is America's God-given right anymore” and had also said called what is generally referred to as “offshoring,” the outsourcing of jobs to cheaper labor centers overseas, as “right-shoring.” [San Francisco Chronicle, 1/9/04; Investors Business Daily, 1/8/04]

More here:

http://www.democrats.org/page/content/VPFiorina

1 Reply

@Debra Law,

And this is McCain's advisor. That voters can't see the difference between McCain's rhetoric and actions is our own fault; more Americans wish to suffer for our foreseeable future. I can't change much with my one vote; we deserve all we elect to do.

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I think it's funny that all politicians are so quick to blame corruption in Washington as though it was everyone ELSE in Washington except themselves and their friends.

The McCain campaign is making hay out of saying that Palin fought the republicans in her own state. And of course they claim that the Democrats are even worse. Apparently everyone is a corrupt criminal except a special subset of republicans which just happen to include John McCain and his friends.

1 Reply

@rosborne979,

And that "message" seems to be working. After all, McCain is the "agent of change."

1 Reply

@cicerone imposter,

The US dollar is dropping in the international exchange as the US debt mounts higher by another $700 billion.

1 Reply

@talk72000,

There really is an advantage for the drop in the value of the US dollar; our debts become smaller automatically, and our products and services becomes more competitive in the world marketplace.

The con is that we're going to have to wheelbarrow money to the grocery store for our shopping.

1 Reply

@cicerone imposter,

cicerone imposter wrote:

How about getting rid of the federal government? ROFL

But what would all the welfare-recipients do? Have to find a job and WORK?

1 Reply

@Miller,

Quote:

cicerone imposter wrote:

How about getting rid of the federal government? ROFL

But what would all the welfare-recipients do?
Have to find a job and WORK?

Woud that be against the 8th Amendment ?
Cruel & unusual punishment ?

David

0 Replies

@cicerone imposter,

Quote:

The con is that we're going to have to wheelbarrow money
to the grocery store for our shopping.

I regret that Roosevelt & followers took us off the gold standard.
There was very little inflation
between the American Revolution and the Roosevelt Administration.

David

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Quote:

When cable news shows air footage of McCain railing against greedy execs and the lobbyists who rig the rules for the benefit of Wall Street dealmakers, there ought to be a crawl beneath him listing these lobbyists. (Talk about a fair and balanced presentation.) Short of that, here's the list of the McCain aides and bundlers who have worked for the high-finance greed-mongers McCain has pledged to take on. So far, it seems, none of them have been cast out of the campaign. If McCain were serious about his outrage, he might throw these money-changers out of his own temple.

Phil Anderson: American Council of Life Insurers, Aetna, AIG, New York Life, MassMutual, VISA

Rebecca Anderson: Aegon, American Council of Life Insurers, Cigna, Barclays, Credit Suisse First Boston, HSBC

Stanton Anderson: The Debt Exchange

David Beightol: Allstate, Amerigroup, Charles Schwab, HSBC

Rhonda Bentz: VISA

Wayne Berman: American Council of Life Insurers, AIG, Americhoice, Shinsei Bank, Blackstone, Carlyle Group, Broidy Capital Management, Credit Suisse Securities, Highstar Capital, VISA, Ameriquest Mortgage, Fannie Mae, Freddie Mac, Fitch Ratings

Charlie Black: JP Morgan, Washington Mutual Bank, Freddie Mac, Mortgage Bankers Association of America, National Association of Mortgage Brokers

Judy Black: Colorado Credit Union League, Genworth Financial, Bay Harbour Management, Merrill Lynch

Kirk Blalock: Credit Union National Association, Financial Executives International, American Insurance Association, Mutual of Omaha, Zurich Financial Service Group, Fannie Mae, Federal Home Loan Bank of San Francisco

Carlos Bonilla: Financial Services Roundtable, Freddie Mac

Christine Burgeson: Citigroup

Mark Buse: Freddie Mac, Goldman Sachs, Manufacturers Life Insurance Company

Nicholas Calio: Citigroup, Managed Fund Association, Fannie Mae, Merrill Lynch, The Investment Company Institute, TIAA-CRE, Securities Industry and Financial Markets Association

Ben Nighthorse Campbell: Amscot Financial Corporation, Community Financial Services Association, Fidelity National Financial

Andrew Cantor: American Insurance Association, Merrill Lynch

Alberto Cardenas: Fannie Mae

James Courter: Goldman Sachs, Donaldson Lufkin & Jenrette, Investment Company Institute, Merrill Lynch

David Crane: Financial Services Roundtable, PriceWaterhouseCoopers, Deloitte & Touche, KPMG, Ernst & Young, Bank of America, Association of Corporate Credit Unions, Freddie Mac

Dan Crippen: Merrill Lynch, National Multi-Housing Council

Arthur Culvahouse: Fannie Mae

Bryan Cunningham: Arch Capital Group

Alfonse D'Amato: AIG, Freddie Mac

Doug Davenport: Federal Home Loan Bank of San Francisco, Goldman Sachs, VISA

Ashley Davis: Prudential Financial, American Financial Group, American Premier Underwriters, Great American Insurance Company

Mimi Dawson: MassMutual

Melissa Edwards: Freddie Mac, National Association of Real Estate Investment Trusts, Access to Capital Coalition

Chris Fidler: American Bankers Association, Milcom Venture Partners, National Association Real Estate Investment Trusts

Samuel Geduldig: American Bankers Association, American Institute of CPAs, America Gains, Berkshire Hathaway, Consumer Bankers Association, Ernst & Young, Financial Services Roundtable, Investment Company Institute, PriceWaterhouseCoopers, Prudential Financial, Sovereign Investment Council, Fidelity Investments, FMR Corp.

Benjamin Ginsberg: Massachusetts Mutual Life Insurance, AIG Technical Services

David Girard-Dicarlo: American Financial Group, American Premier Underwriters

Juleanna Glover Weiss: RJI Capital, American Institute of CPAs, BNP Paribas, Ernst & Young, PriceWaterhouseCoopers

Slade Gorton: Allstate Insurance, Hannan Armstrong Capital

Phil Gramm: UBS Americas

John Green: Laredo National Bank, Alternative Investment Management Association, AIG, Blackstone Group, Carlyle Group, Citigroup, Credit Suisse Group, Fannie Mae, Icahn Associates, FMR Corp., AFLAC, VISA

Janet Grissom: American Institute of CPAs, NYSE, Merrill Lynch

Kristen Gullott: San Diego Credit Union

Kent Hance: Stanford Financial Group, Municipal Capital Markets Group, Inc.

Vicki Hart: American Financial Services Association, Citigroup, Investment Company Institute, Lehman Brothers, Merrill Lynch, New York Stock Exchange, VISA, Carlyle Group, Credit Suisse, Federal Home Loan Bank of Indianapolis, Goldman Sachs, Stanford Group, Lloyd's of London, National City Corp.

Richard Hohlt: Capmark Financial Group, Fannie Mae, JP Morgan Chase and Co., Student Loan Marketing Association, Washington Mutual, Guaranty Bank & Trust, Peachtree Settlement Funding, Dime Savings Bank of New York

Gaylord Hughey: Heartland Security Insurance Group

Kate Hull: Credit Union National Association, Fannie Mae, Federal Home Loan Bank of San Francisco, Zurich Financial Services, American Insurance Association, Financial Executives International

James Hyland: American Insurance Association, Seattle Home Loan Bank, Self Help Credit Union, National Association of Bankruptcy Trustees, Merrill Lynch, Mortgage Investors Corp., Federal Home Loan Bank of Indianapolis, Freddie Mac, New York Stock Exchange, Citigroup, VISA

Aleix Jarvis: Credit Union National Association, Fannie Mae, Federal Home Loan Bank of San Francisco, Financial Executives International, Mutual of Omaha, American Insurance Association, Zurich Financial Services

Greg Jenner: American Council of Life Insurers, JG Wentworth, UBS, VISA, PriceWaterhouseCoopers

Frank Keating: American Council of Life Insurers

Steven Kuykendall: California Bankers Association

William Lesher: Chicago Mercantile Exchange, Commerce Ventures, Rabobank International

Thomas Loeffler: Citigroup, Fannie Mae, Investment Company Institute, World Savings and Loan Association, United Services Automobile Association (USAA)

Kelly Lugar: RJI Capital Strategies

Peter Madigan: Arthur Andersen, Bank of New York, Broadridge Securities Processing, Charles Schwab, Deloitte and Touche, Goldman Sachs, International Employee Stock Option Coalition, Mastercard, NYSE, Fannie Mae, Merrill Lynch, PNC Bank

Mary Mann: MassMutual

Paul Martino: Morgan Stanley, Baker Tilly

Jana McKeag: Venture Catalyst

Alison McSlarrow: Fannie Mae, Hartford

Mike Meece: Georgetown Partners

David Metzner: Ernst & Young, Harbinger Capital Investments, Prudential, Public Financial Management, Western Union

Susan Molinari: Freddie Mac, American Land Title Association, Association of Consumer Credit Unions, Beacon Capital Partners, College Loan Corp, Coventry First, E-Trade, Financial Services Roundtable, Rent-A-Center

John Moran: Cerberus Capital Management, American Council of Life Insurers, Accenture

John Napier: Freddie Mac

Susan Nelson: AIG, San Antonio Credit Union

Paul Otellini: Ernst & Young, Financial Services Forum

Steve Perry: Charles Schwab, Hoover Partners, HSBC, National Stock Exchange

Nancy Pfotenhauer: American Land Title Association, Mortgage Bankers Association

Elise Pickering-Finley: Credit Suisse, DE Shaw, Hartford Financial Services, Research In Motion, Retail Industry Lenders Association, URL Mutual

James Pitts: Advanced Association for Life Underwriting, AETNA, American Council of Life Insurers, AIG, Council of Insurance Agents and Brokers, Debt Advisory International, Financial Services Coordinating Council, GE Financial Assurance, Hartford Life, Jefferson Pilot Financial, Kenwood Investments, MassMutual, Mutual of Omaha, New York Life, UNUM Provident, VISA, PMI Group

Tim Powers: AP Capital, Genworth Financial, Retail Industry Lenders Association, E-LOAN, General Electric Mortgage Insurance

Walter Price: Wachovia

Sloan Rappoport: Friedman, Billings, Ramsey Group, Inc. (FBR), Trafelet Delta Funds

Hans Rickhoff: Capital One, Investment Company Institute, United Services Automobile Association (USAA)

Kathleen Shanahan: New York Stock Exchange

Andrew Shore: Accenture, Retail Industry Lenders Association, Barclays, Bond Market Association, Credit Suisse, TPG Capital

Katie Stahl: Alliance for Investment Transparency, Ares Management, Fairfax Financial Holdings, Uhlmann Financial Group

Milly Stanges: TIAA-CREF

Aquiles Suarez: Fannie Mae

Don Sundquist: Freddie Mac, The Hartford

Peter Terpeluk: JP Morgan Chase, Ernst & Young, Prudential

Fred Thompson: Equitas

Jeri Thompson: American Insurance Association

John Timmons: National Association of Federal Credit Unions

William Timmons Sr.: American Council of Life Insurers, Citigroup, Dun & Bradstreet, Freddie Mac, Vanguard Group

Vin Weber: Agstar Financial Services, AKT Investment Corp., American Institute of CPAs, Ernst & Young, Freddie Mac, Louis Dreyfus Corp, PriceWaterhouseCoopers

Jeffery Weiss: JP Morgan

Tony Williams: Russell Investment Group, American Life Inc., Northwestern Mutual

" David Corn, Jonathan Stein, and Nick Baumann

http://www.motherjones.com/mojoblog/archives/2008/09/9753_mccain_campaign_lobbyists_wall_street_aig.html

2 Replies

@revel,

From what I have read, McCain's health care plan would involve deregulating the insurance companies too.

We already have banks and mortgage companies failing from over-extending themselves. So McCain wants to let the insurance companies run amok too?

That's all we need. We're in enough doo-doo as it is.

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@revel,

Just goes to show that under the McCain administration, that $700 billion bailout would already been signed - and maybe spent.

0 Replies

McCain: Regulation and Golden Parachutes

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