Monday, September 22, 2008

Doubling down on crazy. And stupid.

From the Washington Monthly:

GOLDEN PARACHUTES.... The only consistent element of John McCain's recent rhetoric on economic issues is that he's just not thinking things true. In the latest example, McCain has been, in true populist style, railing against "golden parachutes" for CEOs.

The more lavish compensation packages are part of McCain's economic pitch, the more likely he'll face questions about former Hewlett-Packard CEO Carly Fiorina's golden parachute. And yet, as of this morning, he was apparently caught completely off guard.

On NBC's "Today," Meredith Vieira told McCain, "You have said, senator, that there are a lot of reasons for this financial crisis, but you have said, bottom line, it's those fat cats. It's the greed of Wall Street. And you said, you promised ... to crack down on CEOs who walk away with huge severance packages. And yet the person that up until recently was your public face really on your economic policies was Carly Fiorina.... She was fired in 2005. But she left with what I think was a $45 million golden parachute while 20,000 of her employees were laid off. She's an example of exactly the type of person you say is at the root of the problem."

McCain replied, "I don't think so." When pressed, he added, "I think she did a good job as CEO in many respects. I don't know the details of her compensation package."

Reminded that Fiorina received a $45 million golden parachute after being fired while 20,000 of her employees were laid off, McCain stumbled a bit before concluding, "I don't know the details of what happened."

Hewlett-Packard didn't exactly excel under Fiorina's leadership. The company's stock fell 55% during her tenure, and as Vieira emphasized, she was fired. As "punishment," she walked out the door with $45 million and, soon after, became an advisor to a leading Republican presidential campaign.

This certainly seems like the kind of greed and mismanagement the new McCain should disapprove of, doesn't it?


It's hard to believe the country is on the verge of putting this man, let alone his second in command, anywhere near the gear shifts of political and economic power.

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