Sam Stein

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Sam Stein

The Huffington Post

McCain\'s Housing Crisis Surrogate Got Extensive Mortgage Aid

McCain's Housing Crisis Surrogate Got Extensive Mortgage Aid

March 25, 2008 02:42 PM



Senator John McCain delivered a policy speech today to address the current housing crisis and, ostensibly, shore up concerns over his admittedly limited grasp of economic policy. Later, his campaign is hosting a conference call on the same matters.

And yet, speaking on behalf of the senator on the call is a figure who couldn't be further removed from the perils of the housing market.

Carly Fiorina, a McCain surrogate and "RNC Victory 2008 Chair," formerly headed Hewlett-Packard. And when she was brought on board the company in 1999, she was given a sweat heart deal to help her with her mortgage.

A February 2005 AP article noted that HP "helped her with her mortgage, relocation expenses and taxes related to relocating, for a total of $1.6 million between 1999 and the end of 2003." According to HP proxy statements, roughly $650,000 went to help with her mortgage during her time with the firm.

Indeed, from 2001-2003, data indicates that HP was paying up to half of Fiorina's mortgage costs.

Adding a little cherry on top, when Fiorina was ultimately dismissed from her duties as chairman and chief executive officer, she received a severance package valued at $21 million.

To be sure, payments like these don't mean that Fiorina can't provide valuable insight into the ailments of the market and subprime mortgage industry. But her personal story does matter, when one considers McCain's pledge to -- in light of criticism over his shortcomings on economic policy -- surround himself with capable advisers.



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Yes she got help, but like McBush said, there's no help for you peons only us wealthy people.

favoriteFavorite Flag as abusive Posted 12:41 PM on 03/26/2008

McCain states, "it is not the duty of government to bail out and reward those who act irresponsibly. . ."
Substiute "the people" for government, and you've got and you've got an excellent argument against electing another Republican administration.

favoriteFavorite Flag as abusive Posted 08:49 AM on 03/26/2008

HP makes good printers.

favoriteFavorite Flag as abusive Posted 07:55 AM on 03/26/2008

Oh that's what we need after months and months of this crises johnny boy - meetings! Of course! Yes,why didn't the rest of us think of that? You are so smart john - no wonder you're running for president.

favoriteFavorite Flag as abusive Posted 12:59 AM on 03/26/2008

That was an "economic" speech he gave, stating there's no help for you peons so shut the hell up and move out now, that's exactly what Karl and Dick told him to say. Good work McBush!

favoriteFavorite Flag as abusive Posted 11:31 PM on 03/25/2008

I recall seeing Fiorina often on CNBC when she came aboard at HP. She always put me in mind of a classic American huckster like Sinclair Lewis' Elmer Gantry. Of course, she was promoting a vision of the post-millenium new economy--a vision often articulated in business newspeak. What exactly, I recall at the time asking my spouse does "synergizing across mulitple platforms" mean? My sister-in-law, an HP executive, simply laughed--nervously--when I asked her. Did it mean swallowing a moribund PC maker--Compaq--at the expense of core busness competencies? That didn't seem all that exotic, new, or particularly smart. But, my sister-in-law was very clear on what Fiorina's new regime meant in real-world terms: the first layoffs in HP history as Fiorina betrayed the culture that William Hewlett and David Packard had nourished for decades. Indeed, it meant the breaking of a compact those founders built their success on. What does Fiorina offer us now?

favoriteFavorite Flag as abusive Posted 08:17 PM on 03/25/2008

We all know what a great executive Carly was.

Probably why she was fired

Boohoo she only got fired because she is a woman.

favoriteFavorite Flag as abusive Posted 04:43 PM on 03/25/2008

In the current environment your post title implies that she received government aid for her mortgage. She did no such thing. She negotiated a good contract. AMAZING how that is seen as criminal to liberals. Why is it that liberals only like victims? Only like those who make poor decisions? The little guy certainly needs someone to stand by him, but I don't understand why it always has to come at the expense of the competent.

favoriteFavorite Flag as abusive Posted 04:08 PM on 03/25/2008

I wonder if she's on steroids.

favoriteFavorite Flag as abusive Posted 03:52 PM on 03/25/2008

This lady got in trouble at Hewlett Packard. Something about easedropping or something. She was forced out. She appears to be aggressively ambitious.

Pehaps Mr. McCain will be just as bad at hiring as is Bush. Bush demands loyality over competence. McCain appears to be simply clueless.

favoriteFavorite Flag as abusive Posted 03:51 PM on 03/25/2008

Thing is, none of this matters, since people will vote for him because he's the default presidential candidate. Mc Cain could do whatever he wants, surround himself in Hagee, Parsley, lobbyists, even probably father an illegitimate Black child, from now until November, he's still going to be president.

favoriteFavorite Flag as abusive Posted 03:36 PM on 03/25/2008

McCain omg just a next bush

favoriteFavorite Flag as abusive Posted 03:35 PM on 03/25/2008

Senator John McShame, whata guy.

favoriteFavorite Flag as abusive Posted 03:34 PM on 03/25/2008

McCain will, like Bush, say anything to get elected. That should be the headline of every item regarding his campaign.

favoriteFavorite Flag as abusive Posted 03:10 PM on 03/25/2008

Fiorina was a salesperson.
She knows jack about economics.

favoriteFavorite Flag as abusive Posted 02:57 PM on 03/25/2008

She was your typical MBA bean counter: full of fluff and completely devoid of substance. That can be OK to head a company like Pepsico, but not an electronics powerhouse and legend like HP. She thought she was dealing with mundane products like shoes and a mundane workforce.

Bean counting is very important business, but for certain type of cutting edge companies, it pays off to know the actual nature of the business too.

favoriteFavorite Flag as abusive Posted 08:37 PM on 03/25/2008

And a failed salesperson at that ...

favoriteFavorite Flag as abusive Posted 03:13 PM on 03/25/2008

And, not all that hot as a CEO. When she was canned from HP, employees were heard singing "Ding dong, the witch is dead". If this is the kind of talent with whom McCain is surrounding himself, we have another Bush administration in the wings.

favoriteFavorite Flag as abusive Posted 05:35 PM on 03/25/2008

The GOP's Cult of Failure is utterly out of control.

favoriteFavorite Flag as abusive Posted 04:23 PM on 03/25/2008
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