McCain's Housing Crisis Surrogate Got Extensive Mortgage Aid

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.

Comments

[Grannysue]

12:41 PM on 03/26/2008

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

[rbdc]

08:49 AM 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.

[bob5701]

07:55 AM on 03/26/2008

HP makes good printers.

[Gary47]

12:59 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.

[Grannysue]

11:31 PM on 03/25/2008

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!

[JoesGarage]

08:17 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?

[globality]

04:43 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.

[hoopesaz]

04:08 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.

[sawdustinhershoes]

03:52 PM on 03/25/2008

I wonder if she's on steroids.

[sawdustinhershoes]

03:51 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.

[IslandGyal]

03:36 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.

[estreya]

03:35 PM on 03/25/2008

Obama's take on this - note the date. http://www.dailykos.com/storyonly/2008/3/25/85626/5111/369/483717

[soljifire]

03:35 PM on 03/25/2008

McCain omg just a next bush

[GOP4MoreTears]

03:34 PM on 03/25/2008

Senator John McShame, whata guy.

[DwH]

03:10 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.