McCain Defends Fiorina's Golden Parachute

This weekend, John McCain defended unhelpful surrogate Carly Fiorina's generous severance package from Hewlett Packard:

"I think she did a good job as CEO in many respects," McCain told "The Today Show's" Meredith Vieira when she pressed him on the matter in light of McCain's recent accusations of greed on Wall Street.

"I know that she was a very successful businesswoman. Started out as a part-time secretary and made her way to the top of the corporate ladder as one of the biggest CEOs in the United States of America," McCain said after noting that he was unaware of the specifics of her compensation package.

Fiorina received $21 million in severance pay when she was fired as CEO of Hewlett Packard in 2005. She received an additional $21 million when Hewlett Packard's board bought out her company stock options and pension benefits. Her compensation package sparked a lawsuit from shareholders.

McCain admitted, however, that he was not familiar with the details of Fiorina's payout:

McCAIN: I don't think so. ... 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 advisers that I have.

Q: But she did get a $45 million dollar golden parachute after being fired while 20,000 of her employees were laid off.

McCAIN: I have many of the people, but I do not know the details of what happened.

McCain has vowed to end "multimillion dollar payouts to CEO's who have broken the public trust."

Watch:

Comments

[Dane1911]

This dude never knows what is going on...how come....ol­d age maybe....

[scotia626]

he's demented.

[mervr1]

Once again Johnny McSame doesn't know the facts to the whole story or understand that the American people are tired of his stupidity. McCain's problem is he believes the rich elitist run this country, but he's learning that the people have more power and are rebelling against the crap that's being thrown at them. His biggest problem is the Republican machine is starting to awaken the sleeping dragon of Middle America.

[Jandie]

McCain "thinks" Fiorina did a good job in many aspects - tell that to the hundreds that got laid-off. He is so clueless that it's not even comical. What is even worst is that some people in this country are seriously considering voting for this guy - now, that is just sad.

[DEMTRUPATRIOTS]

IS IT MY IMAGINATII­ON.....OR DOES MZ ICANDESTRO­YANYCOMPAN­Y LOOK LIKE A DANGLING PUPPET IN THAT PICTURE...­.OR THE SCARE CROW IN THE WIZARD OF OZ

[Earl]

She gets to wile away her lonely hours dabbling in politics when she should be planting a garden instead.

[peachSF02]

Good idea! She does think money grows on trees!

[BigSurf]

She got fired!

Hp went from $78.00 a share to under $20 a share during her leadership. At one time dipped down to $11.66 a share.

With McSame's keen economic knowledge, he reasons that she earned her $45 million golden parachute for running HP into the ground.

Just like he reasoned that running our economy into the ground under his stewardship at the commerce committee over the last 8 years, entitles him to be president.

[Cramus]

Well......­..........­for five years, my friends,..­..........­....I couldn't pay attention to anything. Sometimes I didn't even know if it was day or night, much less what Fiona'a buy out package was!

[ProudLiberalDan]

"Bush On CEO Pay: Now Is Not The Time For Punitive Measures"

----------­----------­---

So when is the time? Ordinary people suffer from their mistakes.

In a conservative world, you mislead the nation into war under false pretenses against the wrong country and get away with you, you get a Presidential Medal of Freedom. For a conservative, if you run your company into the ground, you're entitled to a government funded bailout with preservation of excessive executive pay and fat golden parachutes when you leave.

Just when should rich and powerful conservatives be held accountable and punished?

[blueshield]

Punishing the executive management and Directors of companies who profited from this con game, and are walking away with tens of millions in "thank you" packages, would send the wrong signal to Wall Street and the World.

It's important at this fragile moment to reassure everyone that the Republican party is fully committed to protecting the wealthiest top 1% of the American population, and will do anything it can to ensure that tax dollars flow uninterrupted into the hands of that extreme minority.

There are very lucrative management contracts and fees that will be going to bid, with huge commissions and bonuses likely, as we go forward with distributing $800 billion (and rising) to the folks who created this mess. If we tinker with their compensation packages, they are less likely to help us put out the inferno they've been fanning.

Americans need to go back to "Dancing with the Stars" or whatever else you do when you're not paying attention.

[NicasioKid]

Boggles the mind why top execs always get rewarded for a bad performance. That sure isn't what happens to the rest of us. The myth is that you can't attract top talent without offering these golden parachute guarantees for failure. Wow, time to really think outside the box on quality management!

Carly, you're doing a heckofajob for McCain, keep it up...

[IkeChicago]

As usual John McCain know nothing about the careers of his top surrogates and VP, he barely met them. Why is that and is this how McCain chooses his advisors.

[joshuahmcdonald]

In addition to the shared urgency of purpose in electing Barack Obama as President we must elect a 60-40 Democratic Senate majority.

As our financial institutions crumble around us, the Bush Administration, managed by the most extreme adherents of Market Fundamentalism since Hoover, has proposed a bailout amounting to nearly $1 Trillion in institutionalized Socialism. Having destroyed the foundation of our economy this Administration is now intent on billing the American taxpayer.

The irony is that over the last 2 Senate sessions the minority Republicans have set records in the number of partisan filibusters blocking much needed legislatio­n...includ­ing financial regulation which may have mitigated our current economic crisis. Over 130 filibusters in 2 years!

A 60-40 majority in the Senate allows the Democrats to legally quash obstructionist filibusters and get our representatives back to work solving the extremely serious problems currently facing our nation.

I urge you to add your voice and your financial contributions to the following Senate campaigns where strong Democrats are facing vulnerable Republicans:
- Alaska: Mark Begich http://www.begich.comm)
- Colorado: Mark Udall http://www.markudall.comm)
- Idaho: Larry LaRocco http://www.laroccoforsenate.comm)
- Louisiana: Mary Landrieu http://www.marylandrieu.comm)
- Minnesota: Al Franken http://www.alfranken.comm)
- Mississippi: Ronnie Musgrove http://musgroveforsenate.nett)
- Nebraska: Scott Kleeb http://www.scottkleeb.comm)
- New Hampshire: Jeanne Shaheen http://www.jeanneshaheen.orgg)
- New Mexico: Tom Udall http://www.tomudall.comm)
- North Carolina: Kay Hagan http://www.kayhagan.comm)
- Oregon: Jeff Merkley http://www.jeffmerkley.comm)

[Sammy00400]

McCain should have been asked about his opinion of the scandal that caused her firing form HP in the first place. Fiorina was lucky she wasnt charged with a felony.

[drewtom]

Beyond the fact that she ran the company into the ground, she was fired for spying on Board Members...­.she was almost charged criminally, but I believe they just wanted her to leave.

[caterpol]

So according to McCain, there's "good" greedy CEO's who absue the public trust, and "bad" greedy CEO's who abuse the public trust. The only difference here his definition between good and bad. If they work on his team, apparently they're in the former category.

[mamacat]

Compensation package for Ms. Fiorina: $2,000 for every person laid off. I wonder if someone would give me a job like that; there must be a few management people who deserve to be laid off.