McCain: Bailout CEOs Should Get Pay Cuts

The Post's Michael D. Shear reports that Sen. John McCain (R-Ariz.) declared himself "deeply uncomfortable" with President Bush's proposal to rescue the economy and said it must include an oversight board to ensure accountability of the $700 billion in government money.

"I am greatly concerned that the plan gives a single individual the unprecedented power to spend $1 trillion -- trillion -- dollars without any meaningful accountability," he said in prepared remarks at a rally in Scranton, Pa. "Never before in the history of our nation has so much power and money been concentrated in the hands of one person," McCain said, referring to Treasury secretary Henry Paulson.

The manager for McCain' s presidential campaign, Rick Davis, later said that his candidate has laid down "a number of markers," including a demand that executives of the firms receiving the bailout not receive more in compensation than the most highly-paid government worker.

But senior McCain adviser Steve Schmidt declined to say whether the senator would vote to block passage of Bush's financial rescue package if his changes are not incorporated into a final bill during the next several days.

"It's a hypothetical question based on a package that doesn't yet exist," Schmidt said.

At the Pennsylvania rally, McCain declared that, "We will not solve a problem caused by poor oversight with a plan that has no oversight."

Bush and his economic team are urging lawmakers not to seek major changes to the rescue plan that the president fears could hold up its passage.

Sen. Barack Obama (D-Ill.) said today that the plan that emerges from negotiations on Capitol Hill must meet certain standards, sounding many of the same themes as McCain.

"We need a plan that helps families stay in their homes, and workers keep their jobs; a plan that gives hardworking Americans relief instead of using taxpayer dollars to reward CEOs on Wall Street," Obama said in prepared remarks. "And we cannot give a blank check to Washington with no oversight and accountability when no oversight and accountability is what got us into this mess in the first place."

But McCain's position as the GOP standard-bearer in the presidential election gives his words special weight as his fellow Republican president seeks quick approval of the bailout plan in the coming days.

The senator also has a history of bucking Bush on major legislation, including bills on torture of terrorists, the selection of judges and campaign finance reform.

Aides said McCain is in "hourly" contact with colleagues on the Hill about the bailout bill, but they declined to say with whom.

--Frank Ahrens

September 22, 2008; 2:21 PM ET  | Category:  business
Previous: Hill Action Weighs On Wall Street | Next: Get Ready for Higher Gas Prices

Comments

Please email us to report offensive comments.



Just like many of you, I am also a very small businessman tried to make a living in the US on a day to day basis. I never missed to make a monthly payment. This month, they raised my interest rate to 35% on Advanta Credit Card. They will not reduce it no matter what now. What to do! Helpless in America!

I have found a list of gang members who are acting criminal acts and they are free as OJ Simpson.

Every chance you get, please distribute this list wherever you can. We need real bad publicity about Advanta crimes to small business folks.

Gang of White-Collar Crime Board at Advanta Corporation

1) Dennis Alter - Chairman, Chief Executive Officer and Chairman of Corporate Governance Committee

$992,212 total amount ripped off from small businessman like us.

2) William A. Rosoff - Vice Chairman, President and Member of Corporate Governance Committee

$750,000 total amount ripped off from small businessman like us.

3) Philip M. Browne - Senior Vice President and Chief Financial Officer Advanta Corp
$583,646 total amount ripped off from small businessman like us.

4) David B. Weinstock - Vice President and Chief Accounting Officer Advanta Crop.
$304,993 total amount ripped off from small businessman like us.

5) John F. Moore - President of Advanta Bank Corp
$303,968 total amount ripped off from small businessman like us.

6) Olaf Olafsson - Executive Vice President at Time Warner Inc
$000,000 hided total amount ripped off from small businessman like us.

7) Max Botel - Independent Director, Chairman of Compensation Committee and Member of Audit Committee,

$000,000 hided total amount ripped off from small businessman like us.

8) Thomas P. Costello - Independent Director and Chairman of Audit Committee
$000,000 hided total amount ripped off from small businessman like us.

9) Ronnie Lubner - Chairman of Belron International Ltd.,
$000,000 hided total amount ripped off from small businessman like us.

10) Michael Aaron Stolper - Partner at Veritable, LP
$000,000 hided total amount ripped off from small businessman like us.

11) Dana Becker Dunn - Director of Advanta Corp

$000,000 hided total amount ripped off from small businessman like us.

12) William A. Rosoff - President and Vice Chairman of Advanta Corp.

$750,000 total amount ripped off from small businessman like us.

13) Mark A. Barnes - Group Chief Executive Officer of Capital Alliance Holdings.
$1,080,000 total amount ripped off from small businessman like us.

14) Craig Carter - Executive Director at Avasa Holdings Ltd.
$1,135,000 total amount ripped off from small businessman like us.

15) Shaun L. Rai - Chief Executive Officer of Cape Empowerment Trust
$1,990,000 total amount ripped off from small businessman like us.

16) Thembeka Gwagwa - Non-executive Director, Purple Capital Ltd.

$000,000 hided total amount ripped off from small businessman like us.

17) Alex W. Hart - Advisor, Paymetric, Inc.

$000,000 hided total amount ripped off from small businessman like us.

18) Richard A. Greenawalt - Chief Executive Officer and Director at Arcadia Financial Ltd

$000,000 hided total amount ripped off from small businessman like us.

Advanta rip off customer 102
Fresno, California
U.S.A.

Posted by: Advanta Bank Card Rip Off For Small Business | September 22, 2008 2:49 PM

This is hypocritical ... McCain's oil buddies are smiling with the way the price of OIL has shot up resulting from the oending bail out on Wall Street.

Posted by: The True Republic | September 22, 2008 2:57 PM

Mccfuddeled is in constant contact, this must be a deja vu moment for ol mcc. The keating five scandal although is probably mere chump change compared to this mess. If bush says we gotta do it you should be running for the doors. Seems to me paulson is going for broke, we go broke and they walk of with billions. He wants sole power over who he will dole out the federal dollars with nobody to say no or look back at and see what happened. NO THANKS.

Posted by: NoNo | September 22, 2008 3:20 PM

NO FREE LUNCH ANY LONGER! AMERICANS MUST PUT THEIR MESSED-UP HOUSE IN ORDER OR SIMPLY STOP CLAIMING TO BE THE NATION LEADER OF THE WORLD. FREEDOM IS FOR THOSE THAT VALUE IT AND KNOW THAT IT HAS LIMITS THAT MUST BE RESPECTED. FREEDOM FOR THE WALL STREET GANGS MUST BE CURTAILED ASAP. AND ALL FINANCIAL INSTITUTIONS MONITORED DAY AND NIGHT. WHETHER ONE LIKES IT OR NOT, FIDUCIARY CRIME IS A CRIME LIKE NO OTHER ONE: IT BADLY HURTS THE ENTIRE NATION.

Posted by: JAYSONREX | September 22, 2008 4:22 PM

Right On, Sen. McCain.
Stick to your gun and stand firm.
The CEOs and the whole company must take the responsibility on their failure individually and as a whole. No one should receive more than the top government job pay.

Sen. Obama,
Now, the buck is yours.
You don't need to explain to us that "We need a plan for ..."
We all knew that we needed the plans. But what are the plans?

We want to know what are the plans?
Do you have the plans to meet those needs?

Let's not keep pointing at others. It's a waste of time. You, yourself, have been a legislator for last 3 years.
You must have thought about the plans during those 3 years since you have been running for the presidency for last two years, right?

SO,WHAT ARE YOUR PLANS, Sen. Obama?
How are you going to run the government and with what plan?

Are you ready for the job?

Posted by: honkiedarn | September 22, 2008 7:22 PM

You wrote "The senator also has a history of bucking Bush on major legislation" -- what the heck? His voting record has been steadily moving into alignment with Bush since the 2004 election, each year agreeing with the president more and more. In 2008, he hasn't voted against a single Bush-supported bill.

Enough with the puff piece already!

Posted by: Swing State Voter | September 25, 2008 6:40 PM

The comments to this entry are closed.

 
 
RSS Feed
Subscribe to The Post

© 2010 The Washington Post Company