By Jennifer Parker

Sep 16, 2008 11:34am

McCain Economic Adviser Carly Fiorina’s Golden Parachute

ABC News’ Lisa Chinn and Jennifer Parker report: Republican ticket mates John McCain and Sarah Palin Monday blasted corporate executives who leave their company with a "golden parachute"  and pledged to "stop multimillion dollar payouts" to CEOs, seeming to forget their own top economic adviser Carly Fiorina walked away with $45 million, including a $21.4 million severance package when she was dismissed by Hewlett Packard in 2005.

"We are going to reform the way Wall Street does business and put an end to the greed that has driven our markets into chaos," McCain said at a campaign rally in Florida Monday, as Wall Street reeled with the news that brokerage firm Lehman Brothers filed for bankruptcy and Merrill Lynch was sold to Bank of America.

"We will stop multimillion dollar payouts to CEO’s who have broken the public trust. We will put an end to running Wall Street like a casino. We will make businesses work for the benefit of their shareholders and employees. And we will make sure that your savings, IRA, 401k and pension accounts are protected,” McCain said.

Republican vice presidential candidate Sarah Palin,  echoed McCain’s comments almost verbatim as she campaigned on her own in Golden, Colo., Monday.

"John McCain and I we’re going to put an end to the mismanagement and abuses and on Wall Street that have resulted in this financial crisis," Palin said Monday. "We are going to reform the way Wall Street does business and stop multi-million dollar payouts and golden parachutes to CEOs who break the public trust."

The McCain campaign was asked by ABC News to clarify what a McCain administration would do to "stop multimillion dollar payouts" to CEOs.

McCain spokesman Brian Rogers said McCain supports allowing company shareholders to vote on CEO compensation. However it’s unclear how any president could enforce such a measure within a private company. 

"What he supports is making sure that shareholders can vote on CEO compensation, right now he’s saying they don’t," McCain spokesman Brian Rogers told ABC News.

McCain’s top economics adviser Carly Fiorina, a McCain campaign surrogate who made the rounds on the Sunday morning talk shows this past weekend and appeared on CNN Monday speaking for McCain, herself benefited from a multimillion dollar payout.

Fiorina was dismissed as the CEO of Hewlett Packard in 2005 after a merger with Compaq floundered, stock prices plunged 50 percent, and 20,000 people were layed off. Fiorina walked away with a $21.4 million severance package.

Asked whether McCain was talking about CEOs like Fiorina, McCain’s top adviser who walked away with millions in compensation as her company’s stock price plunged, Rogers said McCain was "talking about the issues that are before us today."

"We’re talking about Freddie and Fannie and CEOs like Jimmy Cayne of Bear Stearns, Angelo Mozilo at Countrywide, folks that are largely responsible for what happened and walk away with this kind of multimillion dollar payout," Rogers said.

"I don’t think there’s any analogy there," Rogers said referring to Fiorina.

UPDATE: Obama has co-sponsored a bill with eight other Democrats that is currently before the Senate Banking Committee, S.1181, that would amend the Securities Act of 1934 to include a separate shareholder vote on executive compensation. McCain is not a co-sponsor.

User Comments

Their errors are showing everyplace. Just as McCain didn’t bother to vet Palin, now his campaign is using talking points that only point the finger at their own hypocrisy.

Posted by: jon in maryland | September 16, 2008, 11:38 am 11:38 am

John McCain economic advisor Douglas Holtz-Eakin this morning suggested that McCain deserves credit for helping create the handheld communications device known as the BlackBerry.

Posted by: ha | September 16, 2008, 11:40 am 11:40 am

she’ll probably lie about this as well
I have yet to see her speak once where she seriously did not blatantly lie about something that did not fit her argument.

Posted by: dl | September 16, 2008, 11:41 am 11:41 am

This just illustrates the hypocrisy of the McCalin campaign. They should realize when they are pointing the finger, four are pointing back at them.

Posted by: Wm. J. LePetomaine | September 16, 2008, 11:42 am 11:42 am

her seriously pathological lies are probably what cost HP there shirt.

Posted by: dl (the real one) | September 16, 2008, 11:43 am 11:43 am

Man these people are loaded. No wonder McCain’s tax plan benefits the rich.
McCain an out of touch loser.
The truth is coming out about Palin and her record. She’s scared out if her wits to participate in an investigation… McCain numbers are dropping and so he results to LYING
Now it’s been pointed out by the media
Their running scared. Should’ve chosen Romney McCain. Could’ve won Michigan.
Thanks for the election
Obama/Biden08

Posted by: Vanessa | September 16, 2008, 11:43 am 11:43 am

We are supposed to buy this snake oil? They were talking about Freddie Mac and Fannie Mae? How so? That John Green and Wayne Berman, co-chairs of the McCain campaign and part of his inner circle served as president of a lobbying association that fought to protect Freddie Mac and Fannie Mae from the sort of regulation that McCain is now proposing.

Posted by: Paige | September 16, 2008, 11:45 am 11:45 am

Welcome to the Republican Circular Firing Squad.
We fire with blanks.
Just political grandstanding and once Bush 44 is in office…… business as usual.

Posted by: Omentum | September 16, 2008, 11:46 am 11:46 am

Flip-flop, diddy-bop

Posted by: Wm. J. LePetomaine | September 16, 2008, 11:47 am 11:47 am

Why does a so called “maverick” like John McCain need to embrace the tactics of distortion, of outright lies in the current political race that looks as if it has become as down and dirty as any election in recent years? Doesn’t a maverick refuse to join the herd, to march to a different drummer? If John McCain has already employed the tactics of the last eight years of the Bush administration (lies and deceit as in Iraq’s WMD or that Iraq was responsible for 9/11), hasn’t McCain already shown that his administration (should he win the election) will simply be a continuation of the untruths and distortions that are a hallmark of George Bush and Company?

Posted by: politicjock | September 16, 2008, 11:48 am 11:48 am

McCain can’t remember how many houses he has, how do you expect him to remember in which house he left his COMMON SENSE?
McCAIN AIN’T GOT IT CAUSE McCAIN DON’T GET IT.

Posted by: Ed from MA | September 16, 2008, 11:50 am 11:50 am

Has anyone asked Carly Fiorina if Sarah Palin’s remarks about her golden parachute are sexist?

Posted by: ricky | September 16, 2008, 11:53 am 11:53 am

If you vote republican this election cycle, you are part of the problem. McCain is corrupt to the core and a warmonger to boot. Ron Paul had integrity, but the republican primary voters have shown their true neocon colors. Republicans must lose big this time so that they can reassess what they stand for, which isn’t anything good right now.

Posted by: Ben Straub | September 16, 2008, 11:54 am 11:54 am

Barack Obama got it WRONG
I believe McCain doesn’t get it
AND
He doesn’t care.

Posted by: Omentum | September 16, 2008, 11:56 am 11:56 am

“And we will make sure that your savings, IRA, 401k and pension accounts are protected,” McCain said.
McCain’s chief economic adviser, Phil Gramm was the sponsor of the “Enron loophole” that deregulated us into this mess. Phil Gramm’s wife Wendy was on the Enron Board of Directors. McCain has not only admitted he know little about the economy, he can’t remember how many houses he owns.
Ask any former Enron employee how safe your IRA and pension will be with this gang in charge. They’re the Houstonians who lost their jobs, homes and savings to Republican policies instead of Hurricane Ike.

Posted by: ricky | September 16, 2008, 12:00 pm 12:00 pm

another nothing story. rep. casey from pa is staunchly pro-life but endorsed obama in a rally they held together. people can have differing perspectives.

Posted by: Angry Black Democrat | September 16, 2008, 12:00 pm 12:00 pm

ricky
that’s a good one …lol

Posted by: dl | September 16, 2008, 12:01 pm 12:01 pm

Biden’s son is/was a lobbyist for the Financial companies. Biden pushed the bill for all the Credit Card companies in Del. that caused the sup-prime fallout.
Freddie and Fannie donated tons to Biden and Obama. It’s their fault.

Posted by: lm | September 16, 2008, 12:09 pm 12:09 pm

Typical McCain. The ol’ slight of hand. But he gets a lot of naive, dumbed down voters to buy his snake oil medicine mantra.

Posted by: CMSgt Gary Preston | September 16, 2008, 12:13 pm 12:13 pm

Who cares…..why doesn’t anyone want to work for their own American dream….don’t punish those that do. She knows a thing or two about finance. McCain said he will be appointing Republicans AND DEMOCRATS to his cabinet, the wealthiest of those to take $1 a year. I beleive him. The McCain’s donate 44% of their income, Obama only 1%.
CHANGE AGENTS, REFORMERS, McCAIN/PALIN ALL THE WAY. Shake up Washington with Palin there too.

Posted by: Debra | September 16, 2008, 12:27 pm 12:27 pm

How in the world does McCain think he’s going to end golden parachutes?
Any McCain supporters even want to take a guess at that one?

Posted by: Paul | September 16, 2008, 12:33 pm 12:33 pm

I work for an HP competitor and had to laugh the first time I saw Carly Fioina as McCain’s “economic adviser”. Another example of McCain’s poor judgement…taking advice from a failed CEO who nearly destroyed a great company like HP. McCain reformer? Laughable.

Posted by: indy_voter | September 16, 2008, 1:23 pm 1:23 pm

I pity American, i pity the next 4yrs, i wonderd what it will look like if MCCAIN PALIN finally came to power, American will beg for bread soon. i am not American but i love GREAT USA !! Please american put party diffrences and race apart and chose a wise and acceptable leader Think of ur future dont think of more wars. good luck as you chose ur leader but remainber both friends and enemy are watching you some will want you to do one more mistake so that Great American will become history.

Posted by: iloghalum | September 16, 2008, 1:47 pm 1:47 pm

This is typical of the republicans and their talk of corporate and personal morality. Corruption is only immoral if it’s the democrats that are corrupt. The $45 million golden parachute Carly Fiorina pilfered after misdirecting the once great HP, the Mc cainiacs would have you believe, is different from other corporate crooks. On the personal front, when they talk about family values, they never include devoice. That’s because so many of their icons are themselves devoiced. They talk about the Iraqi war as if it started from the point of the surge. If you listen to them you would think that the first five years of the war didn’t happen. There moral threshold is always wide enough to include there actions. So many hypocrites so little time.
Samm Carr
Fort Worth, Texas

Posted by: Samm | September 16, 2008, 1:52 pm 1:52 pm

Carly ran HP into the ground. She is a metaphor for the lack of vision in McCain’s economic team.
How do you have someone who basically destroyed a profitable and financially sound company be the face of your economic team?
Just wait until Carly gives all of America the same HP medicine as part of a McCain administration. If we thought George Bush was bad, at least he had an MBA degree, and had some idea of how to help one struggling industry – Oil companies. John McCain and Palin are even worse students with poorer intellects than Bush/Cheney. Can we really expect them to save us from financial ruin?
I think not!

Posted by: Bud | September 16, 2008, 2:12 pm 2:12 pm

Debra; you again. Where do you get your facts from? the House of McShame?
Okay : Let’s do have some fun with this little factoid.
let’s say the McShames donate 44% of their %.5MILLION, in income.
That’s 2.42 big ones
How do you suggest they maintain the unknown # (to JM) estates they own, and pay the taxes, and staff, and run their companies.
Let’s ‘pretend’ they get refunds, tax breaks, and financial windfalls that total approx. 1.21 big ones
Now lets’prtend’ that they get “donations, gifts, and expensive trips paid for by “friends” who happen to lobby fo big oil, big banking, big pharmaceuticals, and that shave snother
1.2 off their expenses.
gosh, that leave about .02
when you were watching our lovely Mrs. Cindy McShame on stage at the GOP convention, did you notice how well dressed and attired she was? No?
Too bad.
her outfit was enough to pay for your daughters college, her Masters Degree, her Doctorate, and her first home.
Not that you would care.
When you believe that JM is going to grow cahunes to even ASK anyone to work for a dollar a year, than I’ve got a bridge in Alaska I’d like to sell you…

Posted by: pamela | September 16, 2008, 2:14 pm 2:14 pm

44% of the Mccain’s income is probably still 4 or 5 times that of the Obama’s entire income…probably allot more.
Fiorina failed massively and on a grand scale. I know allot about finance too. She walked away with more money than all the people would have made in all of their entire lifetimes combined who lost their job’s because of her failed leadership. What does that say about her?

Posted by: kurt | September 16, 2008, 2:18 pm 2:18 pm

Kurt – It says she negotiated a good deal, and was willing to put in the hours, be the bulls-eye target for every employee/shareholder/analyst/media reporter, and still prbly got 77% of what a male CEO would have made.

Posted by: SDE | September 16, 2008, 3:20 pm 3:20 pm

ooh ! ooh1 I’ve got it now!
They’re ging to change the parchutes from gold to platinum! That’s how they are going to get rid of them!

Posted by: pamela | September 16, 2008, 3:51 pm 3:51 pm

The McCain campaign is the gang that couldn’t talk straight. How much bamboozlement, lying, hypocrisy can one group of people shovel onto the public? THis is just getting ridiculous. The only thing they can do right is demonize Obama. When the real world and actual issues that affect the average voter creep into the campaign, they just start making $hit up and hoping someone buys it. What a pathetic bunch of amateurs!

Posted by: SpaceCat | September 16, 2008, 4:24 pm 4:24 pm

Carly lied blatantly yesterday when she accused the “democrat dominated” congress of not managing FreddieMac and FannieMae properly. After the massive pay package she received for screwing up Carly should have time to retake some civics courses. Congress = the senate and the house of representatives and proposals developed by the Senate financial services committee to reform FreddieMac and FannieMae over the last 3 years have been vetoed by George Bush and opposed by John McCain. Why? Because Bush McCain and Fiorina are multi-millionaires.
Please, America, crush these despicable people at the polls and send them away for 20 years. With or without lipstick they are pigs who do nothing but feast at the trough …

Posted by: Hates Liars | September 16, 2008, 4:30 pm 4:30 pm

Fiorina and Palin are in an airplane and apparently there is only one parachute.
“Do you think she has the experience to run a major company like Hewlett Packard?”
“No, I don’t, but that’s not what she’s running for. Running a corporation is a different set of things.”
————————————
Of Course, running the United States of America after McCain drops, with two wars and a rotten economy is much, much easier. That’s why she won’t need her own parachute.

Posted by: Leonard Peltier | September 16, 2008, 4:34 pm 4:34 pm

Carly is needed for the “womens vote”? Sheesh. McCain should know that just because she’s a business person who mismanaged a giant company it doesn’t mean she knows anything about economics.
ps: Anyone know why the crowd that greeted McCain after he was shot down were “angry”? Perhaps McCain using that tried and true tactic of General LeMay … mass bombings of civilians for the sin of living under communism (or imperial Japan or whatever)? That would explain the anger. Every since he riffed that little “bomb Iran” tune (stealing music from the Beach Boys) he deserves less than zero respect. Country first righ John?

Posted by: Iranian American | September 16, 2008, 4:41 pm 4:41 pm

How many people really believe’s McCain lies. How many Wall Street lobbyists on is campaign. 10 – 15. Like do people really believe McCain is for the middle class people. Seems to me, McCain is only for the middle class people around election time. His voting record of 26 years show a different story. Big Business and Rep’s go hand in hand.

Posted by: Mrs Ethel | September 16, 2008, 4:43 pm 4:43 pm

An incompetent, failed CEO who is a mouthpiece for the McCain campaign says that neither McCain nor Palin is competent to run a company but she wants us to let them lead the FREE WORLD and the ENTIRE U.S. ECONOMY???

Posted by: Jackie | September 16, 2008, 4:47 pm 4:47 pm

How will McCain end golden parachutes? With his super powers – after all McCain can do anything: he is a war vetran (ok so it was an undeclared “police action” with massive chemical bombings of innocent civilians but still – he’s a vetran and was tortured, etc).
BTW does anyone know of McCain is now in favour or opposed to illegal arrest deportation and torture in Guantanamo? Either torture is an effective a form of intelligence gathering and McCain must have told the north vietnamese a lot of useful information (possibly losing the war); or it is useless and a waste of money and a desecration of the american constitution, any notion of justice or a fair trial.

Posted by: Not McCain | September 16, 2008, 5:00 pm 5:00 pm

Top surrogate Carly Fiornia gets a $21.4M “golden parachute” that McCain has decided to come out against and Phil Gramm, his top economic adviser, was the person behind the deregulation that has us in the mess we are in today (that McCain believes we weren’t in yesterday).

Posted by: Jonze | September 16, 2008, 5:12 pm 5:12 pm

Ben Straub – does it make you feel better that I, and many many of my friends, are voting for McCain and Palin in this election cycle. I just cannot see what you see in Obama so he doesnt even get a look in this year i’m afraid.
I dont think for a second that i’m going to cause this country to go into the ground, i believe that if obama is elected we will be in a recession within a month because he is making us so depressed now with his doom and gloom speeches on the economy (not ever saying we are going to pull through)

Posted by: Louise | September 16, 2008, 5:43 pm 5:43 pm

“…We will make businesses work for the benefit of their shareholders and employees…” McCain said.
How, precisely, does the Pres of the U.S. accomplish this? What is McCain going to do? This seems like an awefully vague, empty promise.

Posted by: Norman Rorqual | September 16, 2008, 5:48 pm 5:48 pm

Louise – Go right ahead and vote McShame. When you are living in a tent dont complain. McShame is going to give you 4 more years of Bush policies. Anyone considering voting for 4 more years of McBush is insane. Just like America cant vote for the best candidate cuz hes black. We as a country havent come that far and deserve whatever we get.

Posted by: James | September 16, 2008, 6:23 pm 6:23 pm

Fiorina: $45M golden parachute after HP’s shares dropped 50% on her watch. How do I get a job like that? To think, she was on the McCain veep list. Oh wait, the one he ended up picking….

Posted by: Just Us League | September 16, 2008, 6:26 pm 6:26 pm

Anyone know where I can meet Sarah? Figure if I get in good with her right now, I could get a job in the Administration. She gave that friend of hers the Agricultural Dir. job cause she’d seen a cow once. I figure I could take Michael Chertoff’s job coz I live in a home. Pays 6 figures right?

Posted by: Just Us Leage | September 16, 2008, 6:35 pm 6:35 pm

Louise: Carly Fiorina said that Palin is not fit to run a major company. Now you tell me if she’s not fit to run a major company how is she fit to run the whole USA?

Posted by: vote4peace | September 16, 2008, 6:36 pm 6:36 pm

vote4peace. your just reading the headline that CNN placed on this story. when you actually read what she said it was that Palin, Obama and McCain could not step in and run HP with their backgrounds, but that Palin’s experience as a governer made her very qualified to run government.
Hey, did you read that Obama tried to get the Iraqi government to delay their troop withdrawal until the next administration, wanting to leave G W Bush out of all talks (he doesnt want bush to have any credit for ending the war)

Posted by: Louise | September 16, 2008, 6:44 pm 6:44 pm

Fiorina was dismissed as the CEO of Hewlett Packard in 2005 after a merger with Compaq floundered, stock prices plunged 50 percent, and 20,000 people were layed off. Fiorina walked away with a $21.4 million severance package.
21.4 Million Dollars to DESTROY 20,000 American Jobs.
She was FIRED but took home 21.4 Million Dollars. 20,000 lost jobs…
A HUGE McCain supporter.
Dumb and Rich, just the way McCain likes his women!

Posted by: oldwhiteguy | September 16, 2008, 7:15 pm 7:15 pm

Seems if you’re rich, the economy is FINE. McCain said so YESTERDAY.
However, if you work for a living, Or Did, your job or pension could be at risk.
In fact, a lot of people NEED to file bankruptcy but can’t AFFORD IT…When you’re struggling to buy food, how can you retain a lawyer?
The Republicans ARE the party of the rich.
If YOU are, or you know someone who is, ‘hurting’, VOTE OBAMA
Give peace a chance…

Posted by: oldwhiteguy | September 16, 2008, 8:41 pm 8:41 pm

Oh yea he’s going to clean up Wall Street and Corporate American with his Staff of Golden Parachuted Ex CEO’s yea we can all believe thats the truth. NOT……………

Posted by: whenindoubtkickrepigsout | September 16, 2008, 10:46 pm 10:46 pm

These comments make my skin crawl. CEO’s get these buy outs at the the direction of the Board of Directors or in a contract which was approved by the board. Blame the Board Members.

Posted by: William | September 16, 2008, 11:05 pm 11:05 pm

So does she now feel John McCain’s cancellation of her future speaking engagements on behalf of his campaign are sexist and demeaning?
Oh, and didn’t the stories also say how ANGRY McCAIN GOT AT FIORINA over her saying he couldn’t run a corporation either?
Well, she forgot to mention they have something in common. What, you ask?
Repackaging is a shared specialty between Fiorina and McCain.
She repackaged the iPod at HP. He repackages Obama’s messages. Both tried to pass off someone else’s idea or creation as their own.

Posted by: kravitz | September 16, 2008, 11:23 pm 11:23 pm

The message discipline of the McCain campaign is astounding, not to mention the Palin stump speech, and the now usual presntation by Tucker Bounds who seems to be more truthfully-challenged than any other surrogate out there.

Posted by: Elinor Miller | September 16, 2008, 11:51 pm 11:51 pm

This is the kind of BS that happens when a Republican campaign tries to run itself as Democrats. Fiorina is also an idiot whose best claim to fame at HP was teaching how to monitor other board member’s emails.
McCain becomes more of a frickin Democrat every single day with inconsistent policies, blathering about ‘sexism’ and ‘ageism’ and whatever-ism, and cluelessness about how the economy works. And, as Palin’s luster is inevitably fading, she is turning into more of a distraction and hindrance than someone helpful. Really, what does she usefully contribute intellectually to the ticket. Nada. Did he even vet her at all (seriously, do you really think they would have selected her if they knew her teenage daughter was pregnant out of wedlock)? Sounds like something Democrats would do… All of this to get crazy Hillary supporters too… Dumb dumb dumb…

Posted by: 1percenter | September 16, 2008, 11:52 pm 11:52 pm

Fiorino is much like Palin who got to where she is by using her looks.
-Fiorino jobs were typically secretary and receptionist at AT&T but enabled herself to marry there an old executive who helped her out and right away retired. She is indeed self-promoting, interested in “higher offices” but has no real talent nor insight.
-By her foolish remarks on the capabilities of others to “run a company”, she only disclosed HER OWN situation.
-Of course, if Hewlet Packard were visible from Sarah’s backyard in Alaska,THAT would immediately qualify her, though.

Posted by: El Mugroso | September 17, 2008, 2:13 am 2:13 am

Ok McCain, put your actions where your mouth is….fire Fiorina. She ripped off the HP share holders (and HP employees) while leading that company and doesn’t qualify as a competent advisor on our country’s finances.

Posted by: Steve Colorado | September 17, 2008, 10:19 am 10:19 am

With a dismissed CEO who received a big fat check for her mismanagement is now McCain’s economic advisor. she is likely to empty out the US treasury if it all anything is left. CEO’s like this one are utterly disgusting they should be in jail not making outrageous statements like McCain, Biden, Palin and Obama cannot make good CEO’s what kind of CEO was she. Anyone can run a company into the ground and loot the companies assets like she did. Get this monster out of my sight. There should be a culture of detest and contempt for CEOs like her and not try to make them economic pundits. Obama would have been a great CEO for any major company. All you need is a little common sense and knowledge of your business and the law.

Posted by: gjkotw01 | September 17, 2008, 12:29 pm 12:29 pm

Unreal that ANY network would have on that filthy failure, Fiorina. She is a walking disaster and an incompetent.
I knew people that were working in Palo Alto for HP when she was canned.
The ENTIRE office was literally DANCING IN THE AISLES when they heard the news, that’s how much they all hated her sorry ass.

Posted by: Mike V. | September 17, 2008, 12:58 pm 12:58 pm

HOW, MCCAIN???
HOW???
You have supported the financial policies of this administration, and want to continue them!
Just how, exactly, do you intend to “clean up” the mess your Republican party made? By becoming a democrat?

Posted by: jds | September 17, 2008, 2:09 pm 2:09 pm

Carly Fiorina left HP very much in the black.

Posted by: David | September 28, 2008, 8:06 am 8:06 am

I don’t see any problem with these CEO’s getting golden parachutes. They deserve them — just as they deserve to ride in the first-class section soaring high above the inner city. They deserve to use their pure 24 carat gold parachutes. It seems like a perfect solution.

Posted by: Jake | October 7, 2008, 6:15 pm 6:15 pm

Shareholder votes on ceo pay? Whom has the most shares? That’s right the executive staff and board. Duh! I’ve been outvoted every single time I have voted with my shares to limit CEO and executive pay. So in her view it would be business as usual.

Posted by: baccuss | February 5, 2009, 3:13 pm 3:13 pm

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