McCain Renews Call to Prevent Big Payouts to Executives

MIDDLEBURG HEIGHTS, Ohio — Republican presidential nominee John McCain on Tuesday renewed his insistence that the Bush administration’s $700 billion bailout plan for U.S. financial markets ensure that “taxpayers’ dollars don’t line the pockets of executives.” The Arizona senator made his comments as Treasury Secretary Henry Paulson, Federal Reserve Chairman Ben Bernanke and Securities and Exchange Chairman Chris Cox testified before the Senate Banking Committee on the need to pass quickly the massive plan to buy up bad mortgage loans from financial firms around the country. Bernanke warned skeptical senators that the economy would plunge into recession without quick action. While members of Congress have agreed in principle on aspects of the administration’s proposal, many Democrats and some Republicans, like McCain, have insisted the plan deny “golden parachutes” to executives at failing financial firms. Neither McCain nor his Democratic ... (link)