Below is a statement from Senator Obama commending federal regulators for their decision to block "golden parachute" severance payments for Fannie Mae and Freddie Mac CEOs:
I want to commend federal regulators for blocking golden parachutes for the outgoing CEOs of Fannie Mae and Freddie Mac. Last week, while John McCain praised the plan to rescue Fannie and Freddie without raising any concerns about a golden parachute for their CEOs, I urged Secretary Paulson and Director Lockhart to reject these multimillion dollar bonuses. Rewarding CEOs during a historic economic crisis may make sense to someone who's so disturbingly out of touch he believes 'the fundamentals of our economy are strong,' but it undermines our economy and betrays our sense of fairness. And I am glad these bonuses will not come to pass.
Read the full letter Senator Obama sent to Secretary Paulson and Director Lockhart on September 9, 2008 urging him to block these golden parachutes . . .
Did McCain write a letter to Paulson to block the CEOs from receiving a balloon package? I appears not the case. Here is a release statement today by McCain from his website:
For Immediate Release
September 15, 2008 Contact:
Statement By John McCain On The Financial Markets
ARLINGTON, VA -- Today, U.S. Senator John McCain issued the following statement on the situation in the financial markets:
"The crisis in our financial markets has taken an enormous toll on our economy and the American people -- first the decline of our housing markets followed by the collapse of Bear Stearns, Fannie Mae, Freddie Mac and now Lehman Brothers. I am glad to see that the Federal Reserve and the Treasury Department have said no to using taxpayer money to bailout Lehman Brothers, a position I have spoken about throughout this campaign. We are carefully monitoring the financial markets, including the duress at Lehman Brothers that is the latest reminder of ineffective regulation and management. Efforts must also be focused on ensuring that the deposits of hardworking Americans are protected.
"It is essential for us to make sure that the U.S. remains the pre-eminent financial market of the world. This will be a highest priority of my Administration. In order to do this, major reform must be made in Washington and on Wall Street. We cannot tolerate a system that handicaps our markets and our banks and places at risk the savings of hard-working Americans and investors. The McCain-Palin Administration will replace the outdated and ineffective patchwork quilt of regulatory oversight in Washington and bring transparency and accountability to Wall Street. We will rebuild confidence in our markets and restore our leadership in the financial world."
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