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McCain meets on bailout with Romney, CEOs

Posted by Foon Rhee, deputy national political editor September 24, 2008 10:23 AM

John McCain, still on the fence whether to back the proposed $700 billion bailout of Wall Street, huddled this morning with a panel of business executives, including former Massachusetts governor Mitt Romney.

The Associated Press reports that McCain said he wanted to discuss "how we can make sure that the American people regain confidence on Main Street so that they can regain their confidence in Wall Street and in Washington."

The Republican nominee has laid out principles he wants included in the bailout, including greater transparency, CEO accountability, and more oversight. The latter includes an independent board that McCain has suggested that Romney could be on.

Romney, a former GOP primary rival who made a fortune running Bain Capital, has been one of McCain's most vocal advocates on economic issues.

The AP says others talking to McCain this morning were former eBay CEO Meg Whitman, Cisco Systems CEO John Chambers, and John Thain, the CEO of Merrill Lynch before it was bought by Bank of America earlier this month in one of a series of buyouts and bankruptcies on Wall Street.

Conspicuous by her absence was former Hewlett Packard CEO Carly Fiorina, who has been off the public stage since saying last week neither McCain nor running mate Sarah Palin were qualified to be a CEO. She has also been problematic because McCain is saying the buyout package should not include excessive "golden parachutes" for CEOs, when she received $45 million in stock and severance pay when she was forced out in 2005.

Tuesday, however, McCain stood behind Fiorina saying he admires and respects her and calling her a "role model to millions of young American women."


There are reports that McCain and Democratic rival Barack Obama might skip the vote in Congress, and reports that Democrats in Congress won't support the bailout plan unless McCain does because they don't want to give him a campaign issue.

32 comments so far...
  1. Meeting with CEO's and former CEO'S? Why would anyone want their opinion? The CEO's of the institutions thatare in trouble on Wall Street all got out with "golden parachutes"...what makes anyone think any CEO's opinion will be helpful to ordinary American citizens? I guess that proves where McCain's values really lie.....with Wall Street, not Main Street

    Posted by mb September 24, 08 10:58 AM
  1. Where's Sarah?

    Posted by EJW September 24, 08 11:13 AM
  1. would really like to hear mitt romney's take on the bailout proposal

    Posted by jacki pitts September 24, 08 11:17 AM
  1. If not for McCain's lies in the Florida primary, when he was trailing Romney, saying Romney wanted Iraqi withdrawal timetables, Romney very possibly could be the Rebup NOMINEE right now!

    Romney was the BEST and most qualified candidate on both sides this election and it just disgusts me that McCain now wants to use Romney after the way he's treated him! As always, Mitt is a man of class, jumping in to help even the very person who helped cost him the nomination (along with evangelical bigots). And no, I'm not a Mormon, but knowing a few, have the greatest respect for their high morals and hard-working lifestyles.

    Posted by Shelby September 24, 08 11:27 AM
  1. Not all CEO's are dishonest maybe a few that cause this financial mess so lets not assume all CEO's wear the same shoes.As a matter of fact there are many businesses that are flourish because of honest and kind CEO's.Some but not all CEO's don't care less about their fellowmen except themselves isn't that what we call "SELFISH",oh and some politician too.There need be accountability for all those in Congress that have there fingerprint on this crisis.I agree with what Senator Mccain suggest to have a commission to oversee our economic institution so like a radar to catch speedy CEO's.

    Posted by skmj September 24, 08 11:32 AM

  1. SKMJ, very true, not all CEO's are selfish, but should you not get CEO's who are actually leading thier fields to help? So far in that list one of those CEO's wa any good and that was only Rommney.

    Posted by James E Stevenson September 24, 08 11:45 AM
  1. Any bailout bill should include earmarks to expand GITMO and put a slew of politicians, Wall Street executives, CEO's, and most of the Bush Administration in there.

    If ever there was a bigger threat to America than Bin Laden, it's greedy folk like these.

    Posted by Kevin September 24, 08 11:47 AM
  1. Obama wil ask what Tony Rezko thinks.

    sarah palin 2012

    Posted by Ryan September 24, 08 11:48 AM
  1. Romney's solution is to always lay people off!!!

    Great - just what we need....

    Posted by go hillary September 24, 08 12:01 PM
  1. Vote for Ron Paul!!

    Posted by Walter September 24, 08 12:09 PM
  1. This bail out is a scam. Why does anybody have any confidence that these people know what they are doing or have your best interests in mind? Wake up people. You are just as likely to loose your job and your 401k is going right down the drain whether this bail out happens or not. Throwing good money after bad is retarded. The only people this helps are the scumbags that bought the securities in the first place. Let the chips fall where they may and just maybe the political fall out will be severe enough that people will start voting these morons out of office otherwise this madness will continue.

    Posted by peterg September 24, 08 12:30 PM
  1. I am against delaying any longer the relief that all true "americans" want for the executives running our sacred wall street institutions. Its time, my friends, to get big government off the backs of our bankers and allow them to make the wise investment choices that help our economy. These are my friends and advisors, and as a POW, I can vouch for their sincereity and honesty in fleecing the US Treasury!

    Posted by McBush September 24, 08 12:36 PM
  1. Ick...Romney

    Posted by HollyB September 24, 08 12:43 PM
  1. Yes, back to Romney...the solutions seem to surround this man. When Romney was running in the primaries, he offered an economic package that would help bandage these economic wounds (selfish as they may be) but nobody listened. I'm with Shelby, Romney should be the driver's seat for this election. This election is just proving the fact that the American people elect (generally) the least competent and capable..... It just goes to show that if you don't know what you are doing you need to get out of the way and let those know (Romney) how to fix the problems fix them. McCain is WAY out of his comfort zone, as is Obama with this economic mess.

    Posted by lws September 24, 08 12:47 PM
  1. Romney?
    When is the fallacy that Romney can help in government going to pass. He failed miserably when he was governor, leaving bridges and roads unrepaired so he could claim he didnt spend. Now those fixes are going to cost us even more than they were then.
    Fine, in the 80s and early '90s his buy and flip method worked great for his firm. We can argue about whether that is good for the workers and overall economy, but the fact is he knew how to squeeze money out of unprofitable businesses 10-15 years ago. Since then? Spending his fortune on houses and ego campaigns.

    Posted by sean September 24, 08 12:56 PM
  1. So Senator McCain is discussing the bailout with would-be vice presidential pick Mitt Romney. Hmm. I wonder why he isn't consulting Sarah Palin?

    Posted by Dave Sarro September 24, 08 01:26 PM
  1. Shelby and others, I agree. I think Mark Twain couldn't have fictionalized a more perfect character to tackle the challenges ahead of us than Mitt Romney, and so I'm willing to wait 4 more years to get him.

    McCain is just Democrat-minus-one, and that's not something that earns my vote. What will we miss if McCain doesn't get to be President? McCain-Feingold; McCain-Kennedy; McCain-Lieberman? No thanks. Part of the problem we've had is that Bush has only used his veto pen twice. The rest he just goes along with whatever Congress wants. Part of his new tone I guess, even though they still hate him. My point is that a lot of the bad things Bush signed into existence was written by McCain.

    McCain's always been just another typical politician in my book. (I don't view Obama much differently at all. He gets the Change mantle just because he's black. Everything else about him is prototypically liberal politics and methods.) McCain did slander Romney here in FL by his hideous and obvious lie about Romney secretly supporting timetables in Iraq (a now moot issue since we're establishing those timetables now, lol) but it served it's role of confusing people and taking away Romney's momentum from Michigan with the aid of the words for some reason respected Gov Crist and yeah those wicked Hickabee forces in the panhandle. I could write a book on this so I'll just stop it here instead.

    Romney's the true change agent, the outsider, the man with the skills and the record of turning around failing bodies like our government and he's done it in every sector of professional life--private, public, and volunteer. The Republicans haven't earned the continuity of power. 7 of 9 justices on the Supreme Court came at our hands and we have terrorists with constitutional righs while our property rights are ripped up? You gotta be kidding me. Meanwhile we had illegal alien amnesty trying to slip under our noses just like the mexicans across the border under the cloak of darkness and a government spending more than it ever has as it is larger than it ever was! It's an outrage.

    We're like an old, creaky plane, lumbering down the runway on 3 flat tires, trying to get up to speed in time to lift off before we run out of room and at the stick is an old pilot whose maneuvers we never much cared for or liked and as copilot he's given us someone who doesn't even know how to fly (country last). We can either hope that we get off the ground one last time, but to fly to where? And will the pilot even make it the whole trip? Or we can power down, turn around, taxi back down the runway, return to the hangar, retire that old plane and start building a new one. I want a new plane. And 4 years is nothing to wait for the state of the art model we'd get from Romney who would be the natural leader of the totally out of power Republican party, not to mention a perfect foil to the hapless President Obama on TV for his lone term.


    Don't vote in 2008. Or write-in Romney as I'm doing. McCain will only draw us further closer to the Democrats, to whom we're already too close in identity, and no matter anyone's politics, no one wins when both parties resemble each other. Democrats minus one doesn't' cut it. Join me. We're the mavericks now.

    ROMNEY 2012

    Posted by Thomas September 24, 08 02:10 PM
  1. I guess Carly is still in the corner for her comment about both Palin and McCain not being able to run a company. Where's Phil Gramm - hiding somewhere also, I guess. And Sarah is still participating in a photo opp and hiding from the press. See a common theme???

    Posted by dana September 24, 08 02:11 PM
  1. I'm an INDEPENDENT supporting John Mccain and Sarah Palin.I like Governor Romney too because of his ECONOMIC KNOW HOW and I support him too wherever Mccain would like Romney in his administration.The truth is the CAT the Democrat Party fed many years ago is now getting lazy and doesn't want to do anything else other than lying down and wait for the meal.He's too fat he can't even stand up because Big Government didn't care what they were feeding him.Yeah, too many lazy people because uncle Sam spoil them too much the fire is spreading wild and difficult to put away.

    Posted by skmj September 24, 08 02:42 PM
  1. Obama enough is enough your words - bail out people not wall street. We were screwed twice once on mortgage fraud and then on gas manipulation.

    You want my vote - take a stand.

    OHIO

    Posted by nevermind September 24, 08 03:55 PM
  1. I think Carly needs to learn more about government. Sounds like and Obama groupie!

    Posted by Randie Haws September 24, 08 07:34 PM
  1. I think McCain is going to drop Palin.

    She's dragging his numbers down in CO and elsewhere, they are devoting way to much time and money to babysitting her, likewise they don't dare put her in front of the press, and that National "We caught John Edwards" Enquirer adultery story is starting get legs - it all makes sense. He suspends his Campaign amid the backdrop of a so-called crisis, postpones a debate, then re-appears next week with a new running mate while Palin is quietly chauffeured back to Alaska.

    Why else would he be hanging out with Romney this week? It's not like they are drinking buddies...

    Posted by mrgoodbar September 24, 08 08:33 PM
  1. HollyB....goHillary.....
    Take some time off from the MSM and really look into Romney's life, education, career, volunteerism etc. Why is the work he did to save the SLC Olympics and his other acomplishments part of Harvards MBA curriculum?

    Is it because it's ick or lay people off? Ignore the phony propaganda from the MSM and find out a little truth for a change. Then.....THINK FOR YOURSELF!

    Do you know what the Bain way is? Do you know how it was improved and by who? Do you know what 113% ROI and the name Mitt Romney have in common?

    It's amazing the lease on life you get from examining something for yourself.

    Especially when you learn the truth of a matter.

    Posted by JonH September 25, 08 12:52 AM
  1. I am also writing in Romney. Frankly, neither McCain nor Obama are even close to having competence to run the United States.

    Posted by David September 25, 08 11:13 AM
  1. I'm also very disappointed that Americans didn't have the sense to nominate a man like Mitt Romney with the real world business experience necessary to deal with the problems that the lifetime politicians, democrats and republicans, have gotten us into. Romney is a man who has succeeded at everything he's undertaken. That's a real contrast to our current president who has run everything he's directed into the ground. Palin looked pretty good for a few days, but wouldn't it be great now if Romney was McCain's VP.

    Posted by Kyle R. September 25, 08 09:55 PM
  1. I bet McCain thinks Romney as VP looks pretty good about right now.

    Posted by Lynn September 26, 08 10:46 AM
  1. www.writemittin.com

    Check it out

    Posted by BP September 26, 08 11:56 AM
  1. What fools the American people were not to support Mitt. How great would it have been if Mitt were our nominee.
    MITT 2012.

    Posted by Janet September 26, 08 04:50 PM
  1. I' am writing in Mitt Romney. Although we need him right now!

    Posted by Steve Fitzgerald September 26, 08 07:09 PM
  1. PALIN IS A GOOD WOMAN BUT IS THE WORST VP CHOICE I COULD IMAGAINE. Plain's answers are seriously as bad as Miss Teen South Carolina's (remember the viral video). Ugh. I think McCain is too prideful, though, to do before it's too late what everyone I know thinks he should -- dump Palin. He also wants someone who doesn't threaten him on the ticket (and her being cute makes him feel like Hue Huefner).

    Posted by Steven Rinehart September 27, 08 07:41 PM
  1. Romney may look good as a VP or Pres. candidate now, but in the debate with Obama he would have looked like a bit of a phony change agent. Remember in most debates McCain beat Obama. We all know McCain had the chances to absolutely slaughter Obama in the debate that he didn't take. There must be a reason. I think McCain is saving his punches for the end, when people will be more concerned about Obama's inexperience. Romney's obviously more substantive and knowledgeable on the issues than Palin, but he can't speak nearly as powerfully, he can't excite people as well. Palin is actually very similar to Obama, but they need to let her be herself. She should be hitting the Jay Leno/Letterman/Kimmel/Conan stage, because she's very strong in lighthearted situations, since she's funny and can connect with people. These uptight, informal, elite interviews with people as uptight and serious as Charles Gibson or Katie Couric are obviously not her forte. She should be appearing in front of the public much more, just in a completely different way.

    Posted by Bruce September 30, 08 02:58 PM
  1. Jeremiah Wright has the answers! Trust him!

    God Bless America!

    Posted by Bronx Latina October 2, 08 12:59 AM
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About political intelligence Field reports from Boston Globe reporters and editors covering the 2008 presidential campaign and the national maneuvering of Bay State politicians.

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