McCain Calls For Changes To Bailout Plan

By: John Bentley
Topics: John McCain

(CBS)

From CBS News' John Bentley:

(SCRANTON, PA.) – Saying he is "greatly concerned" about the proposed $700 billion bailout plan put together by Treasury Secretary Henry Paulson, John McCain will be asking for more oversight over who receives funds from the federal government.

McCain will propose a bipartisan committee made up of economic experts such as Warren Buffet (who supports Barack Obama), Mitt Romney (a McCain supporter), and New York City mayor Michael Bloomberg (an independent). Since Paulson may not be the Treasury Secretary after the election, McCain argues, he is asking for a "high level oversight board" to impose a rigorous standard of who gets help and who does not.

McCain will outline his plan at town hall meeting here today. He will also call for a provision in Paulson's plan that would end the "golden parachutes" of Wall Street CEOs, who have pocketed tens of millions of dollars after their companies have imploded. Any senior executive of a firm that is bailed out by the Treasury, McCain will say, should make no more than the highest paid government official, which is often a great deal less than the typical salary from a private company.

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by ahhhhhhhaaaa September 22, 2008 7:11 PM EDT: Ok, I see that some of you people went FULL ***!!!!! on the issues at hand. You didn%u2019t even go half *** like you were supposed to but you had to go full ***!!!! . Doesn%u2019t anyone understand? We are living in biblical times people!!!!!!! WE OWE OTHER COUNTRIES SO MUCH MONEY, CAN YOU SAY ONE WORLD GOVERNMENT? COMING SOON TO A COUNTRY NEAR YOU!!!!!!!; Reply to this comment


by cakemanjb September 22, 2008 6:16 PM EDT: Lets see if i got this right. The Mentally unstable one "McCain" , picks the most unqualified running mate in history. The ticket has a history of scandal. They both look into the camera on a daily basis and repeat lies that have been fact checked to be "false". McCain has voted repeatedly for deregulation. He admits he knows nothing about the economy , and says the fundamentals of our economy are strong. He doesn''t know how many houses he owns , and he wears 500.00 shoes as he drives around in one of his 13 cars or skips across the country in his private jet. THEN HE CLAIMS he understands the struggles of every day people...........LOL. When McCain says " My Friends" he is talking about the lobbyist that run his Campaign , then they have the nerve to question anyone that dares to do the vetting on his unqualified VP choice that he failed to do........ McCain/Palin = Unstable/Unable; Reply to this comment


by ahhhhhhhaaaa September 22, 2008 5:57 PM EDT: Dont worry Americans George W. Bush has heard your pleas and is working on a plan with congress to get us out of this financial mess that Bill Clinton put us in. It took George Bush 8 years to get us out of the mess that Bill put us in and he''''''''s almost done! The economy will be fine by the time that George gets out of office. George did the right thing by removing those harsh laws that kept big companies from making the tons of money that they are making now. George Bush has always championed the rights of the poor and fought against the fat cats in washington. He has freed Iraq and is currently working on freeing afghanistan. George is the best president ever he balanced our budget and our troops couldnt be more proud then to have George Bush as commander and chief. I think that George Bush should be president another 8 years before Barack or Mc Cain get in washington and mess up the great job that George did over the past 8 years. Dont forget the no child left behind act which is helping millions of children and George Bush is only one standing up to the fat cats in washington. I wonder if there is way to get him elected another 8 years, this country sure needs him now more than ever! The poor has always supported George Bush because he protects the little guy, the underdog and we love him for that. He always put the american people before himself and his family!!! There ought to be some way that the american people can show some gratitude as hard as George works for us; Reply to this comment


by octoberxs September 22, 2008 4:28 PM EDT: Actually mr22581 Obama met this weekend with economic advisers to look over the bail-out plan, not to prepare for the debate. Stop spamming and check your facts.; Reply to this comment


by DCropp September 22, 2008 3:33 PM EDT: Over the weekend, McCain said Fiorina deserved her $21 million golden parachute when she was fired as CEO of Hewlett Packard.

Typical McCain.
Do as I say. However, if you''re a supporter of McCain, you can do anything and it''s justified by him.

Thank goodness ABC exposed Palin as a blatant liar in her Troopergate scandal. I can''t wait for the recordings to be released to the media. Rumor has it they are as damaging as Nixon''s recordings.; Reply to this comment


by thebob-bob September 22, 2008 3:29 PM EDT: Rick Davis was one off the biggest lobbyists for the investment banks. He fought for no government oversight for years. Brilliant. Look where that got us. Give the man a bonus.

McCain is more of the same.
No More Years!; Reply to this comment


by ioweign September 22, 2008 3:22 PM EDT: John McCain has no regrets being Mr DeRegulator on Wall Street: No, I think the deregulation was probably helpful to the growth of our economy
By: John Amato

Scott Pelley of 60 Minutes asked John McCain if he regretted helping the deregulation of Wall Street back in 1999 and McCain said no because it helped grow our economy to where it is today. Yes, that%u2019s his story and he''s sticking to it. It helped out economy so much that President Paulson is asking for 700 billion dollars with no strings attached to save McCain''s economy that is a step away from turning into another great Depression. Is he kidding me? We have another Enron type scandal on our hands in the financial markets only this scandal is on Super steroids.; Reply to this comment


by briannorwood September 22, 2008 3:11 PM EDT: A new committee to review the Wall St. debacle! Great idea McGrandpa!

Now, tell us what the heck you were doing all those years as head of the Commerce Committee!

Seems to me, that everybody is pointing the finger for this mess to de-regulation of the banking industry, which you are clearly still in support of!

Can''t wait to see how you would de-regulate the health insurance industry too!; Reply to this comment


by karronna September 22, 2008 2:53 PM EDT: daninmadison...

good post...Fiorina''s golden parachute was $42 million though - not $20 million. Wonder if McCain can convince her to chip some of it for the cause?; Reply to this comment


by jetsetter08 September 22, 2008 2:34 PM EDT: They were talking about this earlier in the week, but it wasn''t McCain''s idea. But I know alot of people that would chip in to give McCain a golden parachute if he''d go away.; Reply to this comment