McCain Criticizes CEOs' Pay in Speech to Businesses (Update1)
By Mark Drajem
June 10 (Bloomberg) -- [url=http://search.bloomberg.com/search?q=John+McCain&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date :S:d1]John McCain[/url], the presumptive Republican presidential nominee, took aim at chief executives of the largest U.S. companies, saying many of them enjoy big paydays while escaping responsibility for their mistakes.
McCain pl**d that if elected he would push to let shareholders curb the pay of CEOs and unleash federal prosecutors to punish wrongdoing by corporate chieftains.
``For too long, government has been the voice of big business, not small business,'' McCain said in a speech to the National Federation of Independent Business in Washington. ``Even when very large businesses violate their trust, they seem to be held to a different standard -- getting away with conduct that would leave any small-business owner broke.''
McCain told the group, which represents small- and medium- sized businesses, that ``something is seriously wrong when the American people are left to bear the consequences of reckless corporate conduct, while the offenders themselves are packed off with another $40 or $50 million for the road.''
McCain's opponent, Illinois Senator [url=http://search.bloomberg.com/search?q=Barack+Obama%2C&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:S:d1]Barack Obama,[/url] has proposed legislation to give shareholders a non-binding vote on executive pay. The U.S. House approved similar legislation in April 2007. The measure is stalled in the Senate.
``I'm for doing something in that area, but it's highly contentious'' because Republicans oppose legislation to restrict pay, Senate Banking Committee Chairman [url=http://search.bloomberg.com/search?q=Christopher+Dodd&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:S:d1]Christopher Dodd[/url] told reporters today. Dodd, a Connecticut Democrat, said his first priority is a housing bill, and, if that happens, executive pay may come up later this year.
Criticizes Both Parties
McCain criticized both political parties for legislation that aids specific industries. He cited as an example the most recent farm bill, which Congress passed over the veto of President George W. Bush.
``On my watch there will be no more subsidies for special pleaders, no more corporate welfare, no more throwing around billions of dollars of the people's money on pet projects while the people themselves are struggling to afford their homes, groceries and gas,'' he said.
To contact the reporter on this story: Mark Drajem in Washington at mdrajem@bloomberg.net
Last Updated: June 10, 2008 16:37 EDT
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发表于 2008-6-11 08:06
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发表于 2008-6-11 09:20
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