Her Golden Parachute Fine With McCain

McCain, Obama stress urgent need for financial intervention

(NEWSER) - The presidential candidates took a break from stumping today to visit Washington, DC, and support the Senate's financial bailout plan, the New York Times reports. Barack Obama repeated his pro-bailout argument on the Senate floor, saying that "the worldwide economy could be plunged into a very, very deep hole." He admitted earlier today that the plan was "not perfect," but necessary to "prevent a crisis." More»

The US has pledged some $320 billion in bailouts for struggling enterprises

(NEWSER) - More than $320 billion in taxpayer funding has already been pledged to treat firms sickened by the subprime contagion—more than twice the $124 billion the government spent fixing the savings and loan crisis in the 1980s, reports the Los Angeles Times. The question, writes Michael Hiltzik, is how much farther will this "bailout binge" go? More»

Obama, McCain haven't talked much about US economy—now they'll have to

(NEWSER) - The crisis on Wall Street will change the shape of the presidential campaign in its final weeks, forcing both sides to adjust their messages and strategies. Mike Allen, in Politico, details four major effects:

• Neither John McCain nor Barack Obama has talked much, or in detail, about economic plans. No saving that for January 2009 now.

Both took cash from leaders; McCain's manager is GSEs' ex-lobbyist

(NEWSER) - Barack Obama and John McCain are both railing against the excesses of Fannie Mae and Freddie Mac on the campaign trail, and promising to end the lobbyist culture in Washington that led to their fall. But both candidates and their parties have multiple ties to Fannie and Freddie, the New York Times reports, and both have taken campaign contributions from their leaders. More»

Mudd, Syron each stand to net at least $6M; critics rip 'pay for failure'

(NEWSER) - The CEOs of Freddie Mac and Fannie Mae will receive millions in severance pay, pension payouts, and other benefits after the government’s takeover of the mortgage giants, the Los Angeles Times reports. Fannie’s Daniel Mudd stands to take away $7.3 million, and Freddie’s Richard Syron will get $6.3 million—though the companies’ tanking stock makes the severance packages much smaller. More»