Corporate chiefs defend Democrat ticket

WASHINGTON (CBS.MW) -- A group of high-profile corporate executives came to the defense of the Democratic presidential ticket Thursday, urging the business community to ignore Republican efforts to paint John Kerry and John Edwards as a pair of trial-lawyer-loving protectionists.

"I think there is clearly a very aggressive attempt going on to create an anti-business bogeyman out of this ticket," said NewsCorp. Chief Operating Officer Peter Chernin, in a conference call organized by the Kerry campaign.

"I think there's going to be this vast mythology that's going to develop -- unless it's refuted early -- that there is a business issue problem here of some significance," said Barry Diller, CEO of InterActive Corp. "I just don't think it's there. I don't think it exists. And I think many people have to come out and say it, and I think that will help to balance it."

Kerry, the presumptive Democratic presidential nominee, on Tuesday selected former rival Edwards as his running mate. The pick prompted speculation by Wall Street analysts and election strategists that the Kerry campaign could be pulled toward a more protectionist agenda, given Edwards' calls during the primaries for a tougher stance on trade agreements, including the renegotiation of labor and environmental standards in the North American Free Trade Agreement.

Republicans and allied business groups took aim at Edwards' pre-Senate career as a trial lawyer and his opposition to some legal reform proposals, arguing that the ticket would block efforts at tort reform.
Bear Stearns President Warren Specter said Republicans were attempting to paint Edwards as "some sort of extremist."

Specter, who has known Edwards since the candidate's 1998 Senate run, said Kerry and Edwards would run a "responsible" administration that would be more focused on reining in the federal deficit.
"That to me is the most important thing in terms of having confidence in the markets, which is my specialty," Specter said.

The deficit is forecast to exceed $400 billion in the current fiscal year -- a record in dollar terms. Kerry and Bush have both vowed to halve the deficit in five years --Kerry in part by rolling back tax cuts on the Americans earning more than $200,000 a year, and Bush by restraining spending.

Both have met skepticism from budget hawks. They contend Bush has shown no compunction to control spending and is glossing over the impact of plans to extend expiring tax cuts. Kerry has been criticized for failing to provide more than a rough outline of his budget plans.

John Thompson, CEO of security software firm Symantec, said he found it hard to take seriously charges that a Kerry-Edwards administration would take on a protectionist tone, "looking at the way we've operated the current economy as an isolated entity in a global world."

Thompson said he expected a Kerry-Edwards administration's trade policies would evolve "as they implement their programs and see a reaction from the marketplace."

William L. Watts is a reporter for CBS.MarketWatch.com.

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