If It Weren’t For Bad Faith, The Bushies Would Have No Faith At All

1 comment December 15th, 2008at 07:18am Posted by Eli

Any time it appears that Dubya or his minions have done the right thing, assume that there’s either a catch, or that it’s simply a lie:

Congress wanted to guarantee that the $700 billion financial bailout would limit the eye-popping pay of Wall Street executives, so lawmakers included a mechanism for reviewing executive compensation and penalizing firms that break the rules.

But at the last minute, the Bush administration insisted on a one-sentence change to the provision, congressional aides said. The change stipulated that the penalty would apply only to firms that received bailout funds by selling troubled assets to the government in an auction, which was the way the Treasury Department had said it planned to use the money.

Now, however, the small change looks more like a giant loophole, according to lawmakers and legal experts. In a reversal, the Bush administration has not used auctions for any of the $335 billion committed so far from the rescue package, nor does it plan to use them in the future. Lawmakers and legal experts say the change has effectively repealed the only enforcement mechanism in the law dealing with lavish pay for top executives.

I can’t think of a single exception to this little rule of thumb.  Even the Bushies’ suggestion that they might use TARP funds for a bridge loan to the auto industry turned out to just be a scheme to extort Congress into releasing the second $350 billion for the financial sector.

(h/t Teddy and Ian)

Entry Filed under: Bush,Corruption/Cronyism,Economy,Republicans,Wankers

1 Comment

  • 1. woody  |  December 15th, 2008 at 10:03 am

    The GOPukes can be relied upon to torpedo any initiative the consequences of which would ever redound to the credit of the Dims…

    It’s not just the Booshies who have no faith but bad faith; it’s the whole GOP.

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