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protecting his rich friends to the end


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From today's Washington Post:

"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 Lawmakers and legal experts say the change has effectively repealed the only enforcement mechanism in the law dealing with lavish pay for top executives."

Now we know why Bush insisted on those provisions. If you're not filthy rich, George W. Bush is your enemy. He has taken every opportunity to take your money and give it to the rich. These $700 billion were your dollars. He just gave them to corporate executives who couldn't even make their companies profitable.

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From today's Washington Post:

"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."

Now we know why Bush insisted on those provisions. If you're not filthy rich, George W. Bush is your enemy. He has taken every opportunity to take your money and give it to the rich. These $700 billion were your dollars. He just gave them to corporate executives who couldn't even make their companies profitable.

Total nonsense. You must have read that on Huffington.

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Total nonsense. You must have read that on Huffington.

It's not nonsense. Congress had the act written to limit executive pay. Bush put in a loophole at the last minute that makes the provision useless so long as he's in office. He's doing exactly what he has been doing for eight years: taking your money and my money and giving it to multi-millionaires. Congress should have stopped him, but the initiative came from him.

What's nonsense about what the Washington Post wrote? You may not like their politics, but their facts are solid.

More important, why doesn't having your pocket picked by the super-rich bother you?

I don't get it. You've been fleeced, the country's economy is in a shambles, and you're still defending this guy. Why?

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