Guest Guest Posted December 15, 2008 Report Share Posted December 15, 2008 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 Lawmakers and legal experts say the change has effectively repealed the only enforcement mechanism in the law dealing with lavish pay for top executives."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. Quote Link to comment Share on other sites More sharing options...
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