Bush admin pushed (and got) exec pay loophole written into bailout
source: http://www.washingtonpost.com/wp-dyn/content/article/2008/12/14/AR2008121402670.html?hpid=to...
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- PoliticalGeek
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excerpt:
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 Lawmakers and legal experts say the change has effectively repealed the only enforcement mechanism in the law dealing with lavish pay for top executives.
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- News and Politics
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- tags:
- News and Politics, Bush, United States, Bailout, 2 more
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Vierotchka
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Why am I not surprised? I suspected as much when the original four-page document was changed to a fat volume of 451 pages. There is a PDF file of the latter available at: http://money.cnn.com/2008/10/01/news/pdf/
- 3 years ago
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Vierotchka
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Tayllerand
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Terrorist are not destroying this country is the people who run it .
Thank Mr. Bush and Mr. Cheney for destroying America. - 3 years ago
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Tayllerand
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rosyjane
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"That was the real challenge!!!! Creating the ideas of bailout just to pay lawyers in wallstreet.... does anybody realized that many people needs lawyers for an International Problem specially when we encounter thieves and saboteurs?"-JB
- 3 years ago
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rosyjane
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mayalynn
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argh...this makes me so mad.
- 3 years ago
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mayalynn
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smizzle1
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Again, this man makes me believe that there is true evil in the world.
- 3 years ago
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smizzle1
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div
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Why am I so unsurprised? One way or another, they were going to make money out of it. Three years down the road, the execs will go back to D.C wondering what happened to all that money they were given.
- 3 years ago
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div
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darkhorsejim
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This piece of human garbage & his cronies are major buzz killers after war profiteering, destroying the economy & environment while managing to become the world's biggest bully for the last 8 years. I can’t imagine a more corrupt group that demands nothing less than sweeping change & reform to straighten out the mess left behind by the most corrupt administration in history.
- 3 years ago
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darkhorsejim
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Leonidis
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This is how buisiness deals are done at this level. Everyone involved scratches the others back and covers for the other. Its like some secret society or something........
- 3 years ago
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Leonidis
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unimatrix0
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Republicans will always help the rich guys - that is who the Republicans are. If you are not rich it is not in your interest to vote Republican.
The Republicans give the Jesus freaks some lip service about abortion and family values and the poor dumb bastards are conned by the Republican party and vote against their financial and economic interests.
It was a sad picture.
But things change. It is morning in America. Yes we can.
- 3 years ago
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unimatrix0
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Leonidis
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unimatrix0:
Its not just Republicans, democrats have money too they just have different type of connections, still all U.S. senators are all rich democrat or republican.
- 3 years ago
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Leonidis
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pissedoffinarkansas
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You people still fail to see the true monster in this situation. bush is just a puppet along with the rest of our "elected" reps. The real monster is the financial industry. Research and use your common sense, if any one has that anymore.
- 3 years ago
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pissedoffinarkansas
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eldamon
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Once this clowns out of office he should be taken care in the style of his home state he loves so much - 'getta rope'!
- 3 years ago
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eldamon
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mako2424
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eldamon:
Connecticut has a history of lynchings?
- 3 years ago
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mako2424
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dustinhans
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If you gave the 700 billion dollars to the middle and lower class citizens, it would solve the economic crisis we are in now. What would people do with the money? Pay off bills, houses, cars, and spend a little on yourself. That would boost the economy.
- 3 years ago
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dustinhans
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mako2424
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You know, after all the bullshit that W. has slid by the Democratic "leaders" you would think they would learn. But no, once again, this administration proves it is perpetually 3 steps ahead of a bunch of do nothing loudmouths.
For all the talk of celebrating Bush's departure, I for one am going to celebrate Nancy "Whatever you say President Bush" Pelosi's curtain call.
- 3 years ago
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mako2424
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justright
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Give the bailout money to the people!
- 3 years ago
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justright
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victimofcoal
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A man who has lost his job and his home becomes a very dangerous man. With nothing left to lose, violent outbursts are sure to follow. Hopefully all this RAGE will be directed at the people who deserve it the most.
When planning to make your last stand against the oppressive Republican agenda, please take the time to practice with your weapon of choice as %70 of America is on your side. Your targets can be seen with bumperstickers that say things like McCain/Palin 08, Vote liberal lose freedom (we all know the liberals advocate torture, drafted the patriot act, support illegal wiretaps on Americans, and try to stop people from working in America) They will have stickers proclaiming they are "friends of Coal" They call anyone who disagrees with their "good Christian Republicans" capitolist agenda socialists . These people do not understand Jesus Christ was the greatest socialist of all. They think buying products made by slave labor in communist China is great for the American economy. They think that Unions that demand a liveing wage for employees is communism and they can be seen watching the FOX Propoganda network never questioning the obvious lies.
Good luck to you and may your aim be straight and true. You are not alone. - 3 years ago
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victimofcoal
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Chango2000
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he has one month left in office.....who gives a fuck what he "insists" anymore!?!? the people in his administration have to have mustered up some courage, or brains for that matter, by now to call him on his bullshit, even if he IS in the government's highest position.
- 3 years ago
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Chango2000
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afillmore
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You know... history certainly wont be kind to Bush, I hope... but what about the congress that let him get away with this for so long, without even considering impeaching him?
- 3 years ago
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afillmore
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chivideoguy
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f**k Bush. Karma is going to catch up to him soon enough and he'll get his upcomings.You reap what you sow. I can't wait to see a super sized bitch slap to his face from Ms. Karma :-) or I guess a giant ass shoe.....better yet a soccer cleat, or a GOLF CLEAT!!! hell ya :-)
- 3 years ago
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chivideoguy
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escarondito
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if there is still anyone who truly feels that this man is just flawed and not outright corrupt you are incredibly delusional
- 3 years ago
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escarondito
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kennymotown
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The last days of a incredible class warfare regime and in the final six months they are pulling off the biggest bank heist in history. Can anyone who has to work for a living still say GWB has been a great president. He has done well for the super rich and we will be paying for it for 50 years.
- 3 years ago
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kennymotown
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huntre
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Hmmm.
It almost as though GWB is afraid of what might become of him at the hands of powerful, so called, "friends" should he not play by their rules. - 3 years ago
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huntre
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snapypea
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a final kiss from the uber crooks.
- 3 years ago
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snapypea
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Prijedor
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Okay they took that money from us to jump start the economy... WHY THE FUCK AREN'T THE BANKS LENDING THE MONEY TO THE PEOPLE THEN
Fuck!
- 3 years ago
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Prijedor
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AndreaKnoll
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Sad but entirely expected from this a**hole!
- 3 years ago
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AndreaKnoll
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jh64487
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e-yep.
same thing with the bible, change one line (word even) and suddenly god hates fags.
Bush = nazi (sympathizer at the least)
- 3 years ago
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jh64487
