Bush Pushed Bailout Loophole On Executive Pay

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.

Read the whole story: Washington Post

Comments

[USA2Sense]

He's such a Ba- - - - d!

[MuchMadness]

Wish that Iraqi journalist had thrown a pair of stilettos --- heels, I mean.

[davidwayneosedach]

If the automakers get bailout money their CEO's will be compensated in one form or another. There are many different words for bonuses.

[XME]

Well, this is no surprise at all...the ONLY ones Bush cares about protecting financially are the rich.

[iamvalid]

There are no words to covey my disgust in my government and all those who supported the huge swindle of a trillion dollars from the American public. I've looked in my dictionary and my thesaurus and there are just no words for it. Perhaps Paulsonized, Pelosized, or Reidified. The is what a Democratic change is going to bring the USA? Could it be possible that politicians are the scum of the earth, party affiliation non withstanding. Sirs & Madams of the senate, have you no souls?

[youngat80]

Perhaps KAKISTOCRACY might come close to defining the situation you describe. The definition is: Government under the control of a nations' worst, or most unprincipaled, citizens.

The word comes from the greek word 'kakistos', translated 'worst'

[research]

The Bailout of the banks is the greatest Heist in history.

5+ Trillion dollars, more than the cost of WWII! given to

Off Market CDS CDO gamblers.

Hoover Bush GOP banker robber barons take the money and run

Versus

FDR shut the banks down for 4 days, while you go over their books. Strengthen Unions fund public works.

We Cannot and Must not allow Derivatives to continue to exist one second longer.

We Cannot pay off the 513 Trillion dollar overhang.

We must invalidate all Derivatives.

revert to direct asset ownership.

Spend on Public works, green and infrastructure: NOW.

Unfortunately with the GOP and BUSH: NO useful BILLS CAN GET PASSED.

How will we get those 5 trillion back if they have been converted to gold and shipped to Dubai Halaburton headquarters?

http://www.huffingtonpost.com/users/profile/research?action=profile

[LHoney]

Why are Americans not marching on Washington?? What are we waiting for? They can't do us any more harm, they've already stolen money our grandchildren and great-grandchildren will have to pay back to China. Why are we settling for this?? I shudder to think what they will have to do to us to cause a "protest"...

[VeroucaSalt]

You might want to start working on that organization. Set it up. People WILL join you!

[Mnemanth]

In a word- apathy.
We're America- the convenienced. America- the entitled. America- the lazy.
"Protest? Oh, that's someone else's responsibility. I can't be bothered- I have to go to my minimum wage job that I live in fear of losing. So I can go buy my fat fortified fast food meals, driving my gas guzzling and wallet draining oversized car.
Hey, as long as I've got cheap beer, television, and free online porn to distract myself from the ills of the world with, what's there to protest about anyway?"
We tout how strong we are, we brag on our military might, we shake our fists and play our patriotic pop anthems overly loud. But the world must be shaking it's collective head in amazement at our subjection- no, our submission!- to this state we find ourselves in.
Or, would find ourselves in, if we would take the time to turn off COPS and Oprah long enough to realize what's really going on.

[dbg2]

Paulson first one up the 13 steps.... the bailout is a fraud.

[spinns17]

these guys are crooks.anyone got a shoes for me.or should they be stoned to death

[Rule Of Law]

"Meanwhile, Paulson repeatedly told lawmakers that he did not plan to use bailout funds to inject capital directly into financial institutions. Privately, however, his staff was developing plans to do just that, Paulson acknowledged in an interview. "

Isn't that called lying?

[conniec]

Clearly DubYah and Paulson BOTH need to be run out of town on a rail...

[SchmaltzyTheGolem]

Always always always follow the money. I begin to understand the attitude that Sonny Corleone had about the U.S. Govt.

[horsey]

Need a loophole law, these wealthy people spend all their time creating loopholes for their lobbyist's to push through the congress.

[unhipcat]

So what. Executives work hard for their bonuses. As long as those greedy automobile assembly line workers have to take a paycut from that $73 they're pulling in for every hour they work, there's hope our economy will right itself.

[rowzeer]

Executives work hard at taking down their companies....being incompetent is hard work

[helen]

Nothing this man does surprises me anymore. He's an elitist and a stupid one at that... and heavily narcissistic...