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Paulson plan: Retroactive immunity for Wall Street

Thank The God(ess)(e)(s) Of Your Choice for McClatchy:

The administration's draft law also would preclude court review of steps Paulson might take [clause 8], something Joshua Rosner, managing director of economic researcher Graham Fisher & Co. in New York, said could be used to mask previous illegal activity.

"The Treasury's ability to, without oversight, determine (that) a financial institution (is) an agent of the government seems like it could be used to serve several purposes, including limiting the potential liabilities of an institution or its executives," he wrote in a note to investors late Sunday.

How con-v-e-e-e-e-e-n-i-e-n-t.

So, what that means is that even the foolish "executive compensation" talking point is a mask over the ulcer: The real issue is executive jail time.

Otherwise, they wouldn't be writing their enabling legislation to avoid that. Eh?

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BDBlue's picture
Submitted by BDBlue on

Money's important, but for many of these fucks, it shouldn't really be just about money unless that money is in the form of forfeiture and restitution orders issued at their sentencing hearings.

I guess this will be the week we'll find out how far gone the Democrats are. If they agree to anything that would keep an Obama Administration from prosecuting the guilty, then despite the occasional brightspots, the party itself will have proven to be almost as corrupt as the GOP, the only difference will be they followed and the GOP led us into this abyss.

Submitted by jawbone on

Things fall apart; the center cannot hold;
Mere anarchy is loosed upon the world,
The blood-dimmed tide is loosed, and everywhere
The ceremony of innocence is drowned;
The best lack all conviction, while the worst
Are full of passionate intensity.

And have power.

If I sleep, maybe I'll wake up and find this is just a nightmare....