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.
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?