Officials Worry Constraints Set by Congress Deter Participation
By Amit R. Paley and David Cho
Washington Post Staff Writers
Saturday, April 4, 2009; Page A01
The Obama administration is engineering its new bailout initiatives in a way that it believes will allow firms benefiting from the programs to avoid restrictions imposed by Congress, including limits on lavish executive pay, according to government officials.
Administration officials have concluded that this approach is vital for persuading firms to participate in programs funded by the $700 billion financial rescue package.
The administration believes it can sidestep the rules because, in many cases, it has decided not to provide federal aid directly to financial companies, the sources said. Instead, the government has set up special entities that act as middlemen, channeling the bailout funds to the firms and, via this two-step process, stripping away the requirement that the restrictions be imposed, according to officials.
I take it that:
The Obama administration is engineering its new bailout initiatives in a way that it believes will allow [enormous multmillion dollar payouts to their criminal friends on Wall Street to] avoid restrictions imposed by Congress, including limits on lavish executive pay, according to government officials.
Administration officials have concluded that [enormous multmillion dollar payouts to their criminal friends on Wall Street are] vital for persuading firms to participate in programs funded by the $700 billion financial rescue package.
How many of those bankers meeting with Obama the other day looked at each other after he said that "My administration ... is the only thing between you and the pitchforks", and then turned back to Obama and replied with something like:
"Thanks Buddy, for being on our side and covering our asses! What a guy!"
Reform Immigration -
March on Washington
Sidestepping kind of reminds me of, of, of, ummmmm, lemme think here, uhhhhh...
