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April 22, 2009

Another Obama Administration Flip-Flop

Also from the Washington Post:

Treasury Department lawyers have determined that firms participating in a $1 trillion program to relieve banks of toxic assets could be subject to limits on executive compensation, contradicting the Obama administration's previous public position, according to a report to be released today by a federal watchdog agency. [...]

Speaking last month about the initiative to buy toxic assets, Treasury Secretary Timothy F. Geithner said, "The comp conditions will not apply to the asset managers and investors in the program."

But Treasury lawyers have told the special inspector general for the federal bailout that executives involved with that initiative and another $1 trillion consumer lending program "could be subject to the executive compensation restrictions," according to the report from Special Inspector General Neil M. Barofsky.

Eventually folks are going to wake up realize that when you make a deal with the devil there's nothing to stop him from changing the terms. As Darth Vader warned: "I'm altering the deal. Pray I don't alter it any further." What he meant was, "Give me a reason, bitch, I already own you."

More on this over at the Corner.


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posted by Gabriel Malor at 10:45 AM

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