Assholes: Bush Administration - "it has eviscerated the regulations in the original bailout bill limiting executive compensation"

Wall St. Bailout: Exec Pay Limits 'Effectively Repealed' By WH from Daily Kos

At the same time that the Bush Administration won't say whether or not it will use TARP funds to save the auto industry, we learn that it has eviscerated the regulations in the original bailout bill limiting executive compensation:

Executive Pay Limits May Prove Toothless
Loophole in Bailout Provision Leaves Enforcement in Doubt

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.

rest at http://www.dailykos.com/storyonly/2008/12/15/44444/030/49/673199