Have a look at this article from the Washington Post:
http://www.washingtonpost.com/wp-dyn/content/article/2008/12/14/AR2008121402670.html?hpid=topnews
George Bush and Henry Paulson told congress they would use this $700 billion dollars of taxpayer money to buy troubled assets from firms in an auction when they never planned to buy troubled assets from firms in an auction. It is obvious from the last minute change that Bush insisted on limiting executive compensation only for firms whose troubled assets were purchased by the government in an auction. So as soon as these crooks get some money allocated from Congress, they do not use the money in this way through auctions as they said they would and it allows their Wall Street cronies to keep their outrageous salaries and bonuses and completely bypasses the intent and the spirit of this law.
By allowing these firms, which have lost money and virtually destroyed the economy in America, to overly compensate their executive staffs with astronomical salaries and bonuses and by lying to Congress to do it George Bush and Henry Paulson have committed Grand Larceny against the American People as these bonuses and salaries will now be paid with American taxpayer dollars. It really looks like this Wall Street bailout was a scam from the beginning.
Bill Mel8er
Billmel8er's Blog 