The mob is running the White House. In all seriousness, I have never seen anything like this. Obama signed the law specifically requiring AIG to pay out contractually required bonuses to executives. Then he started calling for those executives to be punished for taking the money. Then he threated bank officials into accepting pay restrictions by saying he was the only thing standing between the bank executives and the mob armed with pitchforks.
Now, it turns out that Obama is laundering money to protect financial firms from pay restrictions. He is setting up shell “entities” to funnel money through to avoid restrictions on pay and bonuses. No, really, he is.
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.
Although some experts are questioning the legality of this strategy, the officials said it gives them latitude to determine whether firms should be subject to the congressional restrictions, which would require recipients to turn over ownership stakes to the government, as well as curb executive pay.
This is complete madness. More than that, this is completely illegal. This is like a bad gangster movie. Obama was not elected emperor, nor was he made the boss of bosses. Yet he is acting like he is both. One person interviewed for the story called these actions by the administration exactly what they are: Money Laundering.
The Obama administration is completely and utterly out of control. That wall is coming up really fast now.