Once again, 'follow the money'
According to The Washington Post, the specific language in the TARP law that forbade such payouts was changed at the last minute, with a small but significant one-sentence edit made by the Bush administration. The Post reported, "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."
Read the fine print. Of the TARP bailout funds to be disbursed, ...
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Paulson is a sleazebag, of that I have no doubt, but you can't put all the blame on him. If someone comes to you with a three page summation, and you give him 750 billion with no oversite, who's the idiot. While the republicans are union busting, gutting the American auto factories and laying off thousands of auto workers and the businesses that migrate around them, the banker's are sipping champagne and eating caviar.