Obama Subverts Congressional Oversight

Seriously? We need to persuade companies "to participate in programs funded by the $700 billion" bailout? The White House thinks so.

Why? Well these "poor" companies "desperate" for government money only want the handouts if they don't come with restrictions about how they may squander the money. Perhaps they're reluctant to take any greater restrictions than those Congress saddled on AIG,: none. It seems financial oversight, like restrictions on lavish executive pay, is a deal-breaker for organizations otherwise willing to accept tax payer cash.

The accommodating Obama administration agrees and has added more bureaucracy to circumvent Congress' attempt at oversight and satisfy the financial demands of companies in need of federal funds. How now brown cow.

Silly me. I thought when a company needs to borrow money than the lender sets the terms and regulates how the money is spend. If a homeowner seeks a home loan, the money can't then be used to buy a car, send a kid to college or pay for fertility treatment. Money borrowed has use restrictions. Why should companies that need bailout bucks get a pass, especially when their only recourse is refusing to accept the money?

President Obama, using "a special-purpose vehicle" to blatantly ignore the terms of Congressional oversight is ingeniousness and insulting. Even the Bush administration decided to apply executive-pay limits to firms participating in the bailout program.