This little tidbit can be found buried in Section 8 of the bailout wording as it stands today:
“Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.”
So what do some people have to say about this? Personally, I like what Kuttner said about this plan:
“The deal proposed by Paulson is nothing short of outrageous. It includes no oversight of his own closed-door operations. It merely gives congressional blessing and funding to what he has already been doing, ad hoc. He plans to retain Wall Street firms as advisors to decide just how to cut deals to value and mop up Wall Street’s dubious paper. There are to be no limits on executive compensation for the firms that get relief, and no equity share for the government in exchange for this massive infusion of capital. Both Obama and McCain have opposed the provision denying any judicial review of decisions made by Paulson — a provision that evokes the Bush administration’s suspension of normal constitutional safeguards in its conduct of foreign policy and national security.”
Yep, they want the bailout unchallengeable in court and devoid of any and all oversight. This is what we are dealing with here everyone – a continuation of governmental secrecy, even when it comes to taking money out of our pocket and handing it over to private companies and CEO’s. They want complete authority to do what they please with our money, without providing a single upside to the American taxpayer, while also protecting themselves from any future lawsuits – no matter what happens.