U.S. Treasury Secretary Henry Paulson sold Congress on the idea of buying mortgage-backed securities which were the “core problem” at the time. However, now he wants to expand the uses of the money to invest in credit card companies and other industries. He held a press conference today explaining that his plan is an “investment plan, not a bailout plan”. He explained that he had the broad authority to essentially use his newfound powers however he saw fit.

When asked if he saw any limits to his power to the bill, he replied, “It’s very important for me to live within the intent of the bill rather than try to find loopholes” explained Paulson. He then went on to explain that he “will never apologize for changing the strategy when the facts change” and that he has “broad authority”.

So, Mr. Paulson, when you pitch to someone that you are selling them a new house, but instead you slash the tires on their car, you have commited fraud. Typically, people are prosecuted for this type of behavior. Luckily for you, the bailout bill includes a provision that makes you 100% NOT LIABLE:

SEC. 1513. <> LIABILITY PROVISIONS.

The Secretary, any State official or agency, any Federal banking agency … shall not be subject to any civil action or proceeding for monetary damages by reason of the good faith action … while acting within the scope of office or employment.

Oh yeah… The application for requesting a TARP investment is only 2 pages long. Click here to apply for a few billion dollars.