Treasury says it may break its promise to businesses.

I watched Tim Geithner in his Congressional testimony assure businesses that they would NOT be subject to the compensation restrictions if they participated in the asset-buying program.

Yesterday Charlie Gasparino reported that big investors were reluctant to participate in the public-private partnership because they were afraid of having their compensation restricted or being called before Congress to justify why they made money. I thought the investors’ caution understandable, but given Geithner’s explicit promise, it seemed perhaps a tad excessive. Surely Geithner’s word must be worth something.

It turns out I was wrong.

Jennifer Rubin nails this one (tip to Instapundit):

The rules according to Tim Geithner: Rule #1 is there are no rules. Last month when the AIG bonus feeding frenzy was boiling over he assured the firms he was trying to lure into the toxic asset-buying program,

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