Your "vigorous oversight." A day late and $700 billion short?

CBS:

Days from becoming the largest bankruptcy in U.S. history, Lehman Brothers steered millions to departing executives even while pleading for a federal rescue, Congress was told Monday.

"Congress" was told Monday?

"Congress" is fucking gone, dude.

"Congress" handed out the $700 billion and skipped town on Friday, leaving a skeleton crew in place to find this shit out on Monday.

Yes, there are a few hearings going on in the House Government Oversight Committee in the next few weeks, despite the fact that the House is adjourned until next January. But to what end, exactly? Better something than nothing, to be sure, but Congress can't legislate on the issue without reconvening. And there are no plans to do that.

In fact, Congress can't even be 100% sure anyone will show up for their "vigorous oversight" without the ability to subpoena witnesses and make it stick, because the fully body has to be there to vote contempt (See also: Troopergate). Not that having the full body there to vote contempt would make a difference, of course. It hasn't in the cases of Harriet Miers and Josh Bolten, both of whom are now a year and a half overdue for their appearances before the Judiciary Committee.

The only good news in this is that the government didn't bail out Lehman, so in the end, our tax dollars didn't -- in this case -- go to paying executive bonuses.

So... that settles the question of what's happening in that part of the world that didn't get our $700 billion.

Jury's still out on the part that did.

You can argue all you want about the propriety of the bailout, but don't tell me it's OK to pass it because there'll be "vigorous oversight" and then adjourn Congress for three months.