Academic

Rumor has it the House is close to a deal.  David Hoffman has the overview, TPM has the executive summary, and the compromise on judicial review is ... review but no injunctive relief?  We should probably wait for the details, but arbitrary and capricious review, which the Dodd bill proposed, basically is injunctive relief, so I think a mystery is afoot.  If the House compromise only prohibts courts from issuing preliminary injunctions - quite rare in administrative cases, but possibly risk averse hard bargainers in Treasury want to feel particularly safe about their deals - then Congress got a great deal of what it asked for in reviewability, because it's hard to imagine a scheme like this that wouldn't involve ex post injunctive relief (heaven forbid this is all going to the Court of Federal Claims).   

The executive compensation provisions have changed from permitting Treasury to set standards - not so big a deal if Paulson will be the one setting them (you may feel differently about Robert Reich, of course) - to summaries like this: sanctioning of "perverse incentives" for "risk-taking," a "claw back" for bonuses paid on "inaccurate" information, and a "prohibition" on golden parachutes for two years .... yikes!  On executive compensation, see Usha, Lisa, John Carney, and more here. 

The smart money's on an as good as done deal by tomorrow morning.  But don't bet your house on it.