Wealth Redistribution for the Wealthy

This story about exec pay at the bailout banks is appalling.  Does the average citizen know that almost all of the limitations on exec pay were removed from the final version of the bailout bill?  No wonder they all came running with their hands out.  Here is the final list of restrictions:  

• exec pay can be whatever the institution deems necessary so long as it "doesn't encourage excessive risk to the institution"
• golden parachutes are prohibited
• banks are prohibited from claiming certain exec pay tax benefits

That's it.  Basically, the law says, "As long as you, Mr. Bank CEO, agree not to leave this year, you can pay yourself whatever you want with the money I, the Treasury, am about to hand you.  How much would you like?"

Even more absurd is the list of institutions that received bailout money.  Many of these banks were in no sort of trouble whatsoever: 

• JPMorganChase ($25B): bought WaMu.  Here's some criteria for handing out bailout money, Mr. Paulson: if the institution can afford to buy the biggest savings bank in America, it doesn't need a bailout.
• Wells Fargo ($25B): bought Wachovia.  See above, just a bit smaller bank.  Also, Wells notably was one of the few banks to not get involved in the subprime mortgage game, so they were left with one of the strongest balance sheets among the majors.  Smart guys...they figured out how to collect $25B in emergency funding for an emergency that didn't exist.
• Bank of America ($15B): bought Merrill Lynch.  This one's a doozy: BofA bought Merrill for $50B, but then collected not only the $15B, but also convinced Uncle Paul to throw in another $10B for Merrill.  A bank that had already been absorbed by another bank!  Which itself had already received bailout money!  The mind boggles.
• CapitalOne ($3.5B): not even a troubled bank.  I know this because I researched bank solvencies for my savings accounts.  I guess that's why they got so little.  Seems fair.
• Zions Bank ($1.4B): one of the healthiest banks in the nation (again, I know...I bank there).

I am left with three overarching question:

1. What in the hell was the criteria for handing out these bailouts?
2. What, if any, repercussions or obligations are there for the participating institutions?  We see above that the executives making the requests suffer none.
   
3. Will the US Treasury ever see any of this money again?

I didn't even mention AIG, which came back, after their first massive bailout, and asked for $40B more.  Did Uncle Paul tell them that they were going to have to behave this time?  No.  In fact, AIG complained that the restrictions on the previous handout were too oppressive, so our friends in Washington agreed to not only hand them an extra $40B, but also loosen the restrictions on the prior tranche of funding.  Here is the analogy for you parents out there:

"Son, here is five dollars for you to spend at the store.  You just can't spend it on candy."

"Thanks, dad."

(Ten minutes later) "Dad, I spent it on candy, but I want more candy.  And toys."

"OK, son, I understand.  Here's $50 to buy more candy and toys.  Is that enough?  Come back if you need more."

"Thanks, dad."

"Also, no homework for you tonight.  Just TV and videogames.  OK?"

"OK"

This is going to go down as the biggest rape of the American taxpayer in our nation's history.