Harry Reid says the "rule of law" = "retribution":

At a meeting of top Democrats at the White House Wednesday night, President Obama told Congressional leaders that he did not want a special inquiry, which he said would potentially steal time and energy from his ambitious policy priorities, and could mushroom into a wider distraction by looking back at other aspects of the Bush years.

The Senate majority leader, Harry Reid of Nevada, and other top Senate Democrats endorsed Mr. Obama’s view on Thursday, telling reporters that they preferred to wait for the results of an investigation by the Senate intelligence committee expected sometime “late this year.” But Ms. Pelosi renewed her call for an independent panel.

Mr. Reid, who repeatedly denounced the use of harsh interrogation techniques when Mr. Bush was president, suggested that naming a special panel would signal an intent to exact “retribution” and he sought to paper over the disagreement with members of his own caucus, like Senator Patrick J. Leahy of Vermont, who want a commission.

“I don’t think there is a division among Democrats,” Mr. Reid said. “Justice must be served. Retribution should not be a part of what we’re talking about.

We seem to be at Chapter 5 already in Rahm Emanuel’s kabuki playbook:

CHAPTER 1: The public gets justifiably outraged by something like the AIG bonuses

CHAPTER II: The Administration announces its good intentions: "I’ve asked Secretary Geithner to use that leverage and pursue every legal avenue to block these bonuses and make the American taxpayers whole."

CHAPTER III: House/Pelosi does something about it

CHAPTER IV: New Democrat Coaliton/Blue Dogs join with Republicans to neuter it

CHAPTER V: Senate stalls/blocks it "Congressional ardor for legislation fade(s)…in the Senate"

CHAPTER IV: Wait out the clock. . . everyone moves on.

In the end, everyone thinks the administration actually "did" something, Obama’s approval numbers remain high, and the rich, the powerful, and the establishment still get what they want.