Obama operates like Putin, Cantor says

The No. 2 Republican in the House likened President Obama’s plans for the auto industry to the policies of Russian Prime Minister Vladimir Putin, saying the White House has stripped credit holders of rights and given them to Democratic allies.

“They said, ‘Set aside the rule of law, let’s strip secured creditors, bondholders, of their rights. Take them away outside of the bankruptcy process and give them to the political cronies and the auto workers’ unions,” Rep. Eric Cantor (R-Va.) said in an interview with the Associated Press.

“It’s almost like looking at Putin’s Russia,” added Cantor, the GOP’s House whip. “You want to reward your political friends at the expense of the certainty of law?”

The Obama administration set bonus limits on companies that have received billions of dollars in federal bailout money and appointed a “special master” with power to reject pay plans he deems excessive.

Conservatives compare such “meddling” and Obama’s governing style to Putin, a former KGB agent, who was Russia’s president for nearly eight years, then became prime minister. He retains the reins of power.