The telecoms are complaining that without immunity they risk bankruptcy from lawsuits. This argument is stupid. For a start they’d be subject to a class-action suit, (and possibly half a dozen individual suits at best) so they wouldn’t be sunk by lawyer’s fees and court costs. Secondly there’s no way a court would allow the total bankruptcy of any one of the telecom companies—it would be too disruptive.
If he hasn’t already done-so, Bush will likely write-up a pardon for the telecoms. It won’t matter to him that a pardon is supposed to apply only after a guilty verdict and time served. His father “pardoned” Caspar Weinberger for his indictment in Iran-Contra, thus averting a trial and exposure of G.W. Bush’s own important role in the affair, thus allowing Bush to effectively pardon himself--and he got away with it!
(The sub-headings of the NYT article—Bush Diary at Issue and 6 Year Inquiry into Deal of Arms for Hostages Swept Away)
The power to pardon falls under Article II, Section 2 of the Constitution:
"Should I decide to grant pardons, I will do so in a fair way. I will have the highest of high standards." (George W. Bush, Feb 22nd 2001)
If history is any guide, George Junior is going to get away with it, just like his old Dad, though just to be sure he’s going to have to pardon is entire administration, and with all those pardons there’ll be just enough room in his presidential Library for “The Pet Goat” and a torture memo.