Slashdot has a good summary of the story so far. Nutshell: Bush spied on us illegally. Needed phone companies to help. Phone companies can't be sued if they thought they were acting legally and the government fooled them.
And yet the Senate is talking about passing a law giving retroactive immunity to phone companies for crimes they may have committed. That's wrong.
If you call your Senator today, it might not happen.
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