As you’ve no doubt already heard shouted from near every rooftop, President Bush has commuted Scooter Libby’s prison sentence. Specifically, the conviction stands — the fine and probation stand. Libby just doesn’t have to spend a day in prison.

Now, here’s the key to this.

There is a conceivable argument — a very poor one but a conceivable one — for pardoning Scooter Libby, presumably on the argument that the entire prosecution was political and thus illegitimate. But what conceivable argument does the president have for micromanaging the sentence? To decide that the conviction is appropriate, that probation is appropriate, that a substantial fine is appropriate — just no prison sentence.

This is being treated in the press as splitting the difference, an elegant compromise. But it is the least justifiable approach. The president has decided that the sentencing guidelines and the opinion of judge don’t cut it.

The only basis for this decision is that Libby is the vice president’s friend, the vice president rules the president and this was the minimum necessary to keep the man silent.

See President Bush’s statement on the Libby commutation.

House Judiciary Committee Chairman John Conyers (D-MI) reacts to Bush’s move as “inconsistent with the rule of law.” And a staffer from his committee tells us that they’re looking to have a hearing on this as soon as next week.

Matt Drudge alerts his millions of readers to the Libby commutation, or at least those readers with really good eyesight…

Join us in tracking the absurd right-wing “but Clinton pardoned!” defense.

DOJ manual on Commutations (emphasis added) …

Section 1-2.113 Standards for Considering Commutation Petitions

A commutation of sentence reduces the period of incarceration; it does not imply forgiveness of the underlying offense, but simply remits a portion of the punishment. It has no effect upon the underlying conviction and does not necessarily reflect upon the fairness of the sentence originally imposed. Requests for commutation generally are not accepted unless and until a person has begun serving that sentence. Nor are commutation requests generally accepted from persons who are presently challenging their convictions or sentences through appeal or other court proceeding.

(ed.note: Special thanks to TPM Reader KC.)

Over at Election Central we’ll be posting presidential candidates’ reactions to the Libby commutation as they roll in. First up, ladies and gentlemen, it’s Fred Thompson!

“I am very happy for Scooter Libby.”

Update: Statement from Barack Obama.

Update: Statement from John Edwards.

Libby reactions from Reid, Pelosi, and Schumer.

Interesting. Joe DiGenova was just on CNN, carting out all the lies that DC’s right-wing establishment has been peddling about Joe Wilson over the last four years. And, surprise, surprise, he enlisted the Washington Post on his behalf. And, why should we be surprised? They’re part of that establishment. It’s a good day for Fred Hiatt.

Here’s our interview with Joe Wilson reacting to Bush’s commutation of Scooter Libby’s sentence.

From the interview:

“By commuting [Libby’s] sentence, [President Bush] has brought himself and his office into reasonable suspicion of participation in an obstruction of justice. The commutation of (Libby’s) sentence in and of itself is participation in obstruction of justice.”