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The problem with trying to use the South African model is who is reconciling with whom? In South Africa, most of the victims were in power (or in a position where they COULD be in power) when the commission was formed. Therefore, the largely black government of South Africa had the power and the credibility to say it was willing to be reconciled with the previous white power structure because the black government was perceived to represent the victims.
I voted for Obama & I wish him well, but I do not accept that he represents -- symbolically or otherwise -- the mostly Muslim & mostly non-American victims of Bush's torture policy. Who is he or a commission appointed by him to "reconcile" with Bush & Cheney's torturers? Obama may not have liked Bush's torture policy & on some level, all Americans have been soiled by it, but most of us did not directly suffer from it.
If Obama thinks this is too distracting for himself and the Congress to handle, then send it to the Hague. At least the World Court is a better place for the primarily Muslim victims to get something like justice -- more than I fear they will ever get from any US court.