Running Out The Clock
Let’s admit it – on his last day in office the Shrubbery is going to sign pardons for everyone in White House, to prevent any action being taken against anyone for their criminal activities, but no before them.
The executive clemency rather than a pardon for Libby is to build a wall against investigations. If Libby had been pardoned he could have been hauled before Congress and required to testify about what really happened in the Plame case. Doing it this way, Libby can still refuse based on the Fifth Amendment, an option only available if you are Republican.
Libby can’t be pressured by Patrick Fitzgerald or Congress, because the “stick” of prison time is gone, he will lose some of his civil rights, and his law license, but those will be restored by the pardon he will get on Bush’s last day.
This whole thing has always been about protecting Karl and Dick. A pardon at this time would have weakened that protection, but clemency braces it. Libby just has to play the good soldier and he’s set for life. That’s the way things are done in crime families.