One of the first things the Bush administration did upon installation in office was to land cushy government jobs for Iran-Contra criminals like Eliott Abrams and John Poindexter. Both had been convicted of major crimes. In Poindexter's case, you may recall, the conviction was subsequently overturned; not because he was found not to have comitted the crimes -- the courts indeed found that he had done everything he was accused of. The reversal came about because he had given testimony before Congress under an immunity and the appeals court found that they could not establish that his conviction had not been tainted by the information given in his testimony. Pretty much the same thing that sprang Ollie North despite his record of serious crime.
Bush's father, you may also recall, pardoned a number of Iran-Contra criminals, going so far as to pardon Cap Weinberger before a trial could even get off the ground. It was thought at the time that the elder Bush ("I was out of the loop" he famously testified) was buying insurance against whatever testimony Weinberger might give were he not taken care of immediately.
Did any of us ever believe that Scooter Libby would spend even one night in prison? This commutation is simply the latest act in an on-going criminal conspiracy.