The ACLU has posted documents from their Freedom of Information Act request regarding the DoJ's position on torture. The heavily redacted memos with summaries can be found here.
Individual memos (in pdf format) include:
Memo Dated August 1, 2002, from the Office of Legal Counsel to the CIA (written by then assistant AG Jay Bybee)
Memo Dated August 4, 2004, from CIA to OLC
Memo Dated January 28, 2003, from CIA to OLC
From the 2002 Memo (emphasis mine):
Specific Intent: To violate the statute, an individual must have the specific intent to inflict severe pain or suffering. Because specific intent is an element of the offense, the absence of specific intent negates the charge of torture.
{snip}
A defendant acts in good faith when he has an honest belief that his actions will not result in severe pain or suffering...Although an honest belief need not be reasonable, such a belief is easier to establish where there is a reasonable basis for it....
Based on the information you have provided us, we believe that those carrying out these procedures would not have the specific intent to inflict severe physical pain or suffering. The objective of these techniques is not to cause severe physical pain.
In other words, since you are not doing it just to be a meanie, and you only want to protect America, torture is fine by us. (We'll just ignore the fact it doesn't work for now)
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The August 2004 memo from the CIA to the Office of Legal Counsel states, unequivocally but without evidence that:
Intelligence gained using the interrogation techniques has saved American lives and property
That might be worth exploring. It also singles out waterboarding as being A-OK per the 2002 memo.
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Finally, the 2003 memo contains Presidential Medal of Freedom recipient George Tenet's authorization for an 'enhanced technique'. It also includes an order to keep a 'contemporaneous record' of the goings on.
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This is, by the way, another reason Bush needs McCain to win. They need to put some time and space between themselves and the events. I'm not saying that I expect Obama to start the investigation train, but McCain will more than happily oblige a slide into history for this administration's malfeasance.