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Northwest Voices

Seattle Times letters to the editor

October 19, 2008 at 4:31 PM

Federal bailout

We have the gold

Let me get this straight. The U.S. Treasury (aka; we, the taxpayers) is planning to invest billions in six banks nationwide in an effort to “bail out” the U.S. economy. Now, Treasury officials want to exempt these same banks from executive-compensation restrictions included in that bailout legislation passed by Congress.

The last time I checked, legislation passed by Congress was still the law of the land, and this bailout clearly specifies executive-compensation restrictions to be imposed on any and all recipients of this taxpayer beneficence.

If the Treasury secretary and bank executives are unwilling to accept the terms of the bailout, then Congress needs to place a stop-payment on this very generous blank check.

If the Treasury and the banks want our money, they need to abide by our conditions. If they are unwilling to accept our conditions, they need to bail themselves out.

The golden rule in business is, “He who has the gold makes the rules.”

At this moment in time, the taxpayers have the proverbial “gold” — so let’s hold them to the rules.

— Paula Joneli, Des Moines

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