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No Rescue

September 11, 1988

Regarding the Aug. 20 story, "Biggest S&L Rescue Yet to Merge 8 Texas Thrifts, Could Cost $5.5 Billion":

How amazing! The Federal Home Loan Bank Board is going to rescue eight Texas thrifts to be named Sunbelt Savings FSB (which has inadequate funds) with a $2.5-billion note and a promise to guarantee profits by the Federal Savings and Loan Insurance Corp. (which has inadequate funds), ultimately for a direct infusion of U.S. Treasury funds (which will be paid from inadequate funds and the horrendous national debt).

EDMUND C. STANLEY

Los Angeles

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