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Digging into the bailout

February 09, 2009

Re "The bucks stop here," editorial, Feb. 5

As a taxpayer, retired entrepreneur and business consultant, I strongly endorse President Obama's move to tie bailed-out corporations' executive compensation to shareholder value, and to make bonuses and retirement benefits contingent on repayment of bailout loans and interest. Reassuringly, it appears some bankers seem to be redirecting their efforts already.

But how does the president propose similarly to focus federal and state government officials on effective use of the billions of dollars they are seeking?

Would it be constitutional to bar them from standing for reelection -- or even holding any public office after serving their current terms? More realistically, could their retirement benefits be made contingent on loan repayment? There must be some way to hold them accountable.

Gib Hoxie

Palos Verdes Estates

::

Nothing like getting one's blood boiling first thing in the morning -- your editorial did the trick.

You suggest that capping executive salaries might exacerbate our current financial crises by "driving away talented leaders"?

Are you nuts?

Do you mean talented leaders like the late Kenneth Lay of Enron fame? Or Jacques Nasser, the CEO who presided over a 75% stock loss during his tenure at Ford? Or possibly Stanley O'Neal, the CEO whose innovative business savvy led to an $8-billion write-down at Merrill Lynch?

Which of these Wall Street stalwarts are you referring to exactly? Seems like driving away these guys might be the best thing that ever happened to Wall Street.

Frederic E. Bloomquist

San Pedro

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