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January 11, 2013


AG Olbert

First of all, I appreciate and enjoy your Rate Watch newsletter. Thank you for doing it.

A comment on your latest issue "Were banks Bailed out?" While your description of the components of a bank is accurate, it is incomplete. A key item missing is "the management." I believe that is the key to the populist ire, which I share.

The managements of those bailed out firms, were left generally "wholes." "We," the citizens and taxpayers who are a large portion of "our economy," were led by our political leaders to bail out the institutions for the mutual benefits you cite. However, the managers were generally not "punished" for their errors and greed with dismissal, loss of wealth, or jail. They should have been.

The managers errors and greed damaged "our" system. Yes, we "had" to bail out the banks. Yet the managers who caused the debacle have gotten off Scot-free. The top three level of executives at every institution should have been as severely damaged financially as the average mortgage holders has been.

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