Obama pays the bankers

President Barack Obama 1600 Pennsylvania Ave NW Washington, DC 20500

Dear President Obama,

I understand that you are concerned with the deteriorating economy of the United States and that you are dedicated to do something to reverse that deterioration. I have some serious objections to the way this is progressing. The outrageous compensation packages detailed almost daily in national newspapers are beyond the understanding of the average taxpayer who is being asked to provide the funds to bail out those industries and therefore the executives whose policies have caused this economic distress. Therefore, I am very pleased with your recent limitations to the compensation of those grossly overpaid executives of the financial institutions that are to receive "significant" TARP funds. But I understand that these limitations are only for those yet to receive TARP funds and only if it is over a "significant" and apparently unspecified amount. .

This, then, will allows those institutions that receive less than the "significant" amount to use an even larger percent of this "less than significant amount" to continue to pay those unwarranted and unacceptable salaries, bonuses and benefits. The response given to those objecting to the continuation of these enormous salaries is that these very talented people, those who have gotten us into this financial disaster, will quit and go somewhere else. Where else can they go? Most of these institutions that have been guilty of paying these enormous and unwarranted salaries are effectively bankrupt because of the policies of these same individuals.

Most of us who have worked for private industry have never made more than a minor percentage of the salaries of these financial institution executives and yet we will be required to continue to pay these exorbitant and outrageous compensation packages. You will never get the support of those of us who have worked or work for private industry if you continue to allow these egregious policies to be part of your Stimulus Package.

Because of the policies of these same financial industry executives all of us have seen our savings melt away and many have seen their jobs disappear yet your plan to stimulate the economy will invest a significant portion of those supposedly stimulating funds into the pockets of the very individuals that have caused so much financial misery not only in the United States but across the world.

Most of us want to support you and a plan to reverse the economic decline but this is not the way to get the support of those of us outside of the excessively compensated financial world.