Protect Joe America in Great Bailout

As an average Joe American shouldering the Great American Bailout, a major component of the Bailout Quid Pro Quo must include the removal from the pool of future bidders on seized asset auctions any person or entity having had a personal or vested interest in a financial institution dating back to seven years before the effective date of the bailout. Otherwise, the "payback" plan for the average taxpayer will once again become a redistribution of a large portion of America's wealth to the same greedy corporate culture that got us into this mess in the first place.

Additional elements of the Bailout Quid Pro Quo should contain: limiting conditions for participating financial institutions, including a limit on total annual compensation (including all forward-looking perks) for employees and officers to no more than seven times the U.S. median household income (e.g., $350,000 on $50,000); no golden parachutes for overpaid and irresponsible pied piper corporate crooks who led us into this mess in the first place; educational tutoring for irresponsible mortgagors and mortgagees, and reserve requirements for purposes of garnering all or a portion of the interest rate "risk" premium charged customers in connection with "riskier" loans, rather than that "risk" premium being distributed as "income" to officers and shareholders.

Finally, Joe Americans should insist on additional transparencies in the operation of the Federal Reserve, including the possible election of, or greater appointment oversight of, its board members.

Ken Busse

Wheaton