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Your June 26 editorial ”Seeing red over the thrift bailout” states that funds from Midwestern and Northeastern states will be ”shipped off” to rescue depositors in states primarily in the Southwest, and that so-called slick Texas oil men will be the beneficiaries.
Let us not forget that thousands of Illinois and Midwestern citizens and pension funds chased high rates by ”shipping” deposits to high-flying Texas institutions. Everyone thought this was all right as long as the deposits were insured.
Therefore, a large amount of the cost of making good on the government`s guarantee on deposits has been and will be returned to Illinois and other Midwestern states.
