Ellen Seidman, Director & Carolyn Buck, Div. of Enforcement Office of Thrift Supervision 1700 G Street NW Washington, DC 20006

Ms. Donna Tanoue, Chair Federal Deposit Insurance Corp. 550 17th Street NW Washington, DC  20429

As American taxpayers, we would like to thank your agencies for having the courage to take on the MAXXAM  Corporation and its Chairman Charles Hurwitz.  Hurwitz began his series of misdeeds by acquiring United Savings Association of Texas which he then used for leveraging corporate takeovers.   Ultimately, this led to the raiding of Pacific Lumber and Kaiser Aluminum.  Since then, pension funds have been attacked, the environment has been polluted, labor laws have been violated and communities have been catapulted into turmoil.

We, the taxpayers, were made to suffer insult added to injury when we had to foot the $1.6 billion bill for the S &L's collapse.  It is as if we paid for the takeovers and should rightfully claim public ownership to Hurwitz's ill-gotten gains.  Your agencies, themselves allege that laws governing financial institutions were violated and you are currently engaged in related court actions..  We urge you to continue your efforts to recoup all of the taxpayer moneys that were defrauded from us.

We understand how difficult it is to regulate, investigate and litigate corporations that use high- powered law firms to outmaneuver your efforts.  We know you are understaffed and overworked.   Still, you are the guardians of the Treasury.    You hold a sacred trust to uphold the constitution and enforce the laws.   It can not be any clearer that your mission to recoup the full $1.6 billion spent to bail out MAXXAM and United Savings is a noble cause.

It would also seem natural that you would recommend to the U.S. Justice Department that Charles Hurwitz and his associates, including Dr. Barry Munitz and Stanley Rosenberg, be investigated and ultimately indicted for bank fraud and related charges.  Do not be intimated by politicians who would attempt to influence you to overlook the crimes of their favored constituents.    The law requires you retain your strict independence from political pressure.

Charles Hurwitz is a shrewd negotiator, but we ask you to stand tall and not settle for pennies on the dollar.  Reclaim all of our money.   We thank you from the bottom of our hearts for defending our nation's Treasury from those who would despoil the world for their own greedy ends.

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