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Posted: 3:53 p.m. Thursday, Sept. 25, 2008
By Jamie Dupree
Lots of different groups are getting involved in the political battle over the Bush Administration plan to bailout financial firms hit hard by recent turmoil on Wall Street. Here's something from two of them.
First, ALIPAC - Americans for Legal Immigration PAC - a group involved in the debate on illegal immigration.
"We the People of America must not reward our government with more money and power for failure, as we did after 9/11," says William Gheen of ALIPAC.
"Otherwise, we have created a grand political and financial incentive for failure that will be repeated many times in the future."
"Instead of a bail out, we need immediate investigations, prosecutions and seizures of assets of any American or foreign business leaders who have violated laws and we need to hold politicians in DC and regulators accountable," Gheen added in a release.
"No Amnesty for illegal aliens or Wall Street robber barons!"
Far, far away from the world of ALIPAC is the internet site known as the Motley Fool, which dispenses investing advice.
In an email to the more than three million Fool members, a trio of Motley Fool leaders urge readers to support the massive Wall Street bailout plan.
"We view this plan as being an important step in allowing the global financial system to recapitalize itself," said the Fool letter, arguing the plan "needs to be passed and will benefit Main Street."
"We believe that if the Paulson Plan is done correctly, American taxpayers will profit not only from the return of lending capacity to our banks, but also from these troubled investments.
"However, the plan should embrace the tenets of free-market capitalism. The government should demand equity stakes in the banks," said the note..
"We encourage you to take a few minutes -- now! -- to call your elected officials and let them know that there needs to be an equity component for taxpayers."
The note was signed by Motley Fool CEO Tom Gardner, President Scott Schedler and Bill Mann, Senior Adviser.
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