Consider the Source of $1-Million Bonus

I was glad to see your remark ("Glenfed CEO Gets $1-Million Bonus," Nov. 11) about the bonus to Steve Trafton on top of his 680-K salary and the side comment that the federal regulator "did not object."

Of course, you could not very well say where the money came from, namely the individual stockholder-investor, who was given a 1-for-20 reverse split and a short-time-limit rights offering at $9 for a new stock that immediately dropped to $6 plus. Many of us contributed thousands of dollars to that bonus.

WILLIAM W. GRINGS

Los Angeles

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