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Having read both Mr. Wolfingers statement to the University of Utah Academic
Senate and Mr. Hiltziks recent article in the LA Times, I believe it is time for one
Eccles family member to express agreement on a number of your positions.
I rarely involve myself in Utah politics since I am a resident of California and have no
authority over any of the various Utah Eccles Foundations. This guardianship was
created decades ago by their founders, which established authority through senior
partners of a local family law firm and executive members of the First Security Bank
of Utah.
I am, however, familiar with Marriner S. Eccles, the principal in question regarding
most of the issues discussed by you and recent attempts to fund an institute bearing
his name. Marriner was my grandfather and until his death in 1977, we shared a
close bond and friendship few people get to have with someone of his historical
importance. He raised me as his son when my father, his eldest son, died in 1960. I
also have a relationship with the University of Utah. After graduating from Stanford
in 1971, I returned to Utah and graduated from both the Business School and the
Department of Economics with degrees in finance and economics in 1976. I
returned to California and worked with Bank of America in the Asset and Liability
Division of the World Banking Division. I am now retired and as mentioned earlier,
living in the Bay Area.
The University of Utah Academic Senate should renounce the offer of funding this
institute based on the conditional 8-year grant from the Charles Koch Foundation,
and secondly, should the Koch Foundation rescind its conditional support in favor of
a one-time no strings offer, the name of the institute should be The University of
Utah Institute for Economics and Quantitative Analysis with reference to Marriner S.
Eccles omitted from the title.
I have attached a redacted speech Marriner delivered to the Economic Club of New
York over 75 years ago when he was Chairman of the Federal Reserve. Try to see if
you can imagine Charles Koch in front of this audience reading these words today.
Marriner C. Eccles
Economic Club of New York, May, 1940
Democracy cannot survive half free and half slave with millions
of people enslaved to poverty, unemployed, and in misery, on the one side,
and great wealth and affluence, with idle money and idle resources, on the
other side.