Subject: Comments for File Number S7-12-11

May 21, 2011

Executives have found various ways to pay themselves for bringing a company down. The work of many unscrupulous business leaders has led to an economic collapse. In the future, their bonuses ought to be delayed for three, five or more years. In the bad days, bankers paid themselves on the volume of loans (mortgages) they generated, not on their quality.

Thank you for considering my comment.

Michael Howell