Subject: Comments for File Number S7-12-11

May 23, 2011

I’m writing because my family and I were affected by the economic collapse of 2008, and we don’t want it to happen again. Trillions of dollars were stolen from the American people by these finanical institutions and, more specifically, executives from these financial institutions, for their own personal enrichment and no one has been held accountable. It sickens me to think that our government not only let this happen in the first place but then let those responsible get off scott free with billions of dollars, stolen from the American people, in their pockets. Lives were ruined, houses were lost, retirement plans plundered, all in the name of greed. It's absolutely imperitive that these individuals are not allowed to continue to rape and pillage our country while the government stands idly by and does nothing.

One way to change the incentives so Wall Street doesn’t collapse our economy again would be to delay bonuses for three to five years or more in order to assess the true medium to long term performance of their actions.

Another suggestions is for regulators to set up a way for shareholders to grab back ill-gotten gains. If it turns out that the profits in a given year were built on shoddy practices that become clear in the out-years, those bonus payments should be forfeited. If a company goes into bankruptcy or receives federal financial assistance, all compensation to executives should be limited to a comensurate base salary only with no additional compensation allowed, including "retention bonuses", until the company is financially solvent. Further, "Golden parachute" agreements should also be null and void if a company fails and all such types of seperation compensation, including retirement packages, should be forfeit and refundable if a company fails in the 3 years following such compensation.

These financial institutions, and the executives who manage them, have proven time and again that they can not be trusted. They are like moral toddlers, controlled by greed and easily corrupted if left to their own devices. They are incapable of self-control and so they must be closely monitored.

Thank you for considering my comment,

Rick Rocco