May 26, 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. The SEC like all agencies under the executive branch is subservient to the Preident. Most US Presidents have been easy marks for Wall Street; especially the well funded ones. Until the SEC is only ruled by the House do we even have a slight chance of the SEC ever being effective.
One way to change the incentives so Wall Street doesn’t collapse our economy again would be 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.
Thank you for considering my comment,
Ralph Parks
Arlington, VA