May 26, 2011
It was always my belief that the government, your agency, and others like it, were there to protect ordinary citizens against corruption and greed. I have lost faith in that now but wish to encourage you to change course and help those who need it most.
I’m writing because my family and friends were affected, and are still affected, by the economic collapse of 2008, and we don’t want it to happen again.
I believe that banks should not be investment firms. I believe that no bank should be too big to fail. I believe that regulators should be independent, not beholden to banks or other financial institutions.
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,
Flo Brodley
Somers, NY