May 27, 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.
I was able to retire because I had saved and invested in my 401(k) throughout my career. When the economic collapse occurred, I lost 50% of my 401(k) investment and the value of my home has continuously declined. In addition, numerous family members have lost their jobs and are still without work. As a taxpayer, I sincerely believe in doing my fair share. And I expect leadership in my elected officials; not collaboration with those who are still building vaults to hold the riches they've made (and are still making) from their grievous business practices. If I engage in unethical business practices, I fully expect to be held accountable. I am frustrated beyond belief at the lack of accountability shown by those in positions of authority to make the necessary changes to ensure that nothing like this happens again. We are human beings and unfortunately, our inclination to bad behavior tends to continue unless we are faced with consequences that discourage that behavior.
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.
You're smart aren't you? Unless your vision is a failed America, it's time for you to put some real brain power to work and think beyond individual greed to fix this!
Thank you for considering my comment,
Arlene Malkin
Beaumont, CA