May 31, 2011
Elizabeth Murphy
100 F Street, NE
Washington, DC 20549
Dear Murphy,
Make whatever changes to the rules you deem appropriate, however, the changes need to be made at a more basic level.
Executives should not be able to participate in company stocks at all.
The temptations are too great -- almost all executives will opt for the short term gain considering the amount of money that is at stake.
If the boards want to give bonuses for certain performance, the can give cash rewards. This will promote actual performance rewards as opposed to rewards based on deception and slight-of-hand at the cost of the general investing public. If the public looses faith in performance of the stock market, ouir entire economy will suffer. I personally want to be able to invest in a company that does not want to steal my money -- and stealing money is exactly what caused the meltdown -- regardless of the terminology congress and business wants to use. Remove the tempation and the entire US economy will benefit.
Additional accountability will be realized if Boards of Directors are criminally liable for the actions of CEOs. This will promote hiring of ethical business leaders and will promote honest and ethical company growth.
If you do not act ethically by making rules that will promote fairness and reward honest work, you will condemn our country to the continuing slide in our economy to its utltimate conclusion.
I am writing this with the hope and prayer that it will make a difference and that you are ethical legislators that truly want to improve our business and political systems. I realize that many of our legislators are in the back pocket of special interest groups, but I hope that somehow you can disconnect yourself from these special interest groups and do what is right for the country.
All of the people in the country that truly care about the overall growth and stability of our country know that special interests have siphoned profits out of many companies for their short term profits and self-serving gains. We know that we are past the point where there will not be universal suffering when we correct these problems, but we are willing to have a shared sacrifice -- but are not willing to sacrifice while the the more affluent in our country continue to rape our economy for their own rewards.
Thank you and best of luck.
Referencing Docket No.'s:
OTS: RIN 155-AC49
OCC: RIN 1557-AD39
Fed: RIN 7100-AD69
SEC: RIN 3235-AL06
FHFA: RIN 2590-AA42
FDIC: RIN 3064-AD56
Sincerely,
Mr. Rodney Crenwelge