May 31, 2011
Elizabeth Murphy
100 F Street, NE
Washington, DC 20549
Dear Murphy,
For many years my wife, neighbors and I have been very disturbed by the massive incomes of executives of the large corporations. These incomes have been based on short term goals that created significant financial risk for others. These conditions were a major contributor to our current recession.
The greed of these executives has resulted in serious harm to those of us in the middle class and even worse to the poor. It is alarming that it has not resulted in any punishment to these executives.
I am a retired computer design engineer. As a result of the recession I have had to find summer jobs at minimum wages for the last three years to supplement our income. In the future it may not be enough.
Many retired people whose health does not permit them to work are having very serious financial problems.
Please vigorously enforce the rules of the Dodd-Frank Wall Street Reform Act to insure that these, the most dangerous conditions, do not continue to exist. Also by doing the following:
1) Strengthen your rules to require a minimum of a five year deferral period (7 years would be better) for executive bonuses at big banks.
2) Ban executive hedging of their pay packages.
3) Require specific details from banks on precisely how they ensure that executives will share in the long-run risks created by their decisions. It should apply to the full range of important financial institutions, and draw in all the key executives at those companies
2) Have an annual detailed report on progress in creating accountability for Wall Street pay at all major corporations.
Thank you for your important service to our country.
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. Merwin Alferness