June 23, 2011
Elizabeth Murphy
100 F Street, NE
Washington, DC 20549
Dear Murphy,
Let's get real! Let's admit the truth!
Wall Street executives took RECKLESS RISKS. They CRASHED THE ECONOMY.
They figured they could walk away with billions of dollars in bonuses and stock options and never pay for the long-term consequences of their actions.
YOU ARE RESPONSIBLE FOR PROTECTING ORDINARY AMERICANS' INTERESTS -- AND SPECIFICALLY PROTECTING US FROM WALL STREET'S RECKLESS WHEELER-DEALERS.
We need tough rules so that Wall Street pay packages don't encourage short-term risk taking.
Your rules should:
- REQUIRE A WAITING PERIOD OF AT LEAST FIVE YEARS for executive bonuses at big banks
- PROHIBIT HEDGING EXECUTIVES' PAY PACKAGES
- REQUIRE BANKS TO PROVIDE SPECIFIC DETAILS about precisely how they ensure that executives will share in the long-run risks created by their decisions.
PASS THIS RULE.
FOLLOW UP WITH STRONG ENFORCEMENT.
KEEP THE PUBLIC INFORMED OF EXACTLY WHAT PROGRESS YOU ARE MAKING.
If you won't protect the American people's financial interests, please resign to make room for someone who will.
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. Glen Anderson