Subject: Comments for File Number S7-12-11

May 19, 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.

Wells Fargo foreclosed on my house and then, via an unattended Sheriff's Sale, repurchased the house for not only more than the mortgage, and more than the taxed value, but even significantly more that the last property appraisal, which was made before the housing meltdown and resultant drop in local housing prices. I have to assume that they used TARP money to make the-right-hand-from-the-left-hand purchase. This has got to be "creative accounting" at the people's expense.

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. AND SIGNIFICANT FINES SHOULD BE LEVIED

Thank you for considering my comment,
Joel McKinney