May 24, 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.
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.
Thank you for considering my comment, 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. BUT OF COURSE, THAT'S WHAT WE THOUGHT AFTER THE GREAT DEPRESSION, WHEN HEADS OF BIG CORPORATIONS HAD TO HITCH HIKE HOME FOR LACK OF MONEY. MY FATHER LOST HIS FORTUNE OVERNIGHT, TOO. SINCE THEN EVERYTHING HAS BEEN FINE --- UNTIL WALL STREET REGULATIONS WERE WITHDRAWN ABOUT 10 YRS. AGO. WALL STREET, YOU'VE BEEN AT IT AGAIN SINCE YOU'VE NOW HAD THE OPPORTUNITY. GREED ALWAYS RAISES ITS UGLY HEAD AT EVERY TURN. NOW, MY SON IS IN FORCLOSURE AND MY DAUGHTER'S HOUSE IS WAY UNDERWATER, COMPLICATING A DIVORCE AND REMORTGAGE. AT MY WIT'S END, AND AT 80, I'VE NO WAY TO REMEDY THE SITUATION, AND I KNOW OF NO ONE WHO ISN'T FACED WITH THE SAME. MY SUGGESTION IS THAT BY SOME STANDARD, YOUR SALARIES SHOULD BE TIED TO THE GDP OF THIS COUNTRY, BUT NEVER TO EXCEED A CERTAIN PERCENTAGE. AND, THAT THE RESTRICTIONS RECENTLY ELIMINATED, BE REINSTATED. WALL STREET SHOULD NEVER OPERATE AT THE EXPENSE OF THE WELL BEING OF THE AMERICAN PEOPLE! CORINNE LIVESAY
Corinne Livesay