Subject: Comments for File Number S7-12-11

May 19, 2011

Iím writing because my family and I were affected by the economic collapse of 2008, and we donít want it to happen again.

I'm also writing because I'm enraged by the fact that you simply are not doing your job. Millions of Americans thrown into unemployment, their mortgages gone upside down, evicted, extraordinary stresses on the working families of this country-- and all of it traceable to the lawless greed that dominated Wall Street not only then, but right now. The SEC was the dog that didn't bark. The business practices of guy like Jamie Dimon, Lloyd Blankfein and John Mack have caused human misery on an enormous scale; how many suicides are these men indirectly responsible for, how many divorces, how many shattered lives?

And you guys are supposed to walk the beat, to keep these common criminals from preying on an American public who frankly pays not only your salaries but pays for the Wall Street bonuses as well. In my eyes, the SEC itself is guilty of criminal negligence. You need to start throwing some CEOs in prison and garnishing the massive wealth they've stolen from the American taxpayer. Maybe we can start by firing the head of the SEC, as whomever it is now is surely in the bag for the bankers. I don't know how you people look yourselves in the mirror.

One way to change the incentives so Wall Street doesnít 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,

Robert Kulesz