Subject: Comments for File Number S7-12-11

May 23, 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 was laid off three years ago and because I worked for a non-profit organization which was not required to pay an unemployment tax, I have been unable to draw unemployment benefits. And because I am 57 years old, it has been very difficult to find another job. I have been working for a temp agency, which does not guarantee I will have a job from one week to the next. Currently, I am unemployed. I live with my 87 year old mother, who receives Social Security and government employees survivor benefits, neither of which have received a cost of living increase recently. We are barely making it on my savings and her income, and some months, the money gets very tight. Meanwhile, the bankers and Wall Street executives are getting multi-million bonuses for crashing the economy.

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. Regulations also need to be tightened and enforced, and the Glass-Steagall Act should be reinstated.

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. The Department of Justice needs to investigate and prosecute those who were responsible for pushing subprime mortgages and CDOs. Maybe then some of these executives would get back to investing the way it used to be.

Thank you for considering my comment,

Mary Sweet