Subject: File No. S7-12-11
From: Jonibosh Bosh

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. And I want to see the market act the way it should, penalizing those who make mistakes and rewarding those that don't.  When I still had my job, I didn't get a bonus or pay raise unless my work created more good, solid products, and neither should the bankers.  Not only did they cause havoc with our economy and people's lives, they got a bailout from the rest of us who suffered from their greed.

Wall Street greed and outrageous pay practices were a major cause of the collapse. One way to change the incentives so they don’t collapse our economy again would be to delay the bonuses for several years, at least five or seven. That way, we’ll know if the loans they made in year one remain good.

We must change from the bad practice of  bankers paying  themselves on the volume of loans (mortgages) they generated, not on their quality, to only paying for good quality.   Certainly we haven't gone down the greed road so far that we can't see the logic in that.

Thank you for considering my comment,

jonibosh Bosh