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.

Wall street executives and their lobbyists continue to espouse the validity of the industry policing itself. It is that very behavior that led us to where we are now. The long slow repeal of regulatory laws, including Glass Stiegel, was an incredibly naive and foolish act by our elected officials. It should be plain to all now that the single focus of corporations is to grow profits for their shareholders in whatever way they can. If it's legal, great. If it's questionable, do it. If it's illegal, try to get away with it anyway, while making generous contributions to the campaign coffers of the politicians responsible for oversight.

THIS MUST END. OUR VERY NATION'S FUTURE IS AT STAKE.

Wall Street greed and outrageous pay practices were a major cause of the collapse. One way to change the incentives so they donít collapse our economy again would be to delay the bonuses for three, five or more years. That way, weíll know if the loans they made in year one remain good. In the bad days, bankers paid themselves on the volume of loans (mortgages) they generated, not on their quality.

Thank you for considering my comment,

Erik Wood