Subject: Comments for File Number S7-12-11

May 24, 2011

The Glass-Steagall Act of 1933 was inacted because if the collapse of Wall Street in 1929. It was inacted because during time before 1933 there was no consummer protection whatsoever. One of the items in the Glass-Steagall Act was prohibiting any ine institution fromacting as any combination of investment bank, commercail bank and/or insurance company. It also established FDIC. Glass-Steagall Act also established consummer protection regulations. Then here comes the Gramm-Leach-Bliley Act of 1999. It trashed almost everything the Glass-Steagall Act established, only the FDIC was not taken away.

REGULATIONS have to be re-established NOW! We are not in just a RECESSION, we are on the brink of a DEPRESSION! The Gramm-Leach-Bliley Act should be trashed and the Glass-Steagall Act must be followed 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,

Kelly Zorn Arellanes