Subject: File No. S7-12-11
From: Ute Kegel

May 26, 2011

I’m writing because I am disgusted that large-scale crime, fraud and violation of rules get rewarded with large bonuses. Wall Street's crimes (yes, crimes!) caused our economic problems, and now they are committing the same crimes again -- without ANY repercussions. And ordinary people, such as several friends of ours, are paying the price.

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. And the shoddy practices must stop.

We need agencies like yours to protect the American from criminal practices. Please do everything you can to achieve this goal.

Thank you for considering my comment,

Ute Kegel

WI