Subject: End Wall Street's Game of 'Heads I Win, Tails You Lose' s7-12-11

May 27, 2011

Elizabeth Murphy
100 F Street, NE
Washington, DC 20549

Dear Murphy,

America paid a terrible economic price because of irresponsible risk-taking by Wall Street executives. Those executives took those risks because they knew that they could walk away with billions of dollars in bonuses and stock options and never pay for the long-term consequences of their actions.

We need tough rules so that Wall Street pay packages don't encourage short-term risk taking and downright criminal behavior.

Your rules should require at least a five year deferral period for executive bonuses at big banks, ban executive hedging of their pay packages, and require specific details from banks on precisely how they ensure that executives will share in the long-run risks created by their decisions.

It should apply to the full range of important financial institutions, and draw in all the key executives at those companies, and any employees deemed so important they could qualify for "Retention" bonuses.

Once this rule is passed, only you will know the details of its enforcement. But it's important for the public to know the progress you are making on this vital issue. You should report back to the public annually with a detailed report on progress in creating accountability for Wall Street pay.

To do otherwise would be to abet what is literally the largest, most pervasive and internationally destructive criminal fraud conspiracy in the history of the world!

People are dying, children are not being educated and honest hard-working citizens are being made homeless.

What we have going on now is a financial Holocaust, and this is no overstatement.

The net result, if this action is not taken now, is that the whole world will devolve into heartless, inefficient and incompetent third-world countries.

The greed of the rich makes them not only not care about this, but aggressively seek it; especially through the Republican Party and the so-called Tea Party.

Their crime previously was to make shoddy, useless junk to be sold for unfair prices.

They have now obviously decided they do not even care about defrauding us on the purchase of their products or services.

They just want to take all the money and tell the rest of us to go to Hell!

Referencing Docket No.'s:

OTS: RIN 155-AC49
OCC: RIN 1557-AD39
Fed: RIN 7100-AD69
SEC: RIN 3235-AL06
FHFA: RIN 2590-AA42
FDIC: RIN 3064-AD56


Mr. Louis A Spain Jr