Subject: File No. S7-12-11
From: Karen Hedwig Backman

May 19, 2011

I was enormously affected by the economic collapse of 2008, and I would be financially ruined if it happened again.

Wall Street wants to greedily seize my Social Security and Medicare so that they can pay their CEOs even more monstrously preposterous bonuses – which greed and practices were the reason my assets collapsed to less than 50% of their value in 2001. The incentive to be monstrously greedy must be ended. Banks must once again act as responsible banking institutions, not as sordid gambling casinos. Bankers must bank on making solid, substantial loans, not on the volume of loans (mortgages) they generate, quality must reign over quantity.

Thank you for your consideration,

Karen Hedwig Backman