Subject: File No. S7-12-11
From: Kallie Wilbourn

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.

Those of us who work hard yet live within a narrow economic margin for error (due to the rising costs of health care and housing) are the ones who pay the price for these gambles.  Since the Reagan and Bush Senior administrations reduced regulation and accountability, some very grasping folks have found loopholes through which to suck away the money we workers have paid, all our lives, to strengthen the economic safety net democratic public servants helped establish  for us and our children.  Please, do not allow their arrogance and greed to ruin more lives.

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.

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.

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


Mrs. Kallie Wilbourn