Subject: File No. S7-12-11
From: Vincent Murphy

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.

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.

My son was a contractor for over twenty five years.  With a fine reputation he started to build homes in an area that encouraged independent contractors to construct a marvelous variety of homes in a community that was set up for some 400 homes. During those years things were going along wonderfully,  then 2007 credit dried up.  He was caught is an economic trap, in debt and out of work.  He lost his business, his home,  then to survive he left his family, returned to his parents house to find work on Long Island.
Since 2008 he's been working here,  sending money to his wife and family,  and longing to return to his family. This is because the money was concentrated within a small group who do not spend money as well as the middle class who spread it around and keep the economy flowing.
Stop the selfish citizens from doing this.  Let all participate in the economy.

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


Mr. Vincent Murphy