Subject: File No. S7-12-11
From: Bruce Wolcott

May 27, 2011

I’m writing because my family and I were affected by the economic collapse of 2008, and we don’t want it to happen again.

I teach at a local community college in the Seattle area, and I've seen both academic and non-academic staff laid off, and adjunct faculty lose their medical insurance and classes due to low enrollments.  The State of Washington needs to cut back $4 billion dollars over the next year in order to remain financially stable.  What about the bankers and fiscally irresponsible Wall street companies and banks that received over $800 billion in bail-outs?  Where is their fiscal responsibility? 

One way to change the incentives so Wall Street doesn’t collapse our economy again would be for regulators to set up a way for shareholders to grab back ill-gotten gains.

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.

Thank you for considering my comment,

Bruce Wolcott

Seattle, WA