Subject: File No. S7-12-11
From: Phillip Leija

May 30, 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.

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.

Please consider my story as you do your work.

I was unemployed for four months in late 2008 and early 2009. I could not find a job and had to move from Spokane, WA to Bellingham, WA and left my wife and two young boys behind. Paying the second rent was the easy thing to do and boy did I miss my family! it was not uncommon to drive home from work and cry all the way. Also, my boys both suffered with my older son being really depressed and my little boy often crying and wondering where daddy was?

Now, on 5/30/11, my wife and I are still am paying down our bills; we have two creditors that are suing us right now. And I have been back with my family since 3/22/10! My family can't even go to dinner once a month like we used to now we have to pay to fix our two used cars regularly! It's like we take two three steps forward and two back!

I find it highly irritating that Wall Street is making millions in profits with so many of my fellow Americans being unemployed because their jobs outsourced. Will it end soon. I hope so. Maybe, I can start to save some money in a Roth Ira soon. I just turned 50 this month.

Thank you,


Phillip Leija

Spokane Valley, WA