May 31, 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.
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.
Wall Street's games have insured that I will never be able to retire.
I've worked my entire career with money going towards 401K & living within my budget. My storey is matched by most of those who have suffered at the hands of Wall Street. They do not understand growing a business to survive past their tenure-they have run their business like strip miners. This never ending greed needs to stop. This is not the first time, nor will it be the last time if the rules don't change. As a whole, Wall Street believe they are above the law & can manipulate the system to fund their growing greed. Please, for the good of the entire country-stop their ability to continue to put the financial stability of the entire country & world at risk.
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
Sincerely,
Ms. Elizabeth Hicok