Subject: File No. S7-12-11
From: David Valpreda

May 31, 2011

Elizabeth Murphy
100 F Street, NE
Washington, DC 20549

Dear Murphy,

I did everything I was always told a responsible citizen should do. I worked hard, paid my bills on time, voted in every election, saved for retirement and never missed a mortgage payment.  And what do I have to show for it??? Thirty years of savings nearly wiped out! My home is worth less now than twenty five years ago! My neighborhood steadily declining due to foreclosures!  My job is threatened! This is not where I expected to be at 59 years old!!! AND NONE OF THIS WAS MY FAULT!!!

But I do know who to blame. I blame our spineless politicians who are bought and paid for by big business and big banks!!!  It's that simple.

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.

Please do the right thing!

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. David Valpreda