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.
As a result of this greed and abused power of money, my family and I are in foreclosure for our home. I followed the rules, bought a house that I could afford, made sure I could afford the taxes with it and live within my means but no help has come. My house has lost it's value but the taxes on it go up every year. No bank will help me with a modification and/or a refi. The government, the president and everyone else that has been bought by this greed is not the amercian dream and the american people are starting to see that this dream is dead. Take action show the american people that our government makes people and businesses accountable not reward them when they break the law. Rebuild the american dream by taking care of the american people that hired you to do a job not be sold to the highest bidder.
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,
Miss CARYLYN LATER