Subject: File No. S7-12-11
From: Maggie Bagon

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.

I am 62 years old and three years ago I bought a home. After raising two children alon and going to college in my 40's I finally had a decent job with benefits and regular pay raises. I obtained a fixed rate mortgage and planned that with teh intial tax break the first year and my raises the following years I would have no problem paying my mortgage while my house would be a good stable investment.

Who got bailed out, certainly not me, rather the Wall Street criminals that caused this mess and they are now rewarding themselves with million dollar bonuses. This is criminal and we the people need to see some accountability.

Much to my suprise, three years later we have not only had a pay freeze, but with our mandatory unpaid days off we actually have a 20 percent pay cut. Another suprise is that even though I have made significant improvements in my home, it is now worth 20,000 less than what I paid for it.

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.

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


Ms. Maggie Bagon