Subject: File No. S7-12-11
From: Mae Chamberlain

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.

My 92 year old mother, and many others of her generation, lost so much money because they trusted the executives of financial institutions and invested in them based on what they were told. She is now having to live on a budget and hopes she doesn't live much longer because she is not sure she can afford the needs that arise with older age. When do she and all of the others get their money back? The executives have gotten their 2 times over!

I am absolutely astounded at the bonuses and packages that these executives have received after almost bringing down the world financial structure. How did this happen? Why should these practices continue? If it weren't for those hard workers within their organizations below them, they would not have success! What happened to the big "trickle-down economics?' Seems that the only movement that wealth has made has been up, and it is no trickle. This is unconscionable and needs to be stopped. It is your responsibility to protect the public from the money-sucking vacuum at the top.

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. Mae Chamberlain