Subject: File No. S7-12-11
From: Gary and Mary Smith

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.

For the hundreds of thousands of hardworking Americans that have lost most of what they have worked for, including ourselves, we desperately need our chosen legislators to go to bat for us so we can try to recover, and to insure future homeowners do not have to go through the nightmares and hell that we have been through. This is a "storm" of gigantic proportions, dwarfing even the recent tsunami and tornadoes in destruction. It is time for defrauded Americans to recover what they have lost. It is time for the national banks to operate within the trust of the public, and eliminate the gigantic ponsi scheme that has gotten completely out of hand and is ruining our countries' economy.  It is time for the disasters to stop, and the banks to pay the price.
Gary and Mary Smith

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. Gary Smith