Subject: File No. S7-12-11
From: Sheri Safreno Cellini

May 31, 2011

Elizabeth Murphy
100 F Street, NE
Washington, DC 20549

Dear Murphy,

I am writing to you with regards to the terrible economic price that many of Americans including myself have had to deal with due to the 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.  These risks / bonuses end up costing the average taxpayer.  The middle and lower income families are paying for the billions of dollars that these people do not need.  I myself am facing a foreclosure due to predatory lending practices that lead to the whole credit default swaps.  Lehman Brothers may have gone under, however I do not believe any of their executives lost their house or their life savings.

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.

Thank you for your time and I urge you to get tough with Wall Street, so the rest of America does not have to fail.

Sheri Safreno Cellini

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


Sheri Safreno Cellini