Subject: Comments for File Number S7-12-11

May 19, 2011

Our priority in implementing the financial reform bill should be to prevent a recurrence of the behavior that caused the economic collapsed that has devastated the lives of millions of people.

Wall Street greed and outrageous pay practices were a critical contributor to this crisis. Changing Wall Street's incentive structures is therefore essential to avoiding another similar crisis in the future.

One way to change the incentive structure so they donít provoke another economic catastrophe would be to delay the bonuses for three, five or more years. That way, it will be clearer whether the loans they made in given year remain good. Paying bankers on the volume of loans (mortgages) they generated, instead of their quality was, and remains, a recipe for disaster.

Thank you for considering my comment,

Nicole Shampaine