Subject: File No. S7-14-08
From: Mike E Bragg

July 9, 2008


The NASD wants to take on the insurance companies in court because the insurance companies found a better way years ago manage a product. Software systems today allow for continual management much better than before in insurance products which includes fixed index annuities. Too bad NASD members didn't come up with some ideas of their own when they should have. Maybe they were too busy churning. Now that business is going away from variable products they want to steal it back by eliminating and controlling the segment saying it should be a registered security. My Mom is 84 years old and 7 years ago purchased a variable annuity in her IRA. The registered rep that sold it to her then wanted an ongoing management fee to tell her which of the 20 plus sub accounts she should be in. Now, if the SEC wants to protect seniors from aggressive selling practices like this, do so, and, not by limiting the marketing of fixed index products to those who did not understand them well enough in the beginning to design something of their own. NASD could save a lot of people a lot of money by dropping their case, and admit when it comes to fixed index annuities and life insurance they still don't understand. Greed is one thing that drives markets. The mortgage debacle and predatory lending did not start with insurance companies. If NASD's Wall Street genius was behind the products that has caused the recent losses in real estate, lets take note. Come on, do I need to say more? Thanks for reading, Mike Bragg