Subject: File No. S7-14-08
From: A Cloer
Affiliation: Advisor

September 8, 2008

I have been helping people safeguard their money in insurance savings accounts for 14 years. In that time each and every one of my clients have gained savings not lost value. Brokers selling variable annuities can't make the same claim. The SEC supervises Securities Brokers. The SEC sactioned Brokerage Houses mislead, make false promises,
pressure, and ridicule countless uninformed senior citizens into buying a high commission variable security which could and does lose their prescious nestegg. If the SEC regulates fixed annuities, and only Brokers can sell them, I feel sure these same Brokers will shelve the fixed product in favor of the lucrative Variable Annuity with it's ongoing fee schedule. This action seems only a knee-jerk reaction to seniors being informed and getting wise to the Broker tactics. With the babyboomers more astute to business and disclosure I smell fear from the fast talkers of the Brokerage Houses who simply threw prospectus' across the table to 80 year olds of the past with no questions for "business as usual". THIS PROPOSAL HAS BROKERAGE WRITTEN ALL OVER IT. SAY NO WHO THOUGHT OF THIS RIDICULOUS ACTION. WE CAN LINE UP FRAUD AROUND THE COUNTRY OF WRONG SECURITY RECOMMENDATIONS. PUNISH BOTH BROKERS AND INSURANCE AGENTS WHO DO WRONG NOT THE SENIOR WHO DESERVES THE BEST RETURN ON THEIR MONEY WITH SAFETY.