September 9, 2008
I believe that the current state suitability requirements now in place in some 35 jurisdictions and the current and pending state insurance disclosure, suitability and sales practice protection laws, including regulations are adequite for protection the consumer. Excuse me but weren't the sub-prime mortgages packaged and sold by brokers and Registered Representatives? Weren't the Auction Rate securities sold by Registered Representatives? How many times do you have to be reminded that these individuals are not the publics safe and secure source for financial services. They do not always protect the public from anything. To think that the SEC would favor Registered Representation for this product after this very class of licensed person has been involved in such a gross abrogation of the public trust as to put our entire US financial market into turmoil, with billions in losses to institutions and private citizens, when the insurance agents have NOT ONE SCANDEL that I know of anything close to the abrogation of trust and dsiclore demonstarted by Registered Representatives shows me that in this case maybe the Fox should not be regulating the Hen House. Abuses are going to happen in every market and this rule and it's requirements is not the answer and it will not provide any greater protection for the consumer.