September 10, 2008
To Whom It May Concern:
I would like to ask you for a personal favor, I have met you a time or two at different functions and know that you mean what you say. As I know you are very familiar with our business, I would like very much for you to step in and make a change, which I'm sure you are already working on. The SEC Rule 151A needs not to be placed in force. Please take the appropriate action to make sure this does not go into effect. I personally feel that if the SEC wants to regulate something they should look into regulating their own process and system, such as their stocks, mutual funds and variable annuities. These specific products have lost so many people money! How can this be legal? This should be prohibited. Most of the elderly don't have a clue what is going on. You don't know how many times I have asked the Publix store bag men "why aren't you on the golf course" and they reply, "I was in the stock market between 1999 to 2002. Another issue I want to address is with the insurance broker / dealer. They have stolen from the little people (agencies) and do not do any of the hard work. How is this fair? Finally, Indexed Annuities are fixed products. The consumer is guaranteed a certain rate. This product is also backed by the insurance company, so loss is not an issue. Please help all of us Bill, this will impact the old timers, like myself. I have been in this business for 28 years and have never had to have a securities license. I don't want to be licensed to sell securities; I'm not looking for that kind of business. I want to only offer my clients fixed products and the security that they won't lose money and be able to sleep at night. Thank you for your much needed help and consideration.
Personal Regards,
Eric L. Snyder
ELS & Associates, Inc.
Eric Snyder