Subject: s7-14-08--Rule 151-A

October 14, 2008

I am writing to you today regarding the index annuity issue. This issue is minor in relation to the major issue that the country is facing. These mortgage backed securities and interest rate swaps which have made the economy stop in in tracks. Who was responsible for supervising these activities--I believe it was the SEC and FINRA. Where have you guys been?

The answer is you have been worrying about gnat on an elephants back side (indexed annuities) while the elephant stomped through the market. Lets focus on what is important. For you to allow Merrill Lynchs of the investment world ( and several who do no longer exist) to sell these securities as AAA when they were really junk is malpractice at best and should be treated as a felony. Lets rein in the malfeasance on Wall Street and focus on the issues that are within your purview.

As far as indexed annuities, they are fixed insurance products and are NOT investment products. You have NO authority to regulate these as they are controlled by the states. You need to focus on the big issues for which you have responsibility before trying to expand your work. It is apparent you are not doing a very good job with what you already have to deal with. Fix your house first, before you start trying to build another.

Tom Vorenberg