Subject: File No. S7-14-08
From: Jack K Lashley, Jr.
Affiliation: Insurance Agency Owner/President since 1961

November 4, 2008

We are well served by our state insurance commissioners, where as, if an individual life agent makes false or misleading statements he is made to pay restitution with possible fine and forfeiture of his/her license. I have not seen that type of control from the SEC. I have seen and know of instances where clients were churned or outright cheated by securities salesmen and they are still selling securities.

A fixed indexed annuity is a good safe investment for our clients. No pie in the sky with false promises. The SEC did noting to stop security brokerage involvement in the mortgage debacle. How many security brokerage houses will we help bail out?

In Wichita, Kansas Boeing sold part of the Wichita plant to Spirit. Many securities agents had big dinner parties to entice the employees, leaving Boeing to take their retirements money and invest in the market. Boy, did they make it look great with projections much larger than what we could offer with our products. Most of these salesmen had fixed indexed annuities available to them but then chose to put peoples money at risk so they could charge an upfront fee and still get a commission. These people were charged upfront fees to invest their retirement money. Many have lost 30 to 50 percent of their retirement. Our clients that have fixed indexed annuities love us as they had a 1st year gain and have lost nothing, big deal that they may not have any return this year, and all with no fees.

The SEC should be put under individual State control. Our abuses are minuscule in comparison to what the SEC has heaped upon us.