Subject: File No. S7-14-08
From: Jim Mangum

June 29, 2008

You people must have studied parsing and grammar under Bill Clinton. You talk (page 6) of 'risk' for the amount of the gains as if you're talking about 'risk' for losses. How confused and circular a logic can you possibly contrive?

Where do you acknowledge that there are no losses to account values from market losses- that those risks are borne by the insurance company?

You people are doing what you, and your big money masters, want to do - screw the public, unilaterally enlarge your domain (even over items already decided not to be under your control), and grab power for yourselves. Your proposal is illegal, unnecessary, and anti-American.

If the insurance commissioners of the various states had any integrity,knowledge,honor,or(guts),you would already be facing 50 lawsuits. As it is, they'll probably just bend over and take it. You get to make the rules and run the game. They get to do the grunt work. You'll just tell them how high to jump.

Comrades looking after the peons. Right.