Subject: File No. S7-14-08
From: Thomas M McConville

November 17, 2008

Common sense and basic logic can lead to only two conclusions:

Fixed Index Annuities, which guarantee no down-side risk, can not possibly be securities in the same sense that all current laws define securities.

Only the greed of FINRA, and possibly broker/dealers, can explain their respective needs to regulate these insurance products.