Subject: File No. S7-27-08
From: John Glenn
Affiliation: none

November 22, 2008

I think your idea to regulate indexed annuities under the SEC is a bad one. Since the consumer is guaranteed a certain return it is not a stock and is not speculative. The consumer knows the penalties of early withdrawl going in and if that is the justification than you could say the same for a fixed annuity. This is just another way to strap the little sales agents by making them get and maintain cumbersome licenses in the face of the already difficult task of making a living. Why didn't you guys go after Moody's or Standard Poors or the other rating agencies that labeled all these junk securities that were backed by bogus home loans AAA. Why didn't you say anything in 2000 when congress repealed the Glass Siegel Act enabeling uninvolved third parties to speculate Trillions of dollars on subprime mortgages and call it AAA securities. It's because you had you're microscope too focused on the little agents and you didn't go after the real culprits that have put us in this rediculous situation on your watch.