Subject: File No. S7-14-08
From: Clarence C. Winfrey, jr
Affiliation: none

July 24, 2008

I have read Chairman Christopher Cox's statement and I am ashamed to say that I am a republican with the destortation of the truth. To correct Mr Cox is easy since he is totally wrong. Why? First EIA's are not investments but rather savings instruments. The difference is that in investments, the risk is on the investor but savings instruments the risk is on the insurance company or companies. With savings there are minamium guarntees with investments there are no guarntees. As Mr. Cox's asertion that Senior can lose their orginial investment is dead wrong. the only time that can happan is if the senior surrenders the contract before it time. Even then may insurance companies allow them to take the money out for a short of a period as five years if they take it out as a stream of income for a certain period of time. Also they may take a portion out every year without penality. In short, these are not investments but rather savings that can be used to supplement the senior's income or pass on to their loved ones for a legacy from them. Plese deny the right of the SEC to regualate these products and the Big Broker houses who would love to put the average honest insurance agent out of business. The jurisdiction should be the The State insurance Departments not the SEC.