August 5, 2008
I am against the SEC Rule 151a for the following reasons.
Indexed Annuities are purchased by individuals that are interested in safety which is not impacted by market fluctuations which in turn will not effect their principal
value. The Insurance Industry has done a very good job with
improved suitability and keeping the cost low and the benefits high with their contract provisions. The SEC, on the other hand still has no early warning system for their
Senior clients to protect their principal and best interest. I refer to Enron, Worldcom, and the thirty or so
companies regulated by the SEC that caused the loss of Billions of dollars to our American Seniors. With all the
brokers charged in the corporate scandals, the SEC thinks
they can do a better job? I believe before you try to fix
the District Courts decision that Indexed Annuities are not
a security, look over your shoulder and determine the problems within your industry concerning compensation,
loads and fees, and manipulation. This refers to the financial hedge with futures on oil which has caused our entire nation, old and young financial loss. This is part
of your responsibility isn't it? Your decision to go forward with this has to be based on greed, because with
the issues I have brought up clearly shows you can't take care of what you are currently responsabile for. Index Annuities are for those people that are interested in safety of principal, no fees or loads, and a return that is
competitive in our market place with tax deferred growth.
If the SEC takes this over this will no longer be available
in our marketplace and like in corporate structue this is
called a monoply.