August 6, 2008
Subject: S7-14-08
The politics regarding this rule are incredible.Finra/S.E.C. have done a terrible job for decades overseeing regulating securities,mutual funds , hedge funds, variable life variable annuities. Judging by the tens of thousands complaints, arbitrations, mediations, and class action lawsuits leveled at wire houses etc. Under the "securities act of 1933 Fixed indexed annuities do not even meet the criteria of a security.Where does Finra the S.E.C. get the audacity to believe they can regulate any investment better than the individual states dept. of insurance??? Where was Finra the S.E.C. when thousands of retirees lost their life savings in the wire house technology funds managed accounts in 2001? The only risk in an annuity is early surrender just like a CD Get off your high horse do the job congress asked you to do, do it well instead of looking for headlines additional funding
Tony Steigerwald
President
Dunhill Marketing Insurance Services, Inc.
2341 5th Avenue
San Diego, CA 92101