November 14, 2008

Subject: File No. S7-14-08

To whom it may concern,

I am writing to say that I strongly favor the rule that would allow for SEC oversight of indexed annuity sales in addition to state oversight by insurance commissioners. Many of these annuities are extremely complex, even for the seasoned financial planner or insurance agent, and the vast majority of people (especially senior citizens, a group that is targeted by these instruments) are not equipped to understand all of the finer points of these annuities. The lack of transparency, their complexity, hidden fees, and built in penalties, makes them perfect investment vehicles for those looking to cheat or financially abuse citizens. While annuities are not all inherently evil, their structure makes them perfect for the salesman that is looking purely for profit over the well being of the client. These instruments need aggressive and comprehensive oversight and the people that use them abusively need to know there are consequences for those actions. In my opinion, those that lobby for less oversight must have something to hide.

Sincerely,

Taylor

J. Taylor Wortham
Patriot Investment Management