What shell are you using, and what error are you receiving?
It seems to work for me:
Help with Code Tags Shell Scripting Syntax ( Toggle Plain Text ) sk@svn:/tmp$ for e in ` cat file .txt`; do echo INSERT INTO \`omstest_omstest\`.\`GEN2_FIELD\` VALUES \ ( NULL, \ '$e \' , \' $e \' , \' 4 \' , \' 2009-10-05 00:00:00 \' , \' 0 \' \' 0 \' \)...



