Sense on Cents

Information is everything!!

A nation of laws will prosper if and only if the adjudication of disputes is handled in a truly robust fashion. This adjudication process should theoretically lead to the drafting and implementation of new legislation if and when necessary. While industry insiders will often lobby to influence this process both in the courts and in our legislative bodies, America needs real statesmen and true heroes who will champion worthy causes and pursue total truth, real transparency, and unbridled integrity.

The media can play a large role in highlighting and exposing injustices if it cares to perform its duties. Regrettably during our economic crisis of the last few years, the media has often largely shown itself to be as much part of the problem as part of the solution. Why do I write on this topic today? For the very simple reason that tens of thousands of our fellow Americans have largely been disowned and disenfranchised by our nation. Really? Unaccustomed hyperbole, LD? I think not. Let’s navigate further.

I have been an ardent supporter of all those in our nation today who continue to be stuck holding auction-rate securities. These people number in the many tens of thousands and their holdings run upwards of $140 BILLION. Ponder that for a second. How is it that with numbers of this magnitude, the hue and cry of the accompanying injustice is not ringing loudly across our nation. It should.

I firmly believe these individuals have been done an enormous disservice by the financial industry, the financial regulatory system, most state attorneys general, most state securities regulators, the courts, and the media. On that note, I welcome continuing to bang the drum on their behalf. Is the drum being heard? Indeed it is. How so? I welcome sharing with my readers that PBS will broadcast a special show on this auction-rate securities fiasco in early 2011. I have already shared a wealth of information on the ARS travesty with the producers of this show. Anything else more specific? Yes indeed. Let’s continue.

If in fact information is everything—and it is—, I am happy to share information of a specific ARS case currently developing in the state of Colorado. If even one ARS holder benefits from this information, then this commentary will have served its purpose. I recently received the following message from an informed source.

I want to tell you how to get the “detailed” transcript from the Office of Admin Courts in Colorado to obtain the entire file on State of Colorado vs E*Trade.  There is no charge.

The case number to reference is XY-2010-001 filed on or about 07/21/2010

Address:
DPA Dept of Personnel & Admin.
Office of Administrative Courts
633 17th St. Suite 1300
Denver CO 80202

Fax 303-866-5909
Phn: 303-866-2000
www.colorado.gov/dpa/oac

The statutes to reference are}
COLORADO OPEN RECORDS LAW SS24-72-201, ET SEQ.

IF THEY FAIL TO COMPLY REFERENCE SS24-72-204(4) which provides for fines & penalties of $100 and 90 days in jail if a Records Clerk does NOT comply.

The struggle is so hard because the virtues and cause are so great.

Truth, transparency, and integrity are the foundation to real ‘sense on cents’.

Keep punchin’….!!!

Comments, questions, constructive criticisms always encouraged and appreciated.

Larry Doyle

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I have no affiliation or business interest with any entity referenced in this commentary. As President of Greenwich Investment Management, an SEC regulated privately held registered investment adviser, I am merely a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.

This entry was posted on Monday, November 15th, 2010 at 7:15 AM and is filed under ARPS, ARS, General. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.