Bill Lockyer

Since 2007 Treasurer Lockyer has financed a multi-million dollar "ongoing marketing campaign targeting retail investors, including newspaper and radio ads, and a website," all in an effort to get you to buy California Municipal Bonds.

with Bill Lockyer

Press Release

Correspondence with Bill Lockyer


From: Kevin Olson
Date: Wed, 25 May 2011 11:13:51 -0700


What I am looking for is an effort by you and all State Treasurers to help the Muni secondary.

I would like you, the California State Treasurer's Office, to "list" with so that all secondary bid-wanteds of securities you have issued can have an open, transparent, fair and reasonable bid process.

A second option is for you to put out an RFP on listing your secondary bid-wanteds.

Kevin Olson,

Subject : Matching Funds - Request for Bond Marketing Budget

From: Kevin Olson[]
Date: Mon, 6 Jun 2011 12:07:23 -0700

Subject : matching funds -- RE: Request for Bond marketing Budget

To: Mark Paxson, General Counsel for California State Treasurer Bill Lockyer


I demand matching funds from the State Treasurer's Office to inform investors that buying California bonds is not such a great opportunity, and to help those investors who did buy California bonds.

Per my request for the dollars you spent advertising California bonds as a great opportunity since 2007, you compiled a marketing/advertising dollar total of $5,540,181.00.

My demand is for a matching $5,540,181.00.

Kevin Olson,


Date: Fri, 6 May 2011 08:48:12 -0700

Subject: Request for Bond marketing Budget

Mr. Olson:

Pursuant to your request, emailed to the Treasurer’s Office on May 2, 2011, in which you requested information regarding the amount the Treasurer’s Office has spent on marketing California bond deals from 2007 to the present, please find attached the requested information.

Mark Paxson
General Counsel
State Treasurer's Office

State Bond Advertising Expenses.pdf

Subject: can Muni issuers list with an Exchange?

From: Kevin Olson
Date: Mon, 16 May 2011 10:23:05 -0700

Subject: FW: can Muni issuers list with an Exchange?

Dear California Treasurer Lockyer and STO Staff,

I do want to work with you to improve the Muni Markets. I will make the effort. Please see the emails below.

Did the NAST or the State Debt Management Network contact you, inform you or whatever...?

Thank you,

Kevin Olson,


From: Jonathan Lawniczak
To : Kevin Olson and SEC Commissioner Elisse Walter
Date: Tue, 8 Mar 2011 14:12:02 -0500

Subject: RE: can Muni issuers list with an Exchange?


Thank you for your correspondence. Please address all future correspondence to myself or I would be happy to run your idea through the leadership of our State Debt Management Network to get their feedback.

Jon Lawniczak

Jonathan Lawniczak
Executive Director/CEO
National Association of State Treasurers
859-244-8175 (voice)
859-533-2759 (mobile)


From: Kevin Olson
To : SEC Commissioner Elisse Walter and
National Association of State Treasurers c/o Executive Director, Jon Lawniczak
Date: Wednesday, March 02, 2011 1:30 PM

Subject: can Muni issuers list with an Exchange?

Dear Commissioner Walter,

As you know by now, I am in early development of a Muni Market exchange. I need to ask an official question: Can Muni issuers, such as States, list their bonds with an exchange; similar to how corporations list their stock with exchanges?

Another way to ask this could be -- after "New Issue" can Muni issuers, such as States, list those bonds with an exchange so that all after-New Issue bid-side activity be done through an exchange or exchange platform?

Providing an answer to this key question is integral to the development of a Muni Market exchange. I will not consider your answer to this question as endorsement of me. But this question needed to be asked...and answered...and which will no doubt bring other exchange interest.

Mr. Lawniczak,

I ask that you forward and inform your members of the early development of a Muni Market exchange. If NAST, as an association, or if any of your individual State members have questions or would like to talk please feel free to contact me.

Currently I refer to as an exchange platform.

I am of the three things the SEC has asked/required of me. I am also currently focused on the secondary Muni Market bid-side...that part of the Muni Markets which needs our help most. Whether I become more than an exchange platform or if there is ever to be a Muni Market exchange would no doubt be helped if you step up here.

Thank you and I hope to hear from both of you,

Kevin Olson