From: munimarket@live.com
To: klschmidt@nd.gov; sldombrowski@nevadatreasurer.gov; manju.ganeriwala@trs.virginia.gov
CC: jmoseley@csg.org; jlawniczak@csg.org
Subject: RE: Jon Lawniczak total compensation ? RE: Debt Network Date: Wed, 8 Jun 2011 12:48:30 -0700

Treasurers Schmidt, Marshall and Ganeriwala,

I'm guessing Jon Lawniczak's total compensation is about half a million a year. Because he will not answer my question, I will ask you.

What do you pay Jon Lawniczak as Executive Director / CEO of the National Association of State Treasurers?

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Subject: RE: Jon Lawniczak total compensation ? RE: Debt Network
Date: Wed, 8 Jun 2011 15:25:55 -0400
From: jlawniczak@csg.org
To: munimarket@live.com
CC: jmoseley@csg.org

(Yes, I, John Lawniczak am a clown and) I do not have to answer your questions.

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From: Kevin O [mailto:munimarket@live.com]
Sent: Wednesday, June 08, 2011 3:22 PM
To: Jon Lawniczak
Cc: klschmidt@nd.gov; sldombrowski@nevadatreasurer.gov; manju.ganeriwala@trs.virginia.gov; Jason Moseley
Subject: Jon Lawniczak total compensation ? RE: Debt Network

Jon,

What is your total compensation as Executive Director / CEO of the National Association of State Treasurers?

Kevin Olson
MuniAdvocate.com, MuniMarket.com

From: munimarket@live.com
To: klschmidt@nd.gov; sldombrowski@nevadatreasurer.gov; manju.ganeriwala@trs.virginia.gov
CC: jmoseley@csg.org; jlawniczak@csg.org
Subject: so no investors? and what fees do you pay NAST membership? RE: Debt Network Date: Wed, 8 Jun 2011 12:19:36 -0700

Dear Treasurers Schmidt (ND), Marshall (NV) and Ganeriwala (VA),

So I guess it is safe to say there were no investors at the referenced meeting.

I ask all three of you State Treasurers to fully disclose to me what you pay in total compensation, fees and otherwise, for membership in the National Association of State Treasurers. It is a farce you are dealing with these clowns in Lexington, Kentucky. What is worse is you are paying for it.

Kevin Olson
MuniAdvocate.com, MuniMarket.com

From: jlawniczak@csg.org
To: munimarket@live.com
CC: klschmidt@nd.gov; sldombrowski@nevadatreasurer.gov; Manju.Ganeriwala@trs.virginia.gov; jmoseley@csg.org
Subject: Debt Network
Date: Wed, 8 Jun 2011 11:24:59 -0400

Mr. Olson:

This email is in response to your email of yesterday sent to Treasurers Schmidt, Marshall, and Ganeriwala.

The State Debt Management Network is a Network of the National Association of State Treasurers. The purpose of the Network is to provide a forum for the meaningful exchange of ideas and information to states in the areas of capital planning, debt issuance, and debt management. Together, members work to enhance debt issuance and management practices through training and the exchange of ideas and innovations. Its Executive Committee is its governing body, consisting of both Treasurers and debt management staff. NAST counts on the Debt Network to direct NAST issues relating to debt management and municipal issuances. More information can be found at www.nast.org. Thus, the Executive Committee of the Debt Network was asked to review your proposal and determine whether or not it fit within the mission of NAST. The answer was (and remains) no.

Sincerely,

Jon Lawniczak
Executive Director/CEO
National Association of State Treasurers

From: munimarket@live.com
To: klschmidt@nd.gov; sldombrowski@nevadatreasurer.gov; manju.ganeriwala@trs.virginia.gov
Subject: for Kelly Schmidt, Kate Marshall, Manju Ganeriwala -- U.S. subsovereign public finance and Muni Markets
Date: Tue, 7 Jun 2011 20:34:55 -0700<

To: Kelly Schmidt, ND Treasurer,
Kate Marshall, NV Treasurer
Manju Ganeriwala, VA Treasurer

Dear Kelly, Kate and Manju,

It is true I am preparing campaigns against you. This is unfortunate as I see myself as your only hope. Before we go down the road of adversary if not enemy I will try again. May I ask you for something?...I'll even ask please...

I have some questions about the email below...and please do your own homework on this... you might learn something. In other words, stop running behind others and deal with this as leadership of NAST.

What is the State Debt Management Network? Who are they? Who is the executive committee? (and please don't forward me to some other reference, I need specific names and titles)

When was the referenced meeting? Where was the referenced meeting? Other than the executive committee, who specifically was there at the meeting? (again, specific names and titles please) (ie: SEC, MSRB, FINRA, SIFMA, RBDA, B/D's, PubFin Bankers, FA's Underwriters, Traders, and so on)

May I see the mintues, notes from the meeting? On the issue of a Muni Market exchange, what was said and discussed?

The idea of a centralized Muni Market exchange for secondary bid-sides is objective for both U.S. subsovereign public finance and the Muni Markets. It's always been something our Country has needed, it's a good idea right now and the need will only grow more acute.

So I ask that you explain why this "State Debt Management thing" is advising the National Association of State Treasurers to say no.

Thank you,
Kevin Olson
MuniAdvocate.com, MuniMarket.com

From: jlawniczak@csg.org
To: Kevin Olson [munimarket@live.com]
CC: klschmidt@nd.gov
Date: Tue, 7 Jun 2011 08:05:50 -0400

Dear Mr. Olson:

Per our earlier emails, I had forwarded your proposal regarding a municipal securities exchange to our State Debt Management Network. The Debt Network Executive Committee met recently and gave full consideration to your proposal. In conclusion the Network unanimously agreed that the National Association of State Treasurers should not be involved in this project.

Normally, at this point in the email, I would thank you for considering NAST and wish you well in your endeavors. However, I am in receipt of your email to Treasurer Ganeriwala with the subject line “Manju is a Fraud.com”. In this email you accuse her of becoming an officer of NAST simply to pad her resume while referring to NAST as a country club. My suggestion to you is that when dealing with other organizations in the future you may wish to approach them and their members in a more professional and courteous manner.

Sincerely,

Jon Lawniczak
Executive Director/CEO
National Association of State Treasurers

Similar emails were also sent to ND Treasurer Kelly Schmidt and NV Treasurer Kate Marshall:

From: munimarket@live.com
To: manju.ganeriwala@trs.virginia.gov
Subject: Manju is a Fraud.com
Date: Thu, 26 May 2011 11:10:54 -0700

To: Manju Ganeriwala, NAST Officer
From: Kevin Olson, public finance watchdog and investor advocate, MuniMarket.com, MuniAdvocate.com

Manju,

I had hoped we could work together to improve and safeguard the Muni Markets. But it is apparent we are not working together and I will do what I have to do. Our Country cannot afford another country club NAST with officers there to pad resumes.

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

I would like you, the Virginia State Treasurer, to "list" with MuniMarket.com 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
MuniMarket.com, MuniAdvocate.com

From: Kevin Olson
To: jlawniczak@csg.org
Date: Tue, 8 Mar 2011 12:02:48 -0800

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

Jon, thank you for your reply. Commissioner Walter also replied. The question of Muni Issuers listing their bonds will go to the next step. NAST must consider what will happen next.

Instead of an exchange or ECN controlling a MuniMarket exchange... I would rather have NAST control and own the MuniMarket exchange. Instead of each State being pitched and listing on different exchanges, would NAST consider sticking together and forming their own MuniMarket exchange?

You will not have to manage, but you should own it. Put out a "request for comment" or even an rfp to existing exchanges, ecn's, ecn exchanges and Muni info/tech vendors and ask how they would manage the MuniMarket exchange for you.

If NAST does take the lead, then I would be willing to place MuniMarket.com in trust with NAST or NAST Foundation. Though I know exactly what to do and I could take this all the way, I am just an investor advocate and public finance watchdog.

On funding:
the vendor/contractor operating and managing the MuniMarket exchange will no doubt have their own ideas. But please take note that other organizations, such as FINRA and the MSRB, take per trade fees of $1.00 per trade if not more.

Approximate average trade volume is 40,000 per day. A $1.00 per trade fee to support a MuniMarket exchange seems fair and reasonable.

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To: Kevin Olson [munimarket@live.com]; waltere@sec.gov
From: jlawniczak@csg.org
Date: Tue, 8 Mar 2011 14:12:02 -0500

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

Kevin,

Thank you for your correspondence. Please address all future correspondence to myself or nast@csg.org. 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
jlawniczak@csg.org
859-244-8175 (voice)
859-533-2759 (mobile)

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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 MuniMarket.com as an exchange platform.

I am non-commercial...one 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
MuniAdvocate.com, MuniMarket.com
(415)922-7870