David H. Lillard, Jr.

Tennessee State Treasurer


Justin P. Wilson

Tennessee State Comptroller


Press Release

Welcome to

1.) First reason why you should not buy Tennessee‏ bonds is:

There is no organized Muni Market. This is especially true in the Muni Market secondary. You are expected to buy Tennessee bonds and hold them to maturity. But if you ever want to sell... or have to sell... there is no chance of you getting a fair and reasonable bid. Most brokerages do not provide bids on Tennessee bonds...not even on the Tennessee bonds they just sold you... not even on Tennessee bonds they have acted as underwriter. This same problem will extend down to your heirs if they ever want or need to sell your Tennessee bonds.

In terms of an organized, fair and reasonable secondary market, you are better off buying a new car or even a vacation timeshare than you are a Tennessee bond.

Why this website?     Who I am?     What do I want?

My name is Kevin Olson.

I am an investor advocate and public finance watchdog.

A decade ago I pioneered fixed income price transparency by posting Muni Market trade and price data. Similar to stock prices listed in a newspaper, the open listing of Muni Market trades and prices should not have been a recent development. And it should not have fallen to me to push it into the spotlight.

But even though I worked the data, it was soon clear to me that Muni Market price transparency was not "it." The Muni Markets are still far from fair or even safe. We need a Muni Market exchange. After an equity IPO, corporations list their stocks on an exchange which establish and help maintain an orderly secondary market.

It is possible for the Muni Markets to have something have a Muni Market exchange...a single, centralized and transparent location for all customer bid-wanteds.

So I am out here again working to help the Muni help investors...pushing State Treasurers to actually do something.

And it has not taken long for me to clearly see that your Treasurer David Lillard and Comptroller Justin Wilson, are huge FRAUDS.

Q: Who Told You To Say No?

August 3, 2011

Dear TN Treasurer David Lillard and TN Comptroller of the Treasury Justin Wilson,

You claim and take credit as leadership of this Country's State Treasurers. In good faith I proposed an idea to improve the Muni Markets, especially the secondary bid-side, to State Treasurers and you passed the buck to your State Debt Action thing. You are both on this State Debt Action thing. The Muni Market secondary is so bad it is unthinkable for you to say no to anything.

So I have to ask --

Who told you to say no?

Kevin Olson,

Q: What Do You Understand of the Muni Markets?

August 3, 2011

Dear TN Treasurer David Lillard and TN Comptroller of the Treasury Justin Wilson,

For this site, please explain in detail what you know of the Muni Markets?