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John T. Clawson <br />District 19A <br />Chisago-Anoka-lsanti Counties <br />Committees: <br />Governmental Operations <br />Health and Welfare <br />Local and Urban Affairs <br /> <br /> 4innesota : <br /> House of <br /> Representatives <br /> <br />-.~"": · ~' 'm'/-~' ....... -r~' '~--~--' -,'~---THE NATIONAL'IiAWLIOURN.A - <br />',~cumen t~m~ao ~mancmgr..'..:4 ..... ~ ....... '- ." <br />':c2.' ' _ '"' ...... .--15'-' ,Monday, April 28, 1980 <br />.~.~..,r,.... _-'..'~.&~.?..,.~lg. =~_. .... ~ <br />:.W :.::.:~<~a:--. .-, "> '. -.,.'.: ?.':.-.-.,'_:~'~"'., 7 ' ' .- ":':- <br /> <br />;,CHIC.AG..O..~_'D~id the Chicago Board oI'~ b~lstered by a Securities and ~.'.! <br />:Edilc'f/tion i.hearly stumhle.'-Anto-'~ change Commission'. stall re!aor~, <br /> <br />~l~"pt:$hed S~ it~.'b..O'fiit courme.L~f'.-.w~.~'~ ;ec/U'tties by New York .City before <br /> <br />~General A_~embly~.']oint investig'atln'g.-'~'~des that called"into question <br />'-~eo]3~mi/~ee.'.pr~be~the cau~es-.b, ehin'd ,~;~-rr~::,basic to the issuance of:their'_: <br />~the ,finandtal ~rlaLs' now-.plaKuifi-E~_ 'ca: "ont~ion.,~. the revort: said,: <br />~.natton~;third la-tTg, e.?...a~choo, l; Sya. t...erm~.,-,.;{ ;counsel should,have-conducted an . <br />}~-~:?l'he questions :aboUt:.Chapman:'and..~ :.'dittonil'c-tn~istlgatl on: "-And 'bond <br />-'Curler's role duJring'.be-h.'.~=d{thk',=eene~.~ "counsel with:-kn6wledge ~f in/6 .r!natiiin <br />' maneuwra;to'.'i:v..-~rt:th?:ci-L'.ti.;}ev°~¥;~; 'm~terial to" lnve,tor~:.'should" h~ve-. ' <br />:-ar6und,the.:~-~]dfi$/fihtp; as the'sc.h..ool.~ :taken a_ll rea.~onable--atepa to:-sathfT. <br />:_bo~'a~'d:i'bond'c6U~'el, .to .tL~ ~:ltenEig,h~7~ .th~rl-i,elves that tho~e material <br />/to '"l~otenttal underwrttera.~ancL-ffii&: '~vere cLi$clo~ed to the public.':-.7...~.,;,. :; <br /> <br />:Chicago) wonder~ whether. C"ni~:m..i~,.~ :':'- The:SEC; howe';e[. <br />ad Cutler violated l~;e-tlent:~--~on~'.any-proceedlng~ agmr~t bona counsel <br />:f~d~n(~, ,~hen'lt advi,ed".~ot~n~.g:~-:Ti fi' New York .and the ~aw 'on <br /> <br />' filet. ~itualton between 'the .b~n~k~'~-':~'~:~ :boa-~d explored K-varlet7 of Iin .a:nclngi <br />~t'torni~y3 forlhe b~'~'dth¢:[otii:~i']5~ p]~ns=.to' avert ~ ]oor~ing.:e~h'Cbtnd~' <br /> <br /> at'An'_~embly hemng.:Ln:.March~.;~?_.~, million' in .short-term:notes l~ovcm.ber..- <br /> <br />(~-x-pe~.r~tatned.to'pa~.//the:legality.i ;; The'Chieaffo jaw ILrm Is one:of'a <br />-'ahd e:~ern'pt--~tb, tL{s'[o~' m .uniclpal~. banditti 'of nationally re.~i}eeted bond- <br />'$eeu~ties].:It't~ not only =ormal but'i~ eou~el' firms, .whose opinion on the <br />.- hece~slty th:a{·bond counsel km~..e'r'{~;.. 'legality 'of a.'secaritiea, offering' i.~ <br />:quiries on t~ose*.two m~ttter~ /total'~ ...... ' . ' ......... 7-:. _'- - <br />-potential pttreha~era.*' ~erted Ken-... <br />.neth:'~.-.Vaugha. n, a .partaer In the-: <br /> <br /> <br />