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Annual Financial
by Walter J. Burien, Jr.

As editor of the AntiShyster, I’ve state Budget might report receiving $20 Nevertheless, I talked to Mr.
seen so many “unbelievable” stories billion in taxes (just barely enough to Burien by phone for several hours and
over the last eight years, that I’ve be- sustain its $20 billion costs) – the CAFR found him to be articulate, knowledge-
come jaded, cynical and worldly. There might reveal the state’s real income is able, and apparently sincere. I asked a
are no surprises left for me. I’m sure in the neighborhood of $60 billion – retired professor of economics to inter-
I’ve seen it all. I’ve thought so for sev- three times as much as reported on the view Mr. Burien and evaluate his alle-
eral years. And generally speaking, Budget. If these allegations are accu- gations. The professor’s assessment?
about every two or three months, life rate, the particular state could stop Burien is probably correct. I steered
proves me absolutely wrong by show- charging all the taxes we are familiar an Alaskan M.D. (who is also a dedi-
ing me another story so awesome that with, and not only survive, but either cated constitutionalist researcher) to
I’m left (almost) speechless. This ar- double the amount of reported govern- Mr. Burien. The Doctor subsequently
ticle introduces another one of those ment services or give every citizen a found evidence supporting Mr. Burien’s
stories so awesome that it’s right off the huge tax rebate. claims: The state of Alaska and the city
Richter Scale. The implications are mind-bog- of Anchorage both use Budget/ CAFR
Walter Burien Jr. worked as a Wall gling. They’d mean our world is so dif- accounting systems that conceal a
St. commodity trader for fifteen years, ferent from what we are led to believe, “breathtaking” difference in reported
but now resides in Arizona. According so much more corrupt than even I sus- revenue. Another researcher in Wyo-
to Mr. Burien, every state, county, and pect, that we are left with three choices, ming claims that a comparison of his
major metropolitan city is keeping two either, 1) government agrees to end the state’s Budget and CAFR also support
sets of books. One set (the “Budget”) is deception and stop overtaxing us; 2) the Mr. Burien’s arguments. In every case,
commonly available and tracks each American people agree to accept their there are two sets of books and the in-
governmental entity’s costs and tax rev- status as slaves; or 3) both sides refuse come reported on the Budget is millions
enue. The Budget is the financial record to agree and precipitate a shooting or billions of dollars less than is re-
that’s seen by the public and used by revolution. The issue is that big. ported on the CAFR.
politicians to justify new governmental But. Are Mr. Burien’s allegations Does this support prove Mr.
services and higher taxes. correct? How could any governmental Burien’s extraordinary allegations?
However, there is a second set of entity dare to routinely overcharge its No. But they lend enough credence to
books (called the Comprehensive An- citizens by 200%, underreport its in- publish his allegations to a broader au-
nual Financial Report, or CAFR) which come by 2/3rds, and knowingly press dience who will do more research to
is virtually unknown to the public but for higher taxes based on an inaccu- confirm, refute or refine those allega-
contains the real record of total gov- rate Budget? Worse, how could such a tions.
ernmental income. According to Mr. fraudulent system become widespread What follows is an amalgam of
Burien, although the Budget gives an among all states, counties, big cities, statements or implications raised by Mr.
accurate account of government costs, and even the Federal Government? Burien on our telephone conversation,
only the CAFR gives an accurate ac- When you stop to think about it, Mr. Tom Valentine’s radio interview, Mr.
count of government’s income. Burien’s allegations are too fantastic Burien’s Email, and an article on Mr.
For example, while a particular to be credible. Burien written by “Betsy Ross”.

ANTISHYSTER Volume 8, No. 2 37

The Ultimate Mr. Burien reports first discover-
ing the CAFR report in New Jersey in
on the Budget where public taxes paid
100% of the bill for those services. That
Survival Food! 1989, when he helped start a New Jer- was $17 billion.
sey tax protest group called “Hands However, any governmental
You can purchase a one-
Across New Jersey”. While involved agency that was a profit center (the Port
year food storage program for
with that group, Mr. Burien read in the Authority for New Jersey, the New Jer-
$1,800.00–$4,000.00, and
state’s Annual Budget that the total cost sey Turnpike, an investment account,
hope you can keep it when you of all public services was $17 billion etc.) that generated non-tax revenue was
are raided by hungry robbers and the “net available” (the money on “restricted by statute” from being re-
or by government for felony hand to pay bills) was $24.6 billion. ported in the Annual Budget. Why?
hoarding. The average storage But then he asked first question the IRS Because the state legislature passed
space required for this type of asks in any audit: “What are the gross laws to prevent reporting the income
program is: receipts?” He added figures from vari- from profit centers on the Budget. In-
3¼ Feet x 3¼ Feet x 4 Feet ous sources and came up with about $44 stead, income from these profit centers
600 Pounds billion and began to wonder how the was disclosed only on the CAFR.
Or purchase this 1-year state could have a $17 billion in costs, But that disclosure was not im-
supply of Bee Natural total $24.6 billion in cash on hand, and $44 mediately apparent. For example, when
food, with total nutrition, for billion annual income. The numbers Mr. Burien looked for New Jersey’s
$240, which can fit in one side didn’t add up, so he began to dig deeper. 1989 “gross cash receipts” in the
pocket of your backpack. All Because his father had been Per- CAFR, he found the figure buried on
you need to add is something sonnel Manager for the State Treasury page 174, under the “Waste Water Treat-
for fiber, and water. You can for eight years, Mr. Burien understood ment Trust Fund.” It showed the
find grasses, tree bark, etc. for how to get around in the various gov- amount of the total cash receipts for
the fiber, if necessary, ernment departments. The state Direc- 1989 from all 69 autonomous state
tor of the Budget was on vacation, so agencies and departments was almost
9½” x 7½” X 5”
Mr. Burien called one of his lowest- $87 billion. In other words, New Jer-
Weight 4 Pounds
level assistants and said, “I’m working sey was charging $87 billion to provide
You can elect to carry 2-3
on a report for Richard [the vacation- $17 billion in public services. New Jer-
days of conventional food on ing Budget Director] and I need all the sey citizens were paying $5 for every
your back, or you can carry a figures on the autonomous agency ac- $1 in services they received, and the
year’s supply of Bee Natural. counts, interest accounts, investments state was pocketing the other $4 as
The choice is yours. accounts.” The assistant said, “Ohh, “profit”.
Bee Natural has all of the you want the Comprehensive Annual The CAFR also reported the state
vitamins and minerals you Financial Report.” This was the first owned $32 billion in common stocks –
need, plus more protein than time Burien had heard of CAFR but he but this figure was footnoted. The foot-
beef, 22 amino acids and all of said, “Yes” and the assistant mailed it. note revealed that the stocks were val-
the living enzymes. It is the per- The Comprehensive Annual Fi- ued according to their original purchase
fect food. Made from freeze- nancial Report (CAFR) showed New price, not current market value. In other
dried honey, bee pollen, bee Jersey had liquid investment funds words, if the state bought a stock in
propolis, royal jelly and chro- (cash) of $188 billion; common stocks 1968 at $1.25 a share and it’s worth
mium, bound in natural niacin. worth $70 billion; $10 billion due from $3,000 a share now, they still report it
Honey is in the Bible over 60 loans to public and private corporations; on the CAFR as worth $1.25 a share.
times. It must be good. It was and $14 billion in insurance company Burien determined that the true market
part of the “Manna” which Is- equity participation. The little state of value for the “$32 billion” in stocks re-
rael survived on for 40 years. New Jersey, which admitted to less than ported on the New Jersey CAFR was
$25 billion in annual income on its actually about $70 billion.
Don’t risk your family’s life
Budget, reported almost $300 billion in
by depending upon what you
cash, stocks, loans, and insurance eq- To believe or not to believe . . .
have in your garage or what
uity on its CAFR. According to Mr. Mr. Burien’s claims concerning
you can carry on your back. Burien, “On that day, I learned the defi- New Jersey are incredible and also
Make sure you can carry nition of syndicated organized crime.” dated. Whether New Jersey kept two
enough, AND HAVE HEALTH. The scam worked something like sets of books in 1989 is an intriguing
Order From: this: Anything that was a cost or ex- but not particularly compelling ques-
Financial Enterprises pense for public services (the traditional tion. After all, the allegations are al-
CIO [Route 1, Box 275] side of the Annual Service Budget, such most ten years old, and relatively few
Muld row [74948] Oklahoma as the Department of Transportation, of us live in New Jersey. As a result,
health and welfare, etc.) was reported Mr. Burien’s allegations might be dis-

38 ANTISHYSTER Volume 8, No. 2

missed as largely irrelevant. Turnpike and Garden State Parkway lion in a Bond Surety Escrow Account
But Mr. Burien goes further – he Authorities. The state asked voters to for “future liability payments.” Al-
claims the dual system of books was approve a $7.5 billion bond to construct though they kept the $300 million, they
not unique to New Jersey, but also com- the turnpikes. The state explained that did not declare it as an asset but wrote
mon among all fifty states. Moreover, these turnpikes would be operated as it off as a line-item payment. In other
he claims the dual accounting system was toll roads by the bondholders until the years, even though they made a profit,
not only used ten years ago, but is still $7.5 billion bond was paid off – but the they’d allege that they lost money and
being used today. bondholders could not operate the toll therefore floated more billions in bonds.
For example: “In 1987 Arizona’s roads at a profit. Once the bonds were The bottom line is that New Jer-
annual Service Budget reported $2.8 repaid, the turnpikes would revert back sey is collecting hundreds of billions of
billion in revenues but the state’s 1987 into the state’s Annual Budget as a nor- virtually unreported dollars from all the
CAFR reported total cash receipts of mal cost/revenue item. The public voted autonomous agencies. The motivating
$3.1 billion – a mere $300 million dif- Yes. factor is not public welfare, but control
ference.” Over the following years, the of those billions.
“However, in 1997, Arizona re- state sometimes alleged that the toll rev- Mr. Burien not only alleges that
ported an Annual Service Budget of enue from operating those turnpikes the dual accounting system exemplified
$5.5 billion while the State’s CAFR failed to cover their operating expenses, by CAFR is used by all fifty states, but
(printed by the Auditor Generals Office) and so additional bonds were passed to also by all counties, cities, and the Fed-
showed Total Gross Cash Receipts of fund the turnpikes. As a result, in 1990, eral Government itself. If Mr. Burien’s
$17 billion. That’s a difference of over the total bond liability still owed for the allegations are correct, they comprise
$11 billion. In just ten years, Arizona turnpike had grown to $14.5 billion. But the most damning indictment of big
had caught up to New Jersey in that both guess how much was in the Bond Surety government yet seen. In sum, Mr.
states’ Annual Budgets reported less Escrow Accounts? $38 billion! Burien implies that our government is
than one-third of the actual gross in- Enough to repay the original $7.5 bil- in fact a criminal enterprise bent on op-
come seen in the states’ CAFRs.” lion bonds almost four times. pressing Americans by extorting sev-
“CAFR reports indicate that the How could that happen? Say the eral times as much tax revenue as it
composite totals for all government toll road made a $400 million profit for spends on public services and using the
(Federal, state, county and city) own- the year and the scheduled payment on majority of those extorted revenues to
ership of publicly traded stock exceeds the $7.5 billion bond was $100 million. enrich, empower and enlarge govern-
$32 TRILLION (53% of the total own- The state made the $100 million bond ment at public expense.
ership of all listed stocks), $8 TRIL- payment but kept the extra $300 mil-
LION in insurance company equity
(should we be surprised by high priced
mandatory auto insurance or
unaffordable health care?), and $5
Do You Want Effective Privacy???
TRILLION in Bond Surety Escrow Ac- There’s no privacy when you receive mail at home. There’s also no
counts for future liability of existing or privacy when you have a post office box or private mail drop (i.e. Mail
potential debt. Boxes Etc.) because the government requires that you provide your “resi-
Governments use Bond Surety dence address,” identification, and even a social security number!
Escrow Accounts to evade that pesky
little rule that government should not WE HAVE THE SOLUTION:
operate at a “profit”. That is, govern- Join the Free Speech Literary Society, A Trust, and for just
ment should not impose more taxes than
it actually uses to run the government.
$150 per year you can enjoy all the benefits of membership — in-
By designating tax revenue that exceeds cluding use of our Nevada address for remailing. For more informa-
operating costs as “Bond Surety Es- tion, please send a self-addressed, stamped 9 x 12 envelope to:
crow” for future liability, government Free Speech Literary Society, PSC
avoids calling excess revenue a “profit” 3885 South Decatur, suite 3010,
and is thereby enabled to continue en-
Las Vegas, Nevada [89103]. 1-800-945-2981
riching itself at public expense.
Please help keep our costs down – write for our free brochure before you
Ask not call. When you write, we will also send you information on obtaining
for whom the road tolls foreign passports, second Citizenships, alternative venues for vehicle reg-
To illustrate the potential for istration, private phone lines, opening bank accounts without social se-
abusing “future liability payments”, curity numbers (we can actually do this for you - not a mere theory!), as
consider the New Jersey’s plan in the
well as our general corporate, trust, and partner ship services.
1950s to build the New Jersey State

ANTISHYSTER Volume 8, No. 2 39

First thing we do dent Eisenhower in the 1950’s may have
is kill all the reporters? been replaced by a “media-bureau-
According to Mr. Burien, al- cracy-banker complex” in the 1990s
though the public is absolutely ignorant Therefore, Mr. Burien recom-
concerning CAFR, the primary cause mends that once you find and analyze
for that ignorance is not the politicians your state’s Budget and CAFR reports,
but the mainstream media. When Mr. you insist that your local news main-
Burien first discovered the CAFR re- stream media (TV, News Papers, Radio)
ports in New Jersey in 1989, he went raise “Public Awareness” by reporting
on radio 101.5 FM in a live, 45-minute the difference between the composite
interview. Two days later, that radio “total of cash receipts from all agen-
station was threatened with losing their cies, departments, investments, etc.”
broadcasting license and was almost and the “actual total composite revenues
shut down. CAFR had become another held or controlled”
example of “third-rail journalism” – any If your local media refuse to pub-
reporter or media outlet that touched the licize your state’s CAFR, they may be
issue would be silenced or driven from cooperating with a criminal agreement
journalism. As a result, there’s been a which has effectively silenced public
total mainstream press blackout on dis- disclosure of the CAFR reports for over

T his may be one of the most

important books you’ll ever read.
This is the story of a young engineer
closing CAFR reports.
Later, Burien learned that the
forty years.1 However, once Americans
know how much money is out there,
New Jersey official in charge of discred- where it’s coming from and where it’s
who uncovers a plot to seize control iting his CAFR discoveries was a going – the government’s game will be
of the world. Using well-documented former reporter who’d been appointed over.
research material as his foundation, Assistant State Treasurer – even though Any media that refuses to make
the author outlines a plan to utilize the
he had no formal financial background. immediate mention of the CAFR report
United Nations, the radical
Burien investigated his background and should be publicly and aggressively
environmental movement, Y2K, the
learned that as a reporter he made boycotted. Media exposure is the jugu-
failing educational system, and the
$35,000 per year. But as Assistant State lar vein of the evil and corruption.
expunging of our Constitutional
liberties to bring about a Federation
Treasurer he made $65,000 a year – plus
of the World under the control of a a carte blanche expense account of How to catch a CAFR
wealthy elite. $125,000. (Joonoleesm ha’ bean berry “Betsy Ross” (pen name for the
berry goot to me, hmm?) Alaskan M.D. I mentioned in the intro-
The Master Plan is unique because Burien claims this was not an ab- duction) talked to Mr. Burien and later
of its theological interpretations, erration: “I knew there was a state data investigated whether Alaska also used
Biblical implications, and the fact that search department which tied all agen- a dual bookkeeping system. She re-
it is politically incorrect. The author cies and departments together. I called ports:
weaves an intricate, fast-moving, that department and asked for a data Why do we see ever-rising state
adventure story that will hold you search on all key-level directorships and income and property taxes, if the states,
transfixed from the opening pages supervisory positions for all budgetary counties and cities ALL have untold
until the final, shocking climax. or autonomous agencies, and they came billions of dollars coming in from prof-
up with some 3,500 names from sev- itable government enterprises and in-
240 powerful pages eral administrations. Almost 1,800 of vestments? Why is all this money de-
$13.00 + $3 P&H these Directors were former editors or liberately unreported in the regular
reporters.” It’s a virtual certainty that Annual Budget reports? An innocent
MasterCard & Visa orders call many of these appointments were pay- and trusting public has been complai-
offs for the journalists’ previous “co- sant far too long, content to leave the
Toll Free: 1-877-221-0161
operation” in spinning or silencing sto- administration of our country to the
ries to suit government. bankers and experts. I predict that
or send your check or money If you conduct a comparable people will not remain asleep much
order to: search in other states, you may find a longer when they learn the true eco-
similar symbiotic relationship between nomic picture contained in the yearly
Ambassador House government, editors and reporters. If CAFR documents.
so, the media’s “liberal, pro-govern- The CAFR system is not only
P. 0. Box 1153 ment bias” may run much deeper than used by states. For example, back in
Westminster, Colorado 80030 anyone’s imagined, and the “military- the late 1980s when Orange County,
industrial complex” described by Presi- California, formally declared bank-

40 ANTISHYSTER Volume 8, No. 2

ruptcy, some diligent researchers inves-
tigated the county’s finances and acci-
dentally stumbled onto Orange Gun Owners of America
County’s CAFR. They discovered that GOA defends firearms ownership as a freedom issue using its
while Orange County legislators were members to put the heat on their Congressmen.
crying poverty and bankruptcy, they As the late Sen. Everett Dirksen used to say,
actually had a surplus of $16 billion in
“When I feel the heat, I see the light.”
profitable investments.
According to Dr. Burien, this
fraudulent treatment of revenues has Congressman Ron Paul (R-TX) has called GOA
gone on for over 40 years in many “the only no-compromise gun lobby in Washington.”
states, and the cumulative amounts of
unreported government revenue salted Want to keep your rights from being legislated away by
away from public scrutiny is now many Congress? Join GOA today.
trillions of dollars.
Where’s all that money? Over the
years, most of this money was invested
in the stock market. As a result, our
federal and state governments now col-
lectively own about 53% of the stock
in all publicly traded companies. That When you call as an AntiShyster reader to request membership
means, collectively, our various federal, information about GOA, you will receive a free 6-month trial sub-
state, and local governments may not scription to our newsletter, The Gun Owner. Call us at 1-800-
only be the primary beneficiaries of the 417-1486. Or write GOA at 8001 Forbes Place, Suite 102, Spring-
field, VA 22151. If you would like to receive GOA’s email and/or
recent Bull Market in stocks – they
fax bulletins be sure to ask for them too!
might even be the cause of that Bull
Market. That is, our various govern-
mental entities now carry enough col- agement and Budget – who also didn’t obscure office where no one would ever
lective clout in the stock market to cause know but sent me to the Department of think to ask for such a document.
specific stocks, commodities (like gold Economics and Commerce. They didn’t I had much better luck obtain-
or silver), entire industries – or the have a clue, but sent me to the Depart- ing a copy of our city’s CAFR. It only
whole stock market itself – to rise (or ment of Law, who sent me over to the took two phone calls to reach the City
fall) simply by buying or selling spe- Attorney General’s Office, who sent me Comptroller’s Office, which generates
cific stocks or commodities in concert. to the Governor’s Office – which told the CAFR report for Anchorage. Fur-
I verified many of Dr. Burien’s me the political equivalent of “no ther, both the State University and the
assertions by obtaining CAFRs for my speekee aingleesh,” and sent me to Sec- city library have files of annual CAFRs
state (Alaska) and my city (Anchorage), retary of State, who sent me to the De- going back for several years.
and comparing them to their annual Op- partment of Administration. Some states have even begun to
erating Budgets. The differences in re- To my amazement, the Depart- post their annual CAFRs on the Inter-
ported annual revenue streams are ment of Administration did know what net! Tap up your state’s website, and
breathtaking. For example, I was talking about. They understood do a word search for CAFR. Try http:/
Anchorage’s Annual Budget and CAFR the term “CAFR” . . . but they still /
differed by over $100 million! didn’t know where to find one. How- 0,179-0,00.html – select the search fea-
However, finding your state, ever, they suggested I try the Finance ture “exact phrase” and enter the phrase:
county or city CAFR is not necessarily Division within their own Department “Comprehensive Annual Financial Re-
easy. But don’t be deterred. According – and there, I finally hit pay dirt. The port” or “CAFR” This action will gen-
to a 1982 Federal Law, every state, Finance Division sent me the current erate dozens of possible links. Also
county and city must prepare and pub- CAFR for free, and are hunting through search for your state’s CAFR at http://
lish a CAFR – and it always has the their office for CAFRs from previous
same name: “Comprehensive Annual years. cafr.htm. Here, you should find lists of
Financial Report.” To find your state’s CAFR, you all state and local CAFRs.
I started my search by calling my must be persistent and able to politely We haven’t yet found Federal
state Representative. He didn’t know navigate the endless sea of ignorant CAFRs on the Internet. However, in-
what I was talking about, but sent me bureaucrats until you find the right of- dividual CAFRs are reportedly pub-
over to the Department of Revenue. fice that handles the annual CAFR. I lished by the General Services Admin-
They didn’t know what I was talking guarantee that your state’s CAFR does istration (GSA) for each Federal
about, but sent me to the Office of Man- exist, though it may be buried in some agency, as well as a composite CAFR

ANTISHYSTER Volume 8, No. 2 41

(6,800 pages in 1990) for the entire Budgets and CAFRs as far back as they These Bond Surety Escrow Rev-
Federal Government. It is believed that are available. Some funds are suddenly enue Accounts are one of the most egre-
a Federal “Summary” CAFR is also dropped from even the CAFR, and one gious examples of government’s ongo-
available that, in a relatively few pages, may have to compare CAFR reports for ing financial fraud. For example, Dr.
outlines the finances for the entire Fed- several sequential years to find these Burien believes that state pensions and
eral government – but to date, that in- omissions. other disguised funds include retire-
formation has not been verified. You may also want to pursue the ment accounts for each state judge rang-
If you have no access to the In- specific yearly audits and reports of spe- ing from one to five million dollars. As
ternet and you’re stymied in your ef- cific agencies. Some agencies have es- long as the judges don’t rock the politi-
forts to penetrate the bureaucratic maze, tablished a “Bond Surety Escrow Rev- cal boat, they may get a million dollars
try alternative sources like public librar- enue Account”. Don’t be misled by the or more on retirement while we peons
ies – which may sometimes be the only boring name (the devil’s in the details). wonder where the justice went.
“back door” available for these reports. Basically, this is a slush fund for agen-
Though hard to find, CAFR re- cies to deposit income that should have Political consequences
ports are not hidden or classified “Top been used to repay the agency’s bonds The financial implications buried
Secret”. Because CAFRs are mandated and reduce the public’s taxes. Demand in the CAFR reports will precipitate is-
by Federal law, if you know where to to see both the present and historical sues that are guaranteed to give legisla-
look, they can be found. But they are records of this fund – it may contain mil- tors fits. As my calls demonstrated,
not published, promoted, or discussed lions of dollars that do not sit idle in a most government officials are totally ig-
by mainstream media. bank account. From this account, agen- norant of government’s dual account-
cies make investments, loans, “honoraria” ing systems. These officials think the
Reading is harder than finding fees, agency personnel “reimbursements” money listed in the Budget report is all
However, the real skill in analyz- and other outright payoffs. they have to allocate. However, once
ing your CAFR is not finding it, but in we publicly expose CAFR, they can’t
understanding it. Bear in mind that a WORLDWIDE continue to claim ignorance and inno-
single state CAFR may contain sev- FINANCIAL cence.
eral hundred pages of accounting infor- Those of you who are running for
mation. Don’t expect to find a heading REPORT political office against an incumbent
or summary that specifically identifies Published by Worldwide Wealth Systems politician in November, 1998, could not
“Revenue Hidden From Public”. To de- hope for a stronger campaign issue. If
termine how much revenue is unre- Your Ticket to Insider’s your state’s CAFR indicates this kind
ported on your state’s Annual Budget, and degree of financial deceit, what
you’ll have to do some fairly serious
Secrets On: could any incumbent politician argue
study and “number crunching” on your * Financial Privacy in his defense? That he was too dumb
state’s CAFR. * Asset Protection to realize the state was secretly over-
One strategy for analyzing your * Sovereign Banking taxing the people? That he was smart
state’s real finances might be to make * Int’l Financial Oppty’s enough to recognize the deception, but
copies of the Budget and CAFR report * Business Management thought it was a good idea to impover-
for each member of a study group dedi- * Wealth Building ish his constituents? The dual account-
cated to dissecting the CAFR. Ideally, * Asset Management ing systems and consequent over-taxa-
your group should have help from tion exemplified by CAFR, could pro-
* Personal Privacy
someone like a Certified Public Ac- vide the issue we need to rouse a sleep-
countant who understands how to read * Much More !! ing public to take part in our political
and analyze a corporation’s annual fi- system.
nancial report. Always look for the dif- NO HYPE, NO SIZZLE, But what about the political par-
ference in revenue between the “bud- NO FLUFF, NO SALES GAMES ties? Could the Republicans or Demo-
getary basis” (reported on the Annual OR MIDDLEMEN – Just hard hitting crats embrace and expose the CAFR
Budgets) and the “restricted-by-statute information and Contacts accounting system? No. After 40 years
groups” (like the New Jersey Turnpike YOU CAN USE !! of deceit, neither party can claim inno-
Authority) which are reported only on cence or ignorance. The CAFR’s po-
the CAFR. Also, pay close attention to litical consequences could do immense
Get the Real Deal and Deal Direct
the CAFR’s footnotes – they can be very damage to both parties; that potential
revealing and may suggest leads to Free Newsletter probably explains why virtually all poli-
other specific agency reports for further www. financialprivacy. com ticians avoid mentioning CAFR.
investigation. But what about third parties that
To do a complete analysis, it’s have no historic relationship to CAFR?
necessary to obtain both the Annual or Call 1-888-691- 0998 For example, what would happen if the

42 ANTISHYSTER Volume 8, No. 2

Libertarian Party were mobilized to find More importantly, the main- Stewart v. Phoenix Nat. Bank, 64 P.2d
and analyze the CAFRs from all the stream media’s ability to suppress the 101, 49 Ariz. 34. (Ariz. 1937).
cities, counties, and states where their CAFR story would be virtually elimi- ”Concealing a material fact when
there is duty to disclose may be actionable
candidates sought public office in No- nated if an entire political party, during fraud.” Universal Inv. Co. v. Sahara Motor
vember, 1998? What would happen if an election, was publicly shouting “CA- Inn, Inc., 619 P.2d 485, 127 Ariz. 213.
Libertarian candidates across the coun- FR! Cor-rup-tion! . . . CA-FR! Cor- (Ariz. App. 1980).
try were able to shake their fists and rup-tion! . . .” ”When one conveys a false
copies of their state’s CAFR in the faces impression by disclosure of some facts
of their Republican and Democrat op- and the concealment of others, such
ponents? What would happen if the concealment is in effect a false representa-
tion that what is disclosed is the whole
Libertarians were credited as the party Walter J. Burien, Jr., can be truth.” State v. Coddington, 662 P.2d 155,
that exposed the CAFR fraud? Could reached at E-Mail: 135 Ariz. 480. (Ariz. App. 1983).
the Libertarians turn an otherwise un- or POB 11444, Prescott, AZ 86304. ”Suppression of a material fact
noticed election into something excit- which a party is bound in good faith to
ing and filled with public outcry? Could disclose is equivalent to a false representa-
an unprecedented number of Libertar- tion.” Leigh v. Loyd, 244 P.2d 356, 74
ians get elected? Could CAFR cause a Ariz. 84. (1952).
1 The intentional refusal of ”Damages will lie in proper case of
revolutionary political realignment suf- mainstream media to mention of the negligent misrepresentation of failure to
ficient to wrest automatic control from CAFR report might violate the Rico Act’s disclose.” Van Buren v. Pima Community
the two smug major parties? Yes. prohibition against perpetuating and College Dist. Bd., 546 P.2d 821, 113 Ariz.
If the CAFR issue is validated assisting a criminal syndicate. Some 85 (Ariz.1976).
across the nation, it contains enough ex- Arizona case law pertains to the obliga- ”Where one under duty to disclose
plosive political potential to change an tion of disclosure: facts to another fails to do so, and other is
obscure third-party into a political con- ”Where relation of trust or injured thereby, an action in tort lies
confidence exists between two parties so against party whose failure to perform his
tender. Because the two dominant po- that one places peculiar reliance in duty caused injury.” Regan v. First Nat.
litical parties don’t dare touch this is- trustworthiness of another, latter is under Bank, 101 P.2d 214, 55 Ariz. 320 (Ariz.
sue, CAFR offers an extraordinary op- duty to make full and truthful disclosure 1940).
portunity for any third party to enhance of all material facts and is liable for
its political power. misrepresentation or concealment.”

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ANTISHYSTER Volume 8, No. 2 43