On Thu, Apr 14, 2011 at 5:20 PM, Jim Crow <cornmash008@yahoo.com> wrote:
--- On Thu, 4/14/11, Private Attorney General <justice0927@sbcglobal.net> wrote:
From: Private Attorney General <justice0927@sbcglobal.net>
Subject: How did your Court Criss Account Stock do today?
To: "Private Attorney General" <justice0927@sbcglobal.net>
Date: Thursday, April 14, 2011, 2:00 PM
Back in 1990, Federal judges and clerks down in South Texas got to thinking
"Damn, with all the fees lying around, shouldn't we invest it and make some
money off it?" Pretty soon, they cooked up the Court Registry Investment
System (CRIS), on the recommendation of financial analyst (now Clerk) Mike
Milby, and with permission of the U.S. Treasury and Federal Reserve Board of
Governors. The pooled funds never actually leave the US Treasury account in
the Texas Commerce Bank of Houston because the Bank invests them in US
Treasury Bills through CRIS investment managers at JP Morgan. Thus all 25
member US Court Districts always have funds available to disburse for their
various purposes.Not only does the court have several billion dollars in the pool and over a
billion dollars invested at any one time, but also it earns upwards of a
million dollars a month in interest alone. And it charges a registry fee of
upwards of 10% for managing the investment (rather than taking the fees out
of earnings). Member District Courts share proportionately in CRIS
earnings.See the US COURTS press release on CRIS
here<http://www.uscourts.gov/News/TheThirdBranch/08-11-01/A_Safe_Secure_Me...>;
see Google links
here<http://www.google.com/search?rlz=1C1CHMR_enUS347US347&aq=f&sourceid=c...>.I have attached a RAR archive containing documents. If you cannot open it,
get and use WinRAR <http://rarlabs.com/> or Jzip <http://jzip.com/> or
7zip<http://www.7-zip.org/>
.See the 1990 documents (attached) establishing CRIS in the South Texas USDC
below. 25 Districts share it:1990-48
Amended Order Establishing the Court Registry Investment System (CRIS) -
Term Fund
View PDF <http://www.txs.uscourts.gov/district/genord/1990/1990-48.pdf>
1990-47
Memorandum of Procedures for Investment and Allocating Earnings on Assets of
the United States District Court
View PDF <http://www.txs.uscourts.gov/district/genord/1990/1990-47.pdf>
1990-46
Order Establishing the Court Registry Investment System (CRIS) - Term Fund
View PDF <http://www.txs.uscourts.gov/district/genord/1990/1990-46.pdf>
1990-45
Order for Assessment of a Management Fee on Funds Placed in the Court
Registry
View PDF <http://www.txs.uscourts.gov/district/genord/1990/1990-45.pdf>The order establishing CRIS says this:ORDER
Registry deposits with known disbursement horizons exceeding 100 days
require
an investment strategy of purchasing longer term U. S. Treasury Securities.
The
CRIS-Term Fund meets this need. The objectives of the CRIS-Term Fund in
order of
importance are: 1) to assure the safety of Registry Funds; 2) to maintain
sufficient quarterly liquidity to provide adequate and timely disbursement
of
funds as directed by the court, and 3) to achieve the highest rate of return
consistent with objectives 1 and 2.
The Clerk, U. S. District Court for the Southern District of Texas is
ORDERED
to establish the CRIS-Term Fund. The initial CRIS-Term Fund investments
shall be
one year U. S. Treasury Securities or multiple U. S. Treasury securities,
which
have an average maturity and an average yield approximately equal to one
year U.
S. Treasury Securities. The CRIS-Term Fund shall provide a minimum of
quarterly
liquidity, unless a special order of disbursement from a participating court
is
entered.
Subsequent investments shall meet the CRIS-Term Fund objectives and shall be
made with judgment and care, under circumstances then prevailing, that
persons of
prudence, discretion and intelligence would exercise in the management of
their
own affairs.
DONE at Houston, Texas, on this the day of December, 1990.
DA
HIEF JUDGE
United States District CourtThe amended order above says this (interesting)On December 27, 1990, a General Order was entered under Number 90-46
establish @
Registry investment System (CRIS)-Term Fund which is companion to the
existing
CRIS Liquidity Fund. This Fund is egtablished to meet the unique
requirements of
the Court Of the Southern District of New York to invest, manage and
disburse
large sums on deposit in 88 Civ 6209 (S/D NY) styled Securities and Exchange
Commission vs. Drexel, Burnham, Lambert; et al-
Upon the request of Michael R. Milken and the presiding judge of the Court
of the Southern District of New York, Order No. 90-46 is amended to include
the
following language; it is hereby
ORDERED that the funds and their investments on deposit in the CRIS shall,
under
the supervision of the Court of the Southern District of New York, be
available
solely for utilization pursuant to, and in furtherance of the purposes
described
in, the Final Judgment of permanent injunction and other relief as to
Michael R.
Milken, in said
Court.
DONE at Houston, Texas, on this the 29th day of December, 1990.The order assessing a registry management fee of 10% says this:ORDER
Under the notice in the October 24, 1990 edition of the Federal Register,
Vol. 55, No. 206, at Page 42887.
It is ORDERED that the Clerk assess the registry management fee at a rate
equal to ten percent (10%) of the total earnings for funds deposited on or
after
December 1, 1990. The fee shall be assessed each time earnings are allocated
to
the Court's registry of pooled accounts and other interest bearing accounts,
beginning December 1, 1990 and continuing while the funds are held in the
Court's
registry. The fee will be assessed for all funds invested regardless of the
nature of the case underlying the investment. The Clerk shall assess a fee
equivalent to the first 45 days earnings or one-eight percent of earnings on
an
annual basis for funds deposited prior to December 1, 1990.
ADOPTED by the Full Court this day of 1990.
J04ES DEANDA
eHIEF JUDGE
UNITED STATES DISTRICT COURTCase Monetization-CRIS_Report-07-2003-b.pdf<http://dc196.4shared.com/download/8fjuy0na/Case_Monetization-CRIS_Rep...>(also
attached hereto)The above-linked document shows how federal courts earn interest on the
money they receive in fees, fines, etc. Basically they invest the money,
presumably on petition from the payor, through the South Texas USDC CRIS.Procedures begin on page 36.Pages 44 through 59 provide flow charts showing how CRIS administers the
money through JP Morgan (which gets a nice fee for the service).Page 64 contains the excerpt from the Federal RegisterPages 65 and 66 give the CRIS investment pool summary for 2006If you have a more recent report, send it to me. And now, some questions:- Do you suppose the investment managers securitized the investment fund?
-
- Shouldn't the investment fund reduce the amount of fees the people must
pay for court services, transcripts, PACER, and so on?
-
- When you pay fines or fees, should you designate them to go into CRIS
investment?
-
- If you do designate them for CRIS, will YOU receive the earnings?
-
- Should you write to your legislators about this?
CRIS - Case Registry Investment System.rar
1604K Download
