Education:

1968 – 1974                                                                               Iowa State University, Ames, Iowa

PhD. – Economics

     Emphasis in public finance; undergraduate – economics and statistics

Professional

Experience:

July 2003- June 2004                                                                State of Colorado Treasury Deputy Treasurer

         Managed the daily operations of the Colorado State Treasury, a $13 billion dollar enterprise, with multiple hundreds of millions of  dollars per year of borrowing and $5+ billion dollars of investment portfolios while Deputy Treasurer Ben Stein was on active duty.

2000 – 2003 Langhoff Brooks, Denver, Colorado

         Vice President, Manager of Structured Transactions

               Assist clients in design and execution of synthetic and structured financial transactions

1996 – 2000                                                                               Boulder Valley School District, Boulder, Colorado

Chief Financial and Operations Officer

Provided leadership and management to the entire non-instructional side of a 27,000 student school district – Budgetary responsibilities over $250 million – Seven direct reports and 650 employees

1991 –Present                                                                            Dick R. Murphy & Company, Inc., Boulder, Colorado

Executive Vice President

Investment management, structured finance, and financial consulting to public entities – Firm has executed over 15 billion dollars of securities transactions since 1991 – Performed forensic financial analysis in major securities fraud cases

1980 – 1991                                                                                Boettcher & Company and Dain Bosworth, Inc.

Titles ranging from Senior Vice President to General Partner

Provided leadership and management for sales and trading operations both retail and institutional – Created incentive based compensation systems that increased production resulting in record profits and record compensation levels for sales staff

1976 – 1980                                                                                Colorado State Treasury, Denver, Colorado

Deputy Treasurer, Chief Investment Officer

Provided leadership and management to the Colorado State Treasury – Functions ranged from staff selection and management to computer system design and investment decisions.

1974 – 1976                                                                                Colorado Department of Education

                                                                                                    Colorado Governor’s Office of Planning and Budget

Consultant, School Finance

      Provided legislative liaison and school finance consulting to the Colorado agencies

1972 – 1974                                                                                Teaching at various colleges and universities

Graduated high school, Hartford, Arkansas

BA, Economics, Ouachita University, Arkadelphia, Arkansas

            Distinguished Military Graduate – Top of military class

Graduate school in economics, Iowa State University, Ames, Iowa

Assista Assistant Professor of Economics, Drake University, Des Moines, Iowa.  Concurrently doing research in school finance at the Iowa Department of Public Instruction

Assistant Professor of Economics, Grinnell College, Grinnell, Iowa

Summer 1973

            First Lieutenant, Finance, U.S. Army, Fort Benjamin Harrison, Indiana; left service as a captain

Assistant Professor of Economics, University of Idaho, Moscow, Idaho

Starte   started financial consulting in Denver. In the spring of 1974, defended doctoral dissertation at Iowa State University.  The dissertation topic was “Equality of Educational Opportunity and Educational Finance – A question of the Applicability of Serrano v. Priest.” Ph.D. was granted in November 1974.

My       Denver financial consulting practice included the Colorado Department of Education, Colorado

Governor’s Office of Budget and Planning, Colorado Association of School Boards, the

Colorado Education Association and the Colorado State Treasury.

            General work during these various consulting assignments revolved around the creation of computer simulation models of proposed legislation for funding school finance in Colorado.  I  am responsible for building the first computer models of school finance distribution systems in the states of Iowa and Colorado.  I also became the Colorado expert on the use and modification of a school district modeling and forecasting program known as the “McGwill Model.”  While the McGwill Model seems crude by today’s software standards, it was state of the art at the time, containing regression based forecasting models and quite sophisticated statistical techniques.

While working for the Governor’s Office of Planning and Budget in 1975, my research generated the statistical information that was the basis for a challenge of the constitutionality of the then current mechanism for funding K-12 education in Colorado.

I started a software project for Sam Brown, the Colorado State Treasurer.  My task at that Time, was to automate the investment operation of the State Treasury.  During the term of this task, I was asked to manage the portfolios of the Treasury.  Sam Brown left and Roy Romer was Appointed Treasurer.   I was subsequently made Deputy Treasurer and Chief Investment Officer for the Colorado State Treasury.   My responsibilities included the management of a staff of fourteen, all investments, legislative liaison and maintenance of the investment and accounting computer software.  I  negotiated all banking relationships, clearing arrangements and bank services agreements.

          I left the State Treasury and spent a one-year period trading commodities.

I joined Boettcher and Company.  From spring 1981 to spring 1987, I managed the taxable sales and trading area for Boettcher. This management task included responsibility for up to five traders, up to ten sales people and support staff.  I was made General Partner, and after the firm reorganized to corporate form, Senior Vice President.  My department’s primary client base included public entities, banks, insurance companies, and pension funds.  During this time, the taxable fixed income sales force grew from two to ten sales people and commission revenues grew from $300,000 to over $6,000,000 per year.

I joined Stern Brothers, a subsidiary of Franklin Savings of Ottawa, Kansas.  My charge there was to build a taxable sales and trading area like the one which had become so successful at Boettcher.  My department’s primary client base was the same as at Boettcher.  Franklin Savings had a difficult time managing its brokerage subsidiaries and merged Stern Brothers with Underwood Neuhaus in Houston in July 1988.  I chose not to go to Houston.

I joined Dain Bosworth in Minneapolis to manage taxable sales and trading.  My department's primary client base was the same as at Boettcher.  The job was a good fit. I managed taxable fixed income sales and trading for mortgage and government securities. The department was budgeted to generate $3,000,000 revenue annually.  In 1990, when I resigned to return to  Denver, the department budget was over $1,000,000 per month and was being realized.  Dain asked me to stay on and develop a public entity funds management project.  I was able to successfully start a public entity pool in Missouri.  After moving back to Denver in June of 1990, I successfully took over management of another public entity pool which Dain had started in Wyoming. I developed all fund accounting and client accounting software for the management of these pools.

I left Dain Bosworth, subcontracting the management of both WYOSIP and MOSIP.  My investment advisory company, Dick R. Murphy & Company, Inc., still manages the WYOSIP cash management operation for First Interstate Bank, Wyoming. I also served on the Boulder County Treasurer’s Investment Advisory Committee. Other business activities included general financial consulting,  and management and administration of Investment Trust of Colorado, a public entity trust that was defrauded by a California money manager in 1991.  Boulder County and the University of Colorado were both participants in Investment Trust of Colorado.

I accepted a position as Chief Financial Officer of the Boulder Valley School District, Boulder, Colorado. In 1997, I became the Chief Operating Officer of the school District.  The Business Services Division is responsible for all district financial and logistical operations, including the management of a $250,000,000 budget; and the direction of Management Information Services, Property/Liability and Workers’ Compensation Insurance, Employee Benefits, Finance and Accounting, Budget Administration, Internal Services, Warehouse, Purchasing, Community Schools, and the District Print Shop.  The Division of Operations includes Food Services, Maintenance, ADA support and furniture replacement, Planning and Engineering, Security, Grounds, Safety, Transportation and Facility Planning as well as all building projects.  The number of full time and part time employees in both these divisions total over 650.

I have done numerous presentations in front of rating agencies and investors for investment banking purposes.  The MIS operations of which I was in charge included multiple platforms, 56 buildings, 6,000+ computers and a 500-square-mile area.

I returned to investment banking, joining the firm of Langhoff Brooks.  Langhoff Brooks was

subsequently purchased by Kirkpatrick Pettis, a Mutual of Omaha subsidiary.

Colorado State Treasurer Mike Coffman asked me to serve as deputy treasurer for the State of 

Colorado.  Then deputy treasurer Ben Stein, a Marine Reserve Colonel, had been activated because of the Iraq conflict.  I considered it my duty.  I have managed the day-to-day operations of a $14 billion organization, a staff of 25, and annual borrowings in excess of $1 billion.

Ben Stein returned from active duty.  I returned to Dick R Murphy & Co., Inc., and resumed my activities with the firm.  Those activities include assisting in the day to day management of the WYOSIP local government investment pool, structuring bond proceeds investment transactions, and financial consulting.