|
Chapter 1 |
Chapter 2 |
Chapter 3 |
|
Chapter 4 |
Chapter 5 |
Chapter 2 - What Redflex Doesn't Want
You To Know
"The Group
is based in South Melbourne, Victoria"
"Redflex Holdings Limited was listed on the Australian Stock Exchange
in January 1997"
Quoted from Redflex Group Website. Click here to see
it.
"Redflex is an Australian Company"........"Redflex is a
Phoenix, AZ based Company"
Both statements are
correct.
I personally don't care where they are from, but Redflex,
for some reason,
likes to say they are based in Phoenix,
AZ.
Joe's Lesson #1 on the Global
Economy
Here are some facts -
Redflex Traffic Systems,
Inc. is an
Arizona Corporation. It is a wholly owned subsidiary
of Redflex Holdings Limited of Australia.
In other words, "Holdings Limited"
owns 100% of the "Traffic Systems" stock and you can't
buy any.
If ya follow the money when you send in your automated
ticket fine, a portion goes to
the city, the rest goes to RTS to pay
expenses, State & Federal Taxes and the profits flow
from
RTS to RHL (meaning the profits go offshore to Australia).
The same scenario happens when a US Company forms a wholly
owned subsidiary
overseas.
Welcome to the Global Economy.
Joe's Lesson #2 on the
Global Economy
So now you're saying to
yourself, "Joe, I don't want Redflex in my town, but I
like what I see
on the RHL website. I want to invest, but you say I
can't."
Well, ya can't buy
RTS stock, but you can buy RHL shares in the form of an ADR
(American
Depository Receipts), which is traded in the
Over-The-Counter (OTC) market.
A majority of American depository receipt
programs currently trading are issued through
a Level 1 program. This is the
most convenient way for a foreign company to have its shares
trade in the United States.
By the way, the price is for 1 ADR, which equals 8
RHL shares. Click here for RHL info.
Let's take a look at the 3 main sources of information that Redflex uses on
that Q&A from Chapter 1.
1) The Insurance
Institute for Highway Safety is the "bread 'n
butter" advocate of all Red
Light Camera Companies. It is nothing
more than a fear mongering organization funded
by, and looking out for the
interests of, Insurance Companies. Click
here for their website.
By the way, remember the Q&A from Chapter 1? Click here to
see where it came from.
2) "A Nationwide Survey of Red Light Running: Measuring Driver
Behaviors for the "Stop
Red Light Running" Program," June-August 1999,
Old Dominion University.
A
10-year-old Study consisting of a 58 question, 12 minute telephone survey,
of which
they only used the results of 880 people????
Are you friggin'
serious!!!! Click
here for the ODU
Study.
3) R. A. Retting and A.F. Williams,
"Characteristics of Red Light Violators: Results of a Field Investigation,"
Journal of Safety Research (1996): 27.1, 9-15.
I
don't know anything about the Journal of Safety Research
(click here for their website),
however, the 2
author's that submitted the article 13 years ago work for the
Insurance
Institute of Highway Safety (click here to see).
So now you're saying
to yourself, "Joe, you idiot! So what if Insurance Companies
fund
organizations that show Red Light Cameras reduce T-Bone accidents.
Less accidents mean
less premiums I pay and a safer
intersection."
These study's were conducted when
Red Light Cameras were in their infancy. Many recent,
unbiased Study's show that, yes,
T-Bones are reduced, but OVERALL crashes (rear-end collisions) dramatically
increase.
As far as the Insurance Companies go, if you can comprehend the
following equation-
14.0 Billion
- 8.7
Billion
5.3 Billion
Then
continue on to Chapter 3.
Click here to go to
Chapter 3 - Study's
& Money & Increasing
Shareholder Value, Oh My!