hi, Timothy, et al., like Tim, i can see both sides here. but, a fundamental of org-mode is this statement of Nicolas', "Org is not a LaTeX front-end."
i ran into this precisely with $...$, i.e., the restrictions that org-mode requires, in order to protect from confusing a currency indicator with an equation. my "take away" from that issue (a long time ago) was that i needed to drop the idea of "org mode latex syntax support" == "latex syntax support". but, i remember to not finding the conclusion pleasant (though, by now, i no longer notice it). cheers, Greg