[Vision2020] Idaho treasurer’s ‘inappropriate transfers’ could cost $27 million

[Kai Eiselein]

Let me get this straight, the tri-state metro area, which includes NYC, has the best public transportation system in the country and this idiot hires limos???
I've driven in Manhattan, and I can tell you, the subway is a hell of a lot faster than taking a car.


________________________________
> From: thansen at moscow.com 
> Date: Sat, 1 Feb 2014 13:44:23 -0800 
> To: vision2020 at moscow.com 
> Subject: [Vision2020] Idaho treasurer’s ‘inappropriate transfers’ could  
> cost $27 million 
>  
> No need to fret none, V-Peeps. 
>  
> Butch'll simply cut education and Medicaid to make up for this oversight. 
>  
> Courtesy of today's (February 1, 2014) Spokesman-Review. 
>  
> ---------------------------------- 
> Idaho treasurer’s ‘inappropriate transfers’ could cost $27 million 
>  
> BOISE – State Treasurer Ron Crane’s office made inappropriate transfers  
> that cost taxpayers $10.2 million, but the hit to public funds could  
> rise to $27 million, according to an audit that concluded Idaho’s money  
> manager overrode internal controls meant to contain financial risks. 
>  
> Legislative auditors said in a report Crane’s office should strengthen  
> measures designed to keep Idaho from losing money. Following its  
> release, lawmakers Friday also called for new oversight on grounds  
> Crane now has too much authority to shift investments without guidance  
> of others. 
>  
> The losses result from investments in mortgage-backed securities hit by  
> the housing bubble’s collapse. Crane shifted these investments between  
> accounts in 2009, exposing state taxpayers to the risk, auditors say. 
>  
> Crane’s office “inappropriately transferred investments … resulting in  
> a disproportionate share of investment losses incurred by the state,”  
> according to the report issued by April Renfro, a certified public  
> accountant who oversees Idaho’s Legislative Audits Division. 
>  
> What’s more, auditors wrote, Crane’s office still oversees $2.9 billion  
> in the accounts hit by the losses, “without the aid of independent  
> oversight to review investment activity and to ensure fiduciary duties  
> have been considered.” 
>  
> Crane, a four-term treasurer whose management has drawn fire from  
> auditors in the past, including spending thousands on limousines during  
> trips to New York, didn’t immediately return a phone call Friday. 
>  
> ---------------------------------- 
>  
> Seeya 'round town, Moscow, because . . . 
>  
> "Moscow Cares" (the most fun you can have with your pants on) 
> http://www.MoscowCares.com<http://www.moscowcares.com/> 
>  
> Tom Hansen 
> Moscow, Idaho 
>  
> "There's room at the top they are telling you still. 
> But first you must learn to smile as you kill, 
> If you want to be like the folks on the hill." 
>  
> - John Lennon 
>  
>  
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