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

[Janesta]

Did anyone else get the message in red?

Thanks!


On Sat, Feb 1, 2014 at 10:00 PM, Kai Eiselein <fotopro63 at hotmail.com> wrote:

> 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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> > Palouse since 1994. http://www.fsr.net mailto:Vision2020 at moscow.com
> > =======================================================
>
>
> =======================================================
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