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

[Scott Dredge]

Red font?  Not me.  But I'm sure lots of folks who have red the message below are seeing red due to the investments being in the red.  This guy should have more of a consequence to his reckless actions than just being red the riot act.  He should be in an orange jumpsuit.

Date: Sat, 1 Feb 2014 22:13:46 -0700
From: janesta at gmail.com
To: fotopro63 at hotmail.com
CC: vision2020 at moscow.com
Subject: Re: [Vision2020] Idaho treasurer's 'inappropriate transfers' could cost $27 million

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

>

>

> ======================================================= List services

> made available by First Step Internet, serving the communities of the

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

> =======================================================





=======================================================

 List services made available by First Step Internet,

 serving the communities of the Palouse since 1994.

               http://www.fsr.net

          mailto:Vision2020 at moscow.com

=======================================================




=======================================================
 List services made available by First Step Internet,
 serving the communities of the Palouse since 1994.
               http://www.fsr.net
          mailto:Vision2020 at moscow.com
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