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place to protect the interests of both parties," auditors wrote. "The transactions were completed at amounts in excess of fair market value."
being evaluated," he wrote.
The losses result from investments in mortgage backed securities hit by the housing bubble's collapse.
To protect the local government fund's rating, according to the report, Crane's office shifted those distressed securities into another fund, Idaho's so called Idle Pool, where state government parks cash it doesn't immediately need.
Legislative auditors said in a report Crane's office should strengthen measures designed to keep Idaho from losing money.
Last year, when Crane liquidated the securities, he booked a $10.2 million loss for the state. The local government investments, meanwhile, lost nothing.
27 Nike Uptempo Nike million from 'inappropriate' transfers
Though those mortgage backed securities had a face value of $31 million, their market value was far lower, only $19 million.
Sen. Dean Cameron, R Rupert and a co chairman of the Joint Finance Appropriations budget committee, said the losses show Crane's office has too much latitude to make investment decisions absent adequate oversight from a professional board much like Idaho's existing Endowment Fund tasked with ensuring he fulfills his fiduciary obligations.
Crane vehemently denies unnecessarily exposing Nike Air Max Uptempo 95 University Blue
Idaho taxpayers to risks.
Instead of accounting for the securities at their market value, however, Crane took $31 million in cash from the Idle Pool and put it into the local government fund a full $11 million more than the securities were worth at the time to investors.
"The assertion that the state treasurer's office's internal control were overridden is false," he wrote in a strongly worded three page response. "In this case, the investment and management decisions were made after due diligence and consideration of the circumstances known at the time."
But in a written response, Crane says he disagrees with the finding. "It is only through the lens of hindsight that the decision is Nike Uptempo 96 Black
BOISE, Idaho (AP) 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.
Reached Friday, Renfro reiterated auditors' conclusions Crane's office exposed Idaho taxpayers to risk and broke its fiduciary duty to state taxpayers, all to protect the credit rating of the local government fund from a downgrade.
Standard and Poor's cited the vulnerability of mortgage backed securities in that fund. At the time, housing values were dropping, people across the country were defaulting on their mortgages at historical levels and the securities that backed those home loans were going bust.
They have "no exposure to any remaining risk of loss," according to the report.
That's when ratings agency Standard and Poor's threatened to downgrade the rating of a fund Crane manages called the Local Government Investment Pool that allows cities and counties to pool cash they don't immediately need.
"We stand behind my report and my auditors' conclusions," Renfro told The Associated Press.
"This is an exchange transaction that should have been handled at arm's length (and) should have had adequate internal controls in Nike Uptempo White Gold
"It calls into question the entire process," Cameron said. "There's a lack of transparency and a lack of communication. This raises the question of whether there needs to be a different system.
The situation emerged in around 2008.
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