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Standard and Poor's cited the vulnerability of the fund's mortgage backed securities. 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.

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Legislative auditors said in a report Crane's office should strengthen measures designed to keep Idaho from losing money.

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.

Last year, when Crane liquidated the securities, he booked a $10.2 million loss for the state. The local government investments, meanwhile, lost nothing.

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.

employed by conducting an actual buy and sell transaction. Better oversight systems are now in place to prevent this from happening again and have been for some time."

BOISE, Idaho (AP) State Treasurer Ron Crane's office made inappropriate transfers that cost taxpayers at least $10.2 million, though the hit to state funds could grow by millions more, according to an audit that concluded Idaho's money manager overrode internal controls meant to contain financial risks.

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Nike Uptempo Olympic Sale

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 Nike Uptempo Olympic Sale tasked with ensuring he fulfills his fiduciary obligations.

The losses result from investments in mortgage backed securities hit by the housing bubble's collapse.

The situation emerged in around 2008.

They have "no exposure to any remaining risk of loss," according to the report.

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27M from 'inappropriate' transfers

"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. It appears the auditor is using this platform for political purposes."

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Nike Uptempo Olympic Sale

Nike Uptempo Olympic Sale

"The first category addresses the moving of some securities from one portfolio to another at the suggestion of the S rating agency and with Nike Air Max Sq Uptempo Zm Mens Basketball Shoes

But in a written response, Crane says he disagrees with the finding. "It is only through the lens of hindsight that the decision is being evaluated," he wrote, adding that he believes the report includes "outright falsehoods" to which he "vigorously objects."

opportune time to sell certain distressed mortgage backed securities out of the Securities Lending collateral portfolio, given that liquidity and demand had returned to the Alt A mortgage backed security market. The market values on the Alt A pools had improved to levels more representative of the underlying home loans in the pools, taking into account future losses that will eventually have to be recognized. With interest rates at historic lows and bond prices near all time highs from the unprecedented stimulus from the Federal Reserve Board of Governors, the Treasurer's Office was able to 'harvest' gains from investments in the IDLE pool to offset the recognized losses to reduce any future fiscal strain on the State of Idaho general fund.

Though those mortgage backed securities had a face value of $31 million, their market value was far lower, only $19 million.

Crane, who vehemently denies unnecessarily exposing Idaho taxpayers to risks, said in a statement that the unrealized losses as of Friday had narrowed, to $14 million.

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.

"We stand behind my report and my auditors' conclusions," Renfro told The Associated Press.

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Nike Uptempo Olympic Sale

"During FY 2013, the State Treasurer's Office determined that it was an Nike Air Uptempo 97 Ebay

"There are two categories to the finding submitted by the LSO Audit Division concerning my office. Both are related to assets we managed five and six years ago in the portfolios we oversee."

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.

"This is an exchange transaction that should have been handled at arm's length (and) should have had adequate internal controls in place to protect the interests of both parties," auditors wrote. "The transactions were completed at amounts in excess of fair market value."

"The other aspect to this finding suggests that the Local Government Investment Pool benefited at the expense of the state's Idle pool from the transfer of these assets. However, this occurred in 2008 and 2009, when we had every expectation that the securities in question would perform normally. At that time, we had no reason to believe there would be any losses in either portfolio, in fact, our research indicated otherwise."

"The assertion that the state treasurer's office's internal controls were overridden is false," he said. "In this case, the investment and management decisions were made after due diligence and consideration of the circumstances known at the time."

the encouragement of our securities lending agent. While we are of the opinion we did the right thing at the time, better accounting practices could have been Nike Air More Uptempo Gum

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