*
>>> WELCOME TO THE IDAHO

DEBATES, A LOOK AT THE
CANDIDATES ON THE 2014 BALLOT.

THE IDAHO DEBATES IS A
COLLABORATIVE PROJECT OF THE

IDAHO PRESS CLUB, THE LEAGUE OF
WOMEN VOTERS OF IDAHO, AND IDAHO

PUBLIC TELEVISION.

THE IDAHO DEBATES ARE MADE
POSSIBLE BY BOISE STATE

UNIVERSITY'S SCHOOL OF PUBLIC
SERVICE, DEVOTED TO BUILDING

FUTURE CIVIC AND COMMUNITY
LEADERS THROUGH

INTERDISCIPLINARY
PROBLEM-SOLVING, REAL-WORLD

RESEARCH AND POLICY STUDY, AND
HANDS-ON EXPERIENCE YOU CAN ONLY

GET HERE AT THE SO.

THE IDAHO DEBATES ARE ALSO
BROUGHT TO YOU BY YOUR

CONTRIBUTION TO THE IDAHO PUBLIC
TELEVISION ENDOWMENT.

THANK YOU.

>>> HELLO, WELCOME TO THE IDAHO
DEBATES ON IDAHO PUBLIC

TELEVISION.

TONIGHT THE CANDIDATES VYING TO
BE THE STATE'S CHIEF FINANCIAL

OFFICER AND BANKER OF MONIES
COLLECTED BY THE STATE, EXPLAIN

THEIR POSITION ON THE ISSUES.

I WANT TO WELCOME THESE TWO
CANDIDATES, RON CRANE AND

DEBORAH SILVER.

RON CRANE HAS SERVED 16-YEAR-OLD
IN THE IDAHO HOUSE OF

REPRESENTATIVES AND 16 YEARS AND
IDAHO'S TREASURER.

DEBORAH SILVER IS A CERTIFIED
PUBLIC ACCOUNTANT, ALSO A

PARTNER IN HAYES & SILVER CPAs
IN TWIN FALLS.

ALSO ON STAGE, OUR PANEL OF
REPORTERS WILL ASK THE

CANDIDATES QUESTIONS.

BRAD IVERSON-LONG OF THE "IDAHO
BUSINESS REVIEW," AND ZACH KYLE

OF THE "IDAHO STATESMAN."

I'M AARON KUNZ, I'M MODERATING
TONIGHT'S DEBATE AND WILL DO MY

BEST TO MAKE SURE BOTH
CANDIDATES GET EQUAL TIME AND

STAY ON POINT.

TO HELP ME AND REMIND THE
CANDIDATES OF HOW LONG THEY HAVE

BEEN TALKING IS A VOLUNTEER
TIMEKEEPER WITH THE LEAGUE OF

WOMEN VOTERS.

WE'VE ASKED THE CANDIDATES TO
ENGAGE EACH OTHER ON THE ISSUES.

IN OTHER WORDS, LESS EMPHASIS ON
A RIGID FORMAL WILL AND MORE

EMPHASIS ON AN INTELLIGENT
CONVERSATION THAT HELPS THE

VOTERS.

EACH CANDIDATE WILL GET 1 MINUTE
FOR OPENING STATEMENTS.

WE FLIPPED A COIN AND DEBORAH
SILVER BEGINS WITH HER OPENING

COMMENTS.

>>> FIRST, I WOULD LIKE TO THANK
IDAHO PUBLIC TELEVISION FOR

PROVIDING THIS OPPORTUNITY.

I'M HERE TODAY BECAUSE I READ AN
AUDIT REPORT.

EVEN FOR CPAs, AUDIT REPORTS
CAN BE BORING BUT NOT THIS ONE.

FIRST, THE TREASURER BROKE AN
ACCOUNTING RULE IN HIS FIDUCIARY

DUTY TO MAKE AN INVESTMENT THAT
LOST AT LEAST $20 MILLION.

HE THEN COVERED UP THOSE LOSSES
BY GRESHAM TRANSFERRING THEM TO

THE FUND THAT PAYS FOR IDAHO'S
SCHOOLS.

THEN WHEN HE WAS CAUGHT
RED-HANDED, HE REFUSED TO

PROVIDE A FULL REVIEW OF THESE
GRESHAM TRANSFERS TO THE

INVESTMENT ACCOUNT ASKED FOR BY
LEGISLATIVE SERVICES.

IN THE BUSINESS WORLD, WE KNOW
HOW THIS WOULD END.

THE TREASURER WOULDN'T FIRED.

BUT THIS IS POLITICS.

THE ONLY WAY TO FIRE THIS
TREASURER IS WITH YOUR VOTE.

I AM RUNNING TO GIVE IDAHO
TAXPAYERS A CHOICE FOR HONEST

STEWARDSHIP OF THEIR TAX
DOLLARS.

>> ALL RIGHT.

AND RON, ONE MINUTE.

>> THANK YOU.

I WANT TO THANK IDAHO PUBLIC
TELEVISION, THE LEAGUE OF WOMEN

VOTERS, THE IDAHO PRESS CLUB AND
MY OPPONENT FOR ADJUSTING THE

SCHEDULE TO ACCOMMODATE MY
ILLNESS LAST WEEK.

MY NAME IS RON CRANE AND I'M
YOUR STATE TREASURER AND HAVE

BEEN FOR THE PAST 16 YEARS.

I MUST TELL YOU THAT IT'S THE
HIGHEST HONOR OF MY LIFETIME

DURING MY TENURE AS YOUR
TREASURER I HAVE EARNED $1

BILLION, 137 MILLION DOLLARS IN
INTEREST INCOME FOR THE STATE OF

IDAHO AND ITS POLITICAL
SUBDIVISIONS.

THAT'S $1.1 BILLION TAXPAYERS
DID NOT HAVE TO FURNISH, AND I

HAPPEN TO THINK THAT'S VERY
IMPORTANT.

THAT'S MORE MONEY EARNED THAN
ANY OTHER TREASURER IN THE

HISTORY OF THE STATE.

I HAVE ALSO WORKED HARD TO
PROTECT AND ENHANCE THE CREDIT

RATING OF THE STATE OF IDAHO.

IT IS AT THE HIGHEST LEVEL IT'S
EVER BEEN.

THE RESULTS ARE MILLIONS IN
SAVINGS FOR PROPERTY TAXPAYERS

THROUGHOUT THIS STATE.

I AM VERY PROUD OF THE RECORD I
HAVE ESTABLISHED AS YOUR STATE

TREASURER.

I WILL BE ASKING FOR YOUR
SUPPORT ON NOVEMBER 4th.

THANK YOU.

>> THANK YOU BOTH FOR YOUR
OPENING COMMENTS.

LET'S GET RIGHT TO THE QUESTIONS
TONIGHT.

OUR FIRST QUESTION COMMUNICATION
FROM BRAD IVERSON-LONG OF THE

"IDAHO BUSINESS REVIEW" TALKING
ABOUT THE AUDIT.

>> OKAY.

TREASURER CRANE, THIS IS FOR
YOU.

STATE AUDITORS SAY YOUR OFFICE
COST THE STATE $10 MILLION AND

EXPOSED THE TAXPAYERS TO RISK
DUE TO INAPPROPRIATE GRESHAM

TRANSFER INVESTMENTS.

HOW WOULD YOU HANDLE THIS IF YOU
HAD TO GO BACK AND DO IT AGAIN.

>> FIRST OF ALL, BRAD, YOU'RE
PROBABLY AWARE THAT THE

TREASURER'S OFFICE VOCIFEROUSLY
DISAGREED WITH THE AUDITORS.

PORTFOLIOS GO UP AND DOWN AND
THE SECURITIES WITHIN THOSE

PORTFOLIOS MOVE ON A DAILY BASIS
IN THEIR VALUE.

>> BACK IN 2005 AND 2006-7 WE
PURCHASED SON MORTGAGES PUT INTO

THE PORTFOLIO, TRIPLE-A
MORTGAGES, SEVEN OF THEM TO BE

EXACT, AND THEY PERFORMED WELL
FOR A PERIOD OF TIME.

BUT IF YOU RECALL IN 2008 THERE
WAS A MAJOR HOUSING CRASH THAT

TOOK PLACE, THE RESULTS OF WHICH
WERE A DOWNTURN IN THE ECONOMY,

THE GREATEST DOWNTURN SINCE THE
GREAT DEPRESSION.

IF YOU READ THE AUDIT REPORT,
THE LEGISLATIVE AUDITORS WILL

SAY THAT I SHOULD HAVE SOLD
THOSE SECURITIES AT MARKET

VALUE, AND THAT WOULD HAVE BEEN
ABOUT $70 MILLION UNDERWATER.

I SHOULD HAVE SOLD THOSE
SECURITIES AND DISTRIBUTED THE

LOSSES TO EACH OF THE TWO
PORTFOLIOS REPRESENTED, THE

LGIP, THE LOCAL GOVERNMENT
INVESTMENT POOL, AND THE FUND

WHICH IS THE STATE'S GENERAL
FUND AND STATE AGENCY MONIES.

BUT INSTEAD, I HELD THOSE
SECURITIES AND RODE OUT THE

STORM, LETTING THEM COME BACK IN
VALUE BACK TOWARD PAR.

LAST YEAR, 2013, I HAD ENOUGH
INTEREST EARNINGS AND PORTFOLIO

GAINS TO WASH OUT FIVE OF THE
SEVEN SECURITIES, AND STILL SHOW

A PROFIT OF $122,000 FOR THE
GENERAL FUND, AND $2 MILLION FOR

THE REST OF THE PORTFOLIOS THAT
I MANAGE.

I STILL HAVE TWO OF THOSE
SECURITIES IN MY PORTFOLIO.

A YEAR AGO AT THIS TIME THEY
WERE ABOUT 17.5 MILLION

UNDERWATER.

TODAY, AS OF FRIDAY, THEY ARE
$9.6 MILLION UNDER WATER.

THEY ARE COMING BACK, MOVING IN
THE RIGHT DIRECTION.

THIS IS EXACTLY WHAT THE
ENDOWMENT FUND DID WHEN THEY

WENT DOWN $400 MILLION DURING
THE SAME PERIOD OF TIME.

DID THEY SELL?

NO, THEY RODE OUT THE STORM AND
LET THE SECURITIES COME BACK IN

VALUE AND TODAY THEY ARE
PERFORMING VERY WELL.

PERS, WENT DOWN A BILLION AND A
HALF DOLLARS.

DID THEY SELL?

OF COURSE NOT.

YOU ONLY LOSE WHEN YOU SELL.

THEY RODE OUT THE STORM AND THEY
CAME BACK AND THEY ARE

PERFORMING VERY WELL.

>> IF YOU COULD WRAP UP YOUR
COMMENTS.

>> THAT'S EXACTLY WHAT WE DID AT
THE STATE TREASURER'S OFFICE AND

I THINK IT WAS THE RIGHT THING.

>> ALL RIGHT.

SAME QUESTION: WHAT WOULD YOU
DO DIFFERENT?

>> FIRST OF ALL, THE AUDITORS DO
NOT TELL YOU WHEN TO SELL.

THEY SUGGEST THAT YOU WORK
WITHIN POLICY.

ALSO, THESE WERE GRESHAM
TRANSFERRED BETWEEN ACCOUNTS,

AND ACTUALLY CAUSED THE IDL POOL
TO PURCHASE THEM AT THEIR COST,

RATHER THAN THEIR MARKET VALUE.

AND LEGISLATIVE SERVICES, A
NONPARTISAN OFFICE, HAS ALL THE

WORK PAPERS SHOWING THESE
TRANSACTIONS, SHOWING THAT THERE

ACTUALLY WERE THESE GRESHAM
TRANSFERS BETWEEN THE TWO

ACCOUNTS, AND SO I WOULD SAY
THAT CERTAINLY THERE WERE

TRANSACTIONS.

I AGREE WITH LEGISLATIVE
SERVICES.

WE DID HAVE SOME VERY SAD
UNDERWATER INVESTMENTS.

AND I WOULD POINT OUT THAT FOR
INSTANCE KING COUNTY WAS IN SOME

OF THE SAME INVESTMENTS.

AND RATHER THAN HIDING THEM BY
GRESHAM TRANSFERRING THEM TO AN

ACCOUNT THAT'S NOT UNDER THE
SAME KIND OF SCRUTINY, THEY

ACTUALLY BROKE THEM OUT AND PUT
THEM IN A SEPARATE ACCOUNT, AND

THEY HAVE -- IT'S CALLED THE
IMPAIRED HOLDINGS.

SO THE PUBLIC COULD SEE WHERE
THEY WERE, BEING VERY HONEST AND

OPEN ABOUT WHAT WAS HAPPENING
WITH THOSE INVESTMENTS, RATHER

THAN GRESHAM TRANSFERRING THEM
OVER TO WHERE THEY WERE NOT

UNDER PUBLIC SCRUTINY, AND
CAUSING FOR INSTANCE OUR

EDUCATION SYSTEM TO SUFFER THIS
LOSS.

>> OKAY.

WHY DON'T YOU GIVE YOU 30
SECONDS FOR A COMMENT.

>> LET ME ILLUSTRATE IT THIS
WAY.

IF YOU HAD $1,000 AND INVESTED
IT IN A MUTUAL FUND AND THE

FIRST QUARTER IT WENT UP TO
$1200 AND THE SECOND QUARTER IT

WENT UP TO $1400, BUT THEN THE
MARKET TOOK A HIT, WOULD YOU

HAVE LOST MONEY?

OF COURSE NOT.

YOU HAVE YOUR PRINCIPLE OF
$1,000, PLUS YOUR $200 GAIN.

THAT'S EXACTLY WHAT HAPPENED
WITH THE TREASURER'S OFFICE

INVESTMENTS.

WE DIDN'T MAKES A MUCH AS WE'D
LIKE TO HAVE MADE BUT WE DID

MAKE MONEY AND DIDN'T LOSE ANY
PRINCIPAL.

>> THE NEXT MONEY COMES FROM
ZACH.

>> I'LL ASK THE SAME YOU HAVE,
TOO.

WE NEED FOR LEGISLATIVE SERVICES
AND THE TREASURER'S OFFICE TO BE

ON THE SAME PAGE.

HOW WILL YOU DO THIS GOING
FORWARD IF YOU'RE ELECTED TO

OFFICE?

>> ABSOLUTELY.

LEGISLATIVE SERVICES AND THE
TREASURER'S OFFICE HAVE THE VERY

SAME GOAL.

WE ARE TRYING TO SAFEGUARD THE
PUBLIC'S MONEY, AND WE ARE

TRYING TO HAVE ACCURATE
FINANCIAL STATEMENTS.

OH SO TO RESTORE TRUST TO THE
TREASURER'S OFFICE IS SO

IMPORTANT.

WHEN I READ THE WORK PAPERS FROM
THE AUDIT IT WAS VERY CLEAR

THERE WERE A LOT OF ISSUES WITH
THIS.

AND AGAIN, THEY ARE TRYING TO
MAKE SURE THAT WE HAVE ACCURATE

FINANCIAL STATEMENTS SO THAT
WILL HELP OUR LEGISLATORS COME

UP WITH BUDGETS, FOR INSTANCE.

SO I IN FACT WOULD PROVIDE THE
LIST, THE RENTAL SISTER OF

GRESHAM TRANSFERS, THE VERY
FIRST THING TO, SEE IF THERE ARE

EVEN MORE OF THESE LOSSES THAT
HAVE BEEN GRESHAM TRANSFERRED BY

GOING FROM FUND TO FUND.

SO THAT'S VERY IMPORTANT.

I'D ALSO BE WORKING AS I
SUGGESTED TO STRENGTHEN INTERNAL

CONTROL.

AND THAT IS THE SYSTEM THAT
KEEPS THE KIND OF THERE WAS THAT

WE LOOKED AT, THE MANAGE
OVERRIDE CONTROL FROM HAPPENING.

SO THAT WOULD WOULD BE VERY,
VERY IMPORTANT TO GET DONE.

WE ALSO NEED TO BE WORKING WITH
THE CONTROLLER'S OFFICE TO MAKE

SURE THAT WE ARE BALANCING.

THE TREASURER'S OFFICE IS
ESSENTIALLY THE BANK.

AND THE CONTROLLER IS THE
RECORDS KEEPER.

WE NEED TO MAKE SURE THAT WE ARE
RECONCILING JUST AS YOU

RECONCILE YOUR BANK ACCOUNT.

>> ZACH, YOU WANT TO FOLLOW UP?

>> MY FOLLOW-UP TO THE TREASURER
IS, HOW CAN YOUR OFFICE PATCH UP

ITS RELATIONSHIP WITH
LEGISLATIVE SERVICES?

>> INTERESTINGLY ENOUGH, JUST
LAST MONTH WE HAD A THREE-YEAR

AUDIT JUST COMPLETED FOR OUR
OFFICE THAT COMPLETELY SAID

THERE WERE NO FINDING ON THE
PREVIOUS THREE YEARS.

11, 12 AND FISCAL YEAR 13.

WE GOT A CLEAN BILL THE HEALTH.

IN ADDITION TO THAT, THEY SAID
THE ISSUES FROM THE PREVIOUS

THREE-YEAR AUDIT WERE CLEARED UP
WITH THEM.

WE FELT GOOD ABOUT THAT.

IN ADDITION TO THOSE COMMENTS,
THOUGH, I WOULD ALSO SAY THAT

THE LEGISLATIVE AUDITOR
SUGGESTED IN THEIR REPORT

OVERSIGHT COMMITTEE FOR THE
TREASURER'S OFFICE.

THE INVESTMENT OVERSIGHT
COMMITTEE.

I EMBRACED THAT.

WE WENT TO THE LEGISLATURE, GOT
THE LEGISLATION PASSED AND WE DO

HAVE AN OVERSIGHT COMMITTEE
BEING APPOINTED BY THE GOVERNOR

AS WE SPEAK.

I'M EXCITED ABOUT THE FUTURE.

I THINK THERE'S GOOD DAYS HAZY.

>> OUR NEXT QUESTION FRICE BRAD.

>> TREASURER CRANE, I THINK YOU
WERE TOUCHING ON THIS.

YOUR OFFICE CAME UNDER SCRUTINY
FOR USING THE FUND TO COVER

TRAVEL COSTS ON INVESTMENT TRIPS
TO NEW YORK CITY.

HAVE YOU LEARNED ANYTHING AS A
RESULT OF THIS PROCESS?

>> WELL, I THINK AN EXPLANATION
IS CERTAINLY IN ORDER.

WHEN I TOOK OFFICE IN 1998,
EVERY CONSTITUTIONAL OFFICER

EXCEPT TWO HAD A STATE CAR AND A
GAS CARD WITH THAT.

PART OF OUR PACKAGE, WE WERE
ALLOWED TO DRIVE TO AND FROM

WORK AND ON STATE BUSINESS.

I DID THAT FOR SIX YEARS.

THEN AT THE END OF SIX YEARS I
REALIZED I COULD SAVE THE STATE

A BUNDLE OF MONEY IF I FURNISHED
MY OWN CAR AND USED THE GAS CARD

IN THE SAME MANNER THAT I HAD.

THAT'S EXACTLY WHAT I D. I SAVED
THE STATE ABOUT $40,000 OVER

THAT 96 SIX-YEAR PERIOD.

WHAT WAS INTERESTING IS THAT THE
AUDITOR REFERRED THAT TO A

PROSECUTOR IN CANYON COUNTY AND
HE SAID THE TREASURER HAS DONE

NOTHING WRONG AND REFUSED TO
PROSECUTOR.

HE REFERRED IT TO THE ATTORNEY
GENERAL FOR AN OPINION.

I HAVE A COPY OF THE ATTORNEY
GENERAL'S OPINION WITH ME THAT

SAYS THE TREASURER VIOLATE NOD
STATUTE, THE TREASURER VIOLATED

NO POLICY AND IT WAS WITHIN HIS
PREROGATIVES TO DO THAT.

I ALSO HAVE A LETTER TO THE
EDITOR FROM CONLEY WARD, THE

FORMER PUC COMMISSIONER, AND HE
SAID RON CRANE SAVED THE STATE

$40,000 AND HE SHOULD HAVE BEEN
GIVEN AN AWARD.

INSTEAD, HE'S BEING CRUCIFIED
FOR POLITICAL PURPOSES.

SIGNED, CONLEY WARD, FORMER PUC
COMMISSIONER, FORMER CHAIRMAN OF

THE DEMOCRAT PARTY OF THE STATE
OF IDAHO.

>> ON OUR NEXT QUESTION FROM
BRAD, DIRECTED TO DEBORAH

SILVER.

>> THIS IS ON THE SAME TOPIC,
DEALING WITH THE USE OF STATE

FUNDS TO COVER TRAVEL COSTS IN
IDAHO AND ALSO THE INVESTMENT

TRIP TO NEW YORK CITY.

DO YOU HAVE ANY RESPONSE ON WHAT
YOU THINK SHOULD HAVE BEEN DONE

DIFFERENTLY?

WOULD THERE BE ANY CHANGES IF
YOU WERE TO BE ELECTED?

>> CERTAINLY WHAT I BELIEVE
HAPPENED IS THERE WAS A CHANGE

IN STATE POLICY OVER THIS PERIOD
OF TIME.

SO THEIR TAX ISSUES, FOR
INSTANCE, IF YOU DON'T KEEP

RECORDS, THIS COULD BE TAXABLE
INCOME.

SO YOU HAVE THAT ISSUE.

BUT ALWAYS AS A CPA, WE TALK
ABOUT KEEPING RECORDS FOR

BUSINESS VERSUS PERSONAL USE.

THAT'S WHAT WE'RE TALKING ABOUT
HERE.

SOME OF THE OTHER ISSUES WERE
LIMOUSINE RIDES FOR INSTANCE,

AND NOT ALLOCATING BETWEEN THE
BUSINESS AND PERSONAL SINCE YOU

BROUGHT ALONG FAMILY MEMBERS FOR
THIS TRIP, TOO, THAT KEEP TRACK

OF WHICH IS WHICH.

I ALSO BELIEVE THAT LIMOUSINES,
NUMBER ONE, JUST DON'T LOOK GOOD

TO HAVE PUBLIC OFFICIALS BEING
FERRIED AROUND IN THOSE THINGS.

I THINK THERE ARE OTHER CHOICES
THAT YOU COULD MAKE.

THEY HAVE A VERY GOOD PUBLIC
TRANSIT SYSTEM THERE YOU WERE

ALSO THERE FOR SEVERAL DAYS, I
THINK THERE WAS PLENTY OF TIME

TO GET TO THESE MEETINGS.

I'M NOT SURE THE TIMELINESS
KINDS OF ISSUES WERE THERE THE

RECORD KEEPING SEEMS TO BE A
RECURRING PROBLEM HERE, THAT WE

CAN'T COME UP WITH RECORDS FOR
PERSONAL VERSUS BUSINESS USE,

WITH THE LIMOUSINES, WITH THE
CARS.

AND CERTAINLY WE COULDN'T COME
UP WITH THE RECORDS FOR THE

GRESHAM TRANSFERS BETWEEN THESE
INVESTMENT ACCOUNTS TO SEE IF

THERE ARE EVEN MORE LOSSES THAT
HAVE BEEN GRESHAM TRANSFERRED

OVER TO IDAHO'S CHILDREN.

>> LET ME ASK THIS ONE QUESTION,
DEBORAH SILVER, THIS IS DIRECTED

TO YOU.

ARE YOU HAPPY WITH THE
EXPLANATION THAT THE TREASURER

HAS GIVEN?

, BASED ON THE AUDIT?

>> AM I HAPPY WITH THE
EXPLANATION?

I THINK WE'VE GOT SOME -- IN
HINDSIGHT WE GO BACK AND MAKE

THESE EXCUSES.

BUT IT REALLY COMES BACK TO
RECORD-KEEPING.

IT COMES BACK TO AN
UNDERSTANDING, DO WE KNOW WHAT

TAXABLE INCOME IS IN THIS PLACE,
IN THIS CASE?

I BELIEVE THE ATTORNEY GENERAL'S
EMPLOYMENT AGREEMENT INCLUDES

THE CAR AND THAT'S PART OF HIS
BUNDLE OF EMPLOYMENT.

BUT THAT IS NOT THE CASE HERE.

YOU NEED TO KNOW THE DETAILS.

YOU'RE LEADING YOUR DEPARTMENT.

YOU NEED TO BE THINKING ABOUT
THE FRUGAL EXPENDITURES IN YOUR

OFFICE.

>> OKAY.

LET'S GIVE THE TREASURER 30
SECONDS TO RESPOND.

>> WELL, THE LIMOUSINE
DISCUSSION IS ALWAYS INTERESTING

TO ME BECAUSE I DID EXACTLY WHAT
THE PREVIOUS TWO TREASURERS DID

WHEN THEY WENT TO NEW YORK.

MARJORIE REESE MOON WAS A
DEMOCRAT TREASURER WHO USED A

LIMOUSINE SERVICE.

IT IS BAR FAR THE CHEAPEST, MOST
EFFICIENT AND EFFECTIVE WAY TO

TRANSPORT A COLLATERAL DAMAGE
GROUP OF PEOPLE FROM A HOTEL DO

TOWN WALL STREET IN ONE CAR.

IF YOU ASK LIEUTENANT GOVERNOR
BRAD LITTLE, HE'LL TELL YOU I

PACKED THEM IN LIKE
ACCORDINGWOOD.

I CAN GET EIGHT TO 10 PEOPLE IN
ONE CAR RATHER THAN FOUR OR FIVE

TAXICABS ACROSS THE CITY TO TAKE
THE PEOPLE DOWNTOWN.

SO WE NOW USE SUVs, WE DON'T
USE LIMOUSINES.

THE REASON IS BECAUSE OF THE
HEADLINES WE GET FROM THE

NEWSPAPERS.

THEY DON'T PARTICULARLY CARE
ABOUT SAVING TAXPAYER DOLLARS.

SO WE DO WHAT WE HAVE TO DO TO
CHANGE THE PERCEPTION.

WE DON'T WANT THE PERCEPTION
THAT WE WERE BEING EXTRAVAGANT

BUT WE WERE ACTUALLY SAVING
TAXPAYER MONEY WITH IT.

>>> WE'RE MOVING OUTS OF THE
TOPIC OF POLITICS.

OUR QUESTION COMES FROM ZACH.

>> DEBORAH SILVER, I'M CURIOUS,
IF LEAKED ELECTED TO OFFICE TO

WHAT EXTENT WILL POLITICAL
IDEOLOGY PLAY INTO HOW YOU SERVE

THE OFFICE?

>> YOU KNOW, IN ACCOUNTING WE
HAVE DEBITS AND CREDITS, NOT

DEMOCRATS AND REPUBLICANS.

SO THE OFFICE IS ABOUT
SAFEGUARDING THE PUBLIC'S MONEY.

THAT'S WHAT THE JOB IS ABOUT.

IT'S ABOUT INTERNAL CONTROL,
WHICH IS HOW YOU BUILD A SYSTEM

TO KEEP THE MONEY SECURE.

EVERY ONE OF THE INVESTMENT
POLICIES TALK ABOUT THIS

INTERNAL CONTROL.

AGAIN, THAT'S ACTUALLY AN
ACCOUNTING TOPIC RATHER THAN ANY

KIND OF POLITICAL.

SO HERE'S WHERE I THINK THE
POLITICAL MIGHT COME IN.

AND THAT IS IN THIS STATE,
WHICH, YOU KNOW, EVEN IF MANY OF

MY COM PATRIOTS ARE ELECTED,
WHICH I HOPE THEY ARE, THERE ARE

STILL GOING TO BE A LOT OF
REPUBLICANS THERE.

I THINK HAVING THEM THERE
LOOKING OVER MY SHOULDER, WHICH

I WELCOME, IS A GOOD THING.

BECAUSE IT ASSURES THE PUBLIC IS
WELL SERVED BY HAVING PEOPLE WHO

ARE KEEPING TRACK OF WHAT I'M
DOING IN THAT OFFICE.

AND I THINK IT WOULD HAVE HELPED
UNDER THE CURRENT CIRCUMSTANCES.

>> ZACH A QUESTION TO THE
TREASURER, VERY SIMILAR

QUESTION.

>>> IN YOUR 16 YEARS SERVING THE
OFFICE, HOW HAS POLITICAL

IDEOLOGY PLAYED INTO YOUR
DECISION-MAKING?

>> WELL, TO BE HONEST WITH YOU,
MONEY IS NOT RED OR BLUE, IT'S

GREEN.

SO THERE'S VERY FEW THINGS THAT
OCCUR IN THE TREASURER'S OFFICE

THAT ARE PARTISAN.

HAVING SAID THAT, I WOULD TELL
YOU MOST OF MY OFFICE PROBABLY

THE STAFF WOULD NOT KNOW WHETHER
THEY ARE A DEMOCRAT OR A

REPUBLICAN OR FRANKLY CARE.

AND I DON'T EITHER, AS LONG AS
THEY ARE DOING THEIR JOB WELL.

HOWEVER, I DO THINK IT IS
APPROPRIATE THAT WE RUN ON A

PARTISAN BALLOT.

I'M PROUD TO RUN ON THE
REPUBLICAN TICKET AND BE A

REPUBLICAN CANDIDATE FOR STATE
TREASURER, AND PROUD TO

ASSOCIATE WITH THE OTHER MEMBERS
THAT ARE ON MY TICKET.

AND I THINK THERE'S A CERTAIN
BENEFIT TO THAT.

>> OKAY.

OUR NEXT QUESTION COMES FROM
BRAD.

IF YOU WOULD DIRECT IT TO THE
TREASURER, PLEASE.

>> SURE.

I HAVE A BASIC QUESTION ABOUT
INVESTMENT STRATEGY.

HOW AGGRESSIVELY OR CONSERVATIVE
SHOOT TREASURER'S OFFICE INVEST

STATE MONEY?

>> WELL, WE'RE VERY LIMITED IN
WHAT WE CAN INVEST.

THE IDAHO CONSTITUTION SAYS YOU
CANNOT INVEST IN THE STOCK

MARKET, WE OWN KNOW STOCKS.

THEN YOU HAVE CODE 601210 AND
10A AND IT GIVE AS LIST OF

INVESTMENTS THAT YOU CAN MAKE
WITHIN THE FIXED INCOME

ENVIRONMENT.

IT'S VERY LIMITED.

THEN UNDERNEATH THAT IDAHO CODE
WE HAVE AN INVESTMENT POLICY

THAT WE CRAFT THAT SAYS WHAT WE
WILL BE INVESTING IN AND WHAT

THE TREASURER WILL ALLOW.

WE HAVE A LOT OF PROGRAMS AROUND
WHAT WE CAN INVEST IN.

I'M ALSO EXCITED ABOUT THE FACT
THAT WE HAVE AN INVESTMENT

OVERSIGHT COMMITTEE THAT'S GOING
TO BE LOOKING OVER OUR

PORTFOLIOS PERIODICALLY AND
GIVING THEIR ADVICE.

YOU HAVE TO HAVE 10 YEARS OF
EXPERIENCE IN THE INVESTMENT

BUSINESS, YOU HAVE TO KNOW WHAT
YOU'RE TALKING ABOUT.

THAT'S IMPORTANT, EXPERIENCE
COUNTS.

THIS IS GOING TO BE VERY
BENEFICIAL TO US TO HAVE ANOTHER

SET OF EYES LOOKING AND MAKING
SUGGESTIONS.

>> IF YOU COULD WRAP UP YOUR
STATEMENT.

>> THANK YOU VERY MUCH, BUT I'M
EXCITED ABOUT THAT.

>> LAST QUESTION TO DEBORAH
SILVER.

>> ACTUALLY THE SAME QUESTION:
DO YOU THINK THERE'S ANY

STRATEGIES OF INVESTING MORE
AGGRESSIVELY OR CONSERVATIVELY

THE STATE SHOULD TAKE?

>> WELL, THIS IS THE FIRST TIME
WE'VE LOST PRINCIPAL.

WE NEED TO TO RETURN TO THE
CONSERVATIVE POLICIES THAT WE'VE

HAD IN THE PAST.

AND STAY ON THAT COURSE.

NOW, THIS NEW INVESTMENT BOARD,
WE HAVEN'T NEEDED AN INVESTMENT

BOARD BEFORE WE HAD THIS
TREASURER.

AGAIN, WE HAVEN'T LOST BEFORE.

AND IN FACT RIGHT NOW, NO ONE
HAS BEEN APPOINTED TO THIS

PANEL.

SOILED THINK THAT I COULD GO AND
TALK TO THE FOLKS AT PERKS ERS

AND THE IDAHO ENDOWMENT BOARD
AND GO TO PERHAPS THE EXAMPLE

THAT COLORADO HAS, COLORADO DID
VERY WELL DURING THE DOWNTURN.

TALKING TO THEM, LOOKING AT THAT
STRATEGY AND RETURNING TO A VERY

CONSERVATIVE INVESTMENT
STRATEGY, THAT'S WHAT NEEDS TO

HAPPEN.

>> ALL RIGHT.

THANK YOU VERY MUCH.

ACTUALLY WE ARE OUT OF TIME, I
APOLOGIZE FOR THAT.

I WANT TO GIVE YOU GUYS BOTH
TIME TO GIVE YOUR CLOSING

STATEMENTS.

WE CLOSE WITH 1.5 MINUTES FOR
EACH CANDIDATE STARTING WITH

DEBORAH SILVER.

>> WELL, THANK YOU, PUBLIC
TELEVISION, AND THANK YOU

VIEWERS FOR WATCHING.

I'M NOT SURE THAT MANY OF YOU
THINK THAT WATCHING PEOPLE TALK

ABOUT DEBITS AND CREDITS IS
GOING TO BE THAT EXCITING.

BUT REALLY, FOR ME, IT IS PRETTY
EXCITING.

I WANT YOU TO KNOW THAT FORMER
TREASURER MARJORIE RUTH MOON

SOLD LYDIA EDWARD, HER
SUCCESSOR, THAT THE TREASURER

MUST BE IMPECK BLY HONEST.

I AM A CERTIFIED PUBLIC
ACCOUNTANT AND I'VE BEEN

REPRESENTING CLIENTS FOR OVER 30
YEARS.

I KNOW THAT TAXPAYERS DO NOT
EXPECT THEIR TAXES TO PAY FOR

POLITICIANS' LIMOUSINES, THEIR
GAS CARDS OR THEIR OWN NONPROFIT

ORGANIZATIONS.

I HAVE EXPERIENCE AS A FORMER
AUDITOR, AN ACCOUNTING TEACHER,

A CHURCH LEADER AND TAXPAYER.

I WILL REVIEW THE INTERNAL
CONTROLS THAT LEGISLATIVE

SERVICES ASKS FOR, AND I'LL
REVIEW AND FOLLOW CONSERVES'

INVESTMENT POLICIES TO MAKE SURE
IDAHOANS DON'T LOSE PRINCIPLE ON

THEIR INVESTMENTS AGAIN.

I WILL FIND OUT JUST HOW MUCH
INLOSSES WAS GRESHAM TRANSFERRED

TO IDAHO'S CHILDREN.

I WILL USE MY PROFESSIONAL
SKILLS AND MY LIFE EXPERIENCE TO

REGAIN THE TAXPAYERS' TRUST AND
RESTORE INTEGRITY TO THE

TREASURER'S OFFICE.

PLEASE VOTE FOR ME IN NOVEMBER.

THANK YOU.

>> A MINUTE AND A HALF TO THE
TREASURER.

>> I BELIEVE THE MOST IMPORTANT
ISSUE FACING AMERICAN FAMILIES

IS THE $18 TRILLION NATIONAL
DEBT AND THE INABILITY OF

WASHINGTON TO FIX IT.

IT IS ABSOLUTELY UNCONSCIONABLE
TO ME THAT EVERY MAN, WOMAN AND

CHILD IN THIS COUNTRY IS FACED
WITH INSURMOUNTABLE DEBT CAUSED

BY OUT-OF-CONTROL SPENDING.

AS A RESULT TAXES ARE HIGH AND
WORKING FAMILIES HAVE TO WORK

TWO AND THREE JOBS JUST TO MAKE
ENDS MEET WITH THE LITTLE MONEY

LEFT FOR DISPOSABLE INCOME,
SAVINGS AND RETIREMENT.

HALF OF ALL FAMILIES IN THE U.S.

LIVE PAYCHECK TO PAYCHECK AND
94% OF AMERICANS HAVE LESS THAN

$25,000 IN THEIR RETIREMENT
ACCOUNTS.

I BELIEVE THE SOLUTION LIES
LOOKING TO THE STATES,

PARTICULARLY THE RED STATES.

YOU SEE THE RED STATES HAVE
BALANCED BUDGETS.

THE RED STATES HAVE MONEY IN
SAVINGS.

THE RED STATES HAVE LOW DEBT
LOADS.

THE RED STATES HAVE HIGH CREDIT
RATINGS.

WE HAVE PROVEN THAT WE CAN GET
THE JOB DONE.

AS YOUR STATE TREASURER IN ONE
OF THESE RED STATES I BELIEVE WE

CAN SHOW THE WAY TO RESTORING
FISCAL SANITY TO THIS COUNTRY,

AND ULTIMATELY THAT TRANSMITS TO
THE FAMILIES THAT LIVE IN THIS

COUNTRY.

THEY CAN BEGIN TO PROSPER AND
THEY CAN BEGIN TO PARTICIPATE IN

THE AMERICAN DREAM.

MY NAME IS RON CRANE, I AM YOUR
STATE TREASURER, I'M ASKING FOR

REELECTION NOVEMBER 4th.

>> ALL RIGHT.

THANK YOU BOTH FOR YOUR TIME
TONIGHT AND THANKS TO OUR

REPORTERS FOR THE GREAT
QUESTIONS AND TO OUR VIEWERS

WATCHING AT HOME.

YOU CAN LEARN MORE ABOUT THE
CANDIDATE ON OUR WEBSITE AT

IDAHOPTV.ORG/ELECTIONS/2014,
PLUS STREAM ON DEMAND ALL SEVEN

DEBATES WE WILL BE CONDUCTING AT
ANY TIME AFTER THEY TAKE PLACE.

AND MOST IMPORTANTLY, MAKE SURE
YOU GO VOTE.

GO TO IDAHOVOTES.GOV.

ON BEHALF OF ALL OF US HERE AT
IDAHO DEBATES, GOOD NIGHT.

Captioning Performed By
LNS Captioning
www.LNScaptioning.com

*

>>> THE IDAHO DEBATES ARE MADE
POSSIBLE BY BOISE STATE

UNIVERSITY SCHOOL OF PUBLIC
SERVICE, DEVOTED TO BUILDING

FUTURE CIVIC AND COMMUNITY
LEADERS THROUGH PROBLEM-SOLVING,

REAL WORLD RESEARCH AND POLICY
STUDIES AND THE HANDS-ON

EXPERIENCE YOU CAN ONLY GET HERE
AT THE STATE CAPITOL.

THE IDAHO DEBATES ARE ALSO
BROUGHT TO YOU BY YOUR

CONTRIBUTION TO THE IDAHO PUBLIC
TELEVISION ENDOWMENT.

THANK YOU.

*
*