*
>>> 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.
*
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