1 00:00:01,501 --> 00:00:05,105 * >>> WELCOME TO THE IDAHO 2 00:00:05,105 --> 00:00:08,975 DEBATES, A LOOK AT THE CANDIDATES ON THE 2014 BALLOT. 3 00:00:08,975 --> 00:00:11,911 THE IDAHO DEBATES IS A COLLABORATIVE PROJECT OF THE 4 00:00:11,911 --> 00:00:15,915 IDAHO PRESS CLUB, THE LEAGUE OF WOMEN VOTERS OF IDAHO, AND IDAHO 5 00:00:15,915 --> 00:00:16,716 PUBLIC TELEVISION. 6 00:00:16,716 --> 00:00:20,120 THE IDAHO DEBATES ARE MADE POSSIBLE BY BOISE STATE 7 00:00:20,120 --> 00:00:23,656 UNIVERSITY'S SCHOOL OF PUBLIC SERVICE, DEVOTED TO BUILDING 8 00:00:23,656 --> 00:00:26,993 FUTURE CIVIC AND COMMUNITY LEADERS THROUGH 9 00:00:26,993 --> 00:00:29,996 INTERDISCIPLINARY PROBLEM-SOLVING, REAL-WORLD 10 00:00:29,996 --> 00:00:33,366 RESEARCH AND POLICY STUDY, AND HANDS-ON EXPERIENCE YOU CAN ONLY 11 00:00:33,366 --> 00:00:34,934 GET HERE AT THE SO. 12 00:00:34,934 --> 00:00:37,904 THE IDAHO DEBATES ARE ALSO BROUGHT TO YOU BY YOUR 13 00:00:37,904 --> 00:00:40,740 CONTRIBUTION TO THE IDAHO PUBLIC TELEVISION ENDOWMENT. 14 00:00:40,740 --> 00:00:42,776 THANK YOU. 15 00:00:42,776 --> 00:00:45,679 >>> HELLO, WELCOME TO THE IDAHO DEBATES ON IDAHO PUBLIC 16 00:00:45,679 --> 00:00:46,946 TELEVISION. 17 00:00:46,946 --> 00:00:50,050 TONIGHT THE CANDIDATES VYING TO BE THE STATE'S CHIEF FINANCIAL 18 00:00:50,050 --> 00:00:53,319 OFFICER AND BANKER OF MONIES COLLECTED BY THE STATE, EXPLAIN 19 00:00:53,319 --> 00:00:55,221 THEIR POSITION ON THE ISSUES. 20 00:00:55,221 --> 00:00:57,857 I WANT TO WELCOME THESE TWO CANDIDATES, RON CRANE AND 21 00:00:57,857 --> 00:00:59,092 DEBORAH SILVER. 22 00:00:59,092 --> 00:01:03,263 RON CRANE HAS SERVED 16-YEAR-OLD IN THE IDAHO HOUSE OF 23 00:01:03,263 --> 00:01:06,166 REPRESENTATIVES AND 16 YEARS AND IDAHO'S TREASURER. 24 00:01:06,166 --> 00:01:09,703 DEBORAH SILVER IS A CERTIFIED PUBLIC ACCOUNTANT, ALSO A 25 00:01:09,703 --> 00:01:14,274 PARTNER IN HAYES & SILVER CPAs IN TWIN FALLS. 26 00:01:14,274 --> 00:01:18,712 ALSO ON STAGE, OUR PANEL OF REPORTERS WILL ASK THE 27 00:01:18,712 --> 00:01:19,913 CANDIDATES QUESTIONS. 28 00:01:19,913 --> 00:01:23,283 BRAD IVERSON-LONG OF THE "IDAHO BUSINESS REVIEW," AND ZACH KYLE 29 00:01:23,283 --> 00:01:24,918 OF THE "IDAHO STATESMAN." 30 00:01:24,918 --> 00:01:29,089 I'M AARON KUNZ, I'M MODERATING TONIGHT'S DEBATE AND WILL DO MY 31 00:01:29,089 --> 00:01:31,658 BEST TO MAKE SURE BOTH CANDIDATES GET EQUAL TIME AND 32 00:01:31,658 --> 00:01:33,293 STAY ON POINT. 33 00:01:33,293 --> 00:01:37,297 TO HELP ME AND REMIND THE CANDIDATES OF HOW LONG THEY HAVE 34 00:01:37,297 --> 00:01:41,201 BEEN TALKING IS A VOLUNTEER TIMEKEEPER WITH THE LEAGUE OF 35 00:01:41,201 --> 00:01:41,768 WOMEN VOTERS. 36 00:01:41,768 --> 00:01:44,404 WE'VE ASKED THE CANDIDATES TO ENGAGE EACH OTHER ON THE ISSUES. 37 00:01:44,404 --> 00:01:50,310 IN OTHER WORDS, LESS EMPHASIS ON A RIGID FORMAL WILL AND MORE 38 00:01:50,310 --> 00:01:54,147 EMPHASIS ON AN INTELLIGENT CONVERSATION THAT HELPS THE 39 00:01:54,147 --> 00:01:55,482 VOTERS. 40 00:01:55,482 --> 00:01:59,519 EACH CANDIDATE WILL GET 1 MINUTE FOR OPENING STATEMENTS. 41 00:01:59,519 --> 00:02:01,888 WE FLIPPED A COIN AND DEBORAH SILVER BEGINS WITH HER OPENING 42 00:02:01,888 --> 00:02:02,989 COMMENTS. 43 00:02:02,989 --> 00:02:07,527 >>> FIRST, I WOULD LIKE TO THANK IDAHO PUBLIC TELEVISION FOR 44 00:02:07,527 --> 00:02:09,696 PROVIDING THIS OPPORTUNITY. 45 00:02:09,696 --> 00:02:14,701 I'M HERE TODAY BECAUSE I READ AN AUDIT REPORT. 46 00:02:14,701 --> 00:02:20,640 EVEN FOR CPAs, AUDIT REPORTS CAN BE BORING BUT NOT THIS ONE. 47 00:02:20,640 --> 00:02:25,879 FIRST, THE TREASURER BROKE AN ACCOUNTING RULE IN HIS FIDUCIARY 48 00:02:25,879 --> 00:02:29,649 DUTY TO MAKE AN INVESTMENT THAT LOST AT LEAST $20 MILLION. 49 00:02:29,649 --> 00:02:35,555 HE THEN COVERED UP THOSE LOSSES BY GRESHAM TRANSFERRING THEM TO 50 00:02:35,555 --> 00:02:39,259 THE FUND THAT PAYS FOR IDAHO'S SCHOOLS. 51 00:02:39,259 --> 00:02:42,896 THEN WHEN HE WAS CAUGHT RED-HANDED, HE REFUSED TO 52 00:02:42,896 --> 00:02:46,766 PROVIDE A FULL REVIEW OF THESE GRESHAM TRANSFERS TO THE 53 00:02:46,766 --> 00:02:49,936 INVESTMENT ACCOUNT ASKED FOR BY LEGISLATIVE SERVICES. 54 00:02:49,936 --> 00:02:54,941 IN THE BUSINESS WORLD, WE KNOW HOW THIS WOULD END. 55 00:02:54,941 --> 00:02:56,376 THE TREASURER WOULDN'T FIRED. 56 00:02:56,376 --> 00:02:59,079 BUT THIS IS POLITICS. 57 00:02:59,079 --> 00:03:03,783 THE ONLY WAY TO FIRE THIS TREASURER IS WITH YOUR VOTE. 58 00:03:03,783 --> 00:03:10,590 I AM RUNNING TO GIVE IDAHO TAXPAYERS A CHOICE FOR HONEST 59 00:03:10,590 --> 00:03:12,525 STEWARDSHIP OF THEIR TAX DOLLARS. 60 00:03:12,525 --> 00:03:14,260 >> ALL RIGHT. 61 00:03:14,260 --> 00:03:15,695 AND RON, ONE MINUTE. 62 00:03:15,695 --> 00:03:16,229 >> THANK YOU. 63 00:03:16,229 --> 00:03:19,332 I WANT TO THANK IDAHO PUBLIC TELEVISION, THE LEAGUE OF WOMEN 64 00:03:19,332 --> 00:03:23,703 VOTERS, THE IDAHO PRESS CLUB AND MY OPPONENT FOR ADJUSTING THE 65 00:03:23,703 --> 00:03:26,806 SCHEDULE TO ACCOMMODATE MY ILLNESS LAST WEEK. 66 00:03:26,806 --> 00:03:30,710 MY NAME IS RON CRANE AND I'M YOUR STATE TREASURER AND HAVE 67 00:03:30,710 --> 00:03:32,245 BEEN FOR THE PAST 16 YEARS. 68 00:03:32,245 --> 00:03:35,348 I MUST TELL YOU THAT IT'S THE HIGHEST HONOR OF MY LIFETIME 69 00:03:35,348 --> 00:03:39,552 DURING MY TENURE AS YOUR TREASURER I HAVE EARNED $1 70 00:03:39,552 --> 00:03:45,725 BILLION, 137 MILLION DOLLARS IN INTEREST INCOME FOR THE STATE OF 71 00:03:45,725 --> 00:03:49,195 IDAHO AND ITS POLITICAL SUBDIVISIONS. 72 00:03:49,195 --> 00:03:54,200 THAT'S $1.1 BILLION TAXPAYERS DID NOT HAVE TO FURNISH, AND I 73 00:03:54,200 --> 00:03:56,102 HAPPEN TO THINK THAT'S VERY IMPORTANT. 74 00:03:56,102 --> 00:03:59,039 THAT'S MORE MONEY EARNED THAN ANY OTHER TREASURER IN THE 75 00:03:59,039 --> 00:03:59,973 HISTORY OF THE STATE. 76 00:03:59,973 --> 00:04:03,977 I HAVE ALSO WORKED HARD TO PROTECT AND ENHANCE THE CREDIT 77 00:04:03,977 --> 00:04:05,845 RATING OF THE STATE OF IDAHO. 78 00:04:05,845 --> 00:04:08,682 IT IS AT THE HIGHEST LEVEL IT'S EVER BEEN. 79 00:04:08,682 --> 00:04:13,787 THE RESULTS ARE MILLIONS IN SAVINGS FOR PROPERTY TAXPAYERS 80 00:04:13,787 --> 00:04:14,487 THROUGHOUT THIS STATE. 81 00:04:14,487 --> 00:04:17,691 I AM VERY PROUD OF THE RECORD I HAVE ESTABLISHED AS YOUR STATE 82 00:04:17,691 --> 00:04:18,491 TREASURER. 83 00:04:18,491 --> 00:04:21,227 I WILL BE ASKING FOR YOUR SUPPORT ON NOVEMBER 4th. 84 00:04:21,227 --> 00:04:21,961 THANK YOU. 85 00:04:21,961 --> 00:04:24,230 >> THANK YOU BOTH FOR YOUR OPENING COMMENTS. 86 00:04:24,230 --> 00:04:26,499 LET'S GET RIGHT TO THE QUESTIONS TONIGHT. 87 00:04:26,499 --> 00:04:29,636 OUR FIRST QUESTION COMMUNICATION FROM BRAD IVERSON-LONG OF THE 88 00:04:29,636 --> 00:04:32,272 "IDAHO BUSINESS REVIEW" TALKING ABOUT THE AUDIT. 89 00:04:32,272 --> 00:04:33,540 >> OKAY. 90 00:04:33,540 --> 00:04:35,375 TREASURER CRANE, THIS IS FOR YOU. 91 00:04:35,375 --> 00:04:40,613 STATE AUDITORS SAY YOUR OFFICE COST THE STATE $10 MILLION AND 92 00:04:40,613 --> 00:04:44,551 EXPOSED THE TAXPAYERS TO RISK DUE TO INAPPROPRIATE GRESHAM 93 00:04:44,551 --> 00:04:45,452 TRANSFER INVESTMENTS. 94 00:04:45,452 --> 00:04:48,722 HOW WOULD YOU HANDLE THIS IF YOU HAD TO GO BACK AND DO IT AGAIN. 95 00:04:48,722 --> 00:04:52,559 >> FIRST OF ALL, BRAD, YOU'RE PROBABLY AWARE THAT THE 96 00:04:52,559 --> 00:04:58,031 TREASURER'S OFFICE VOCIFEROUSLY DISAGREED WITH THE AUDITORS. 97 00:04:58,031 --> 00:05:01,868 PORTFOLIOS GO UP AND DOWN AND THE SECURITIES WITHIN THOSE 98 00:05:01,868 --> 00:05:04,871 PORTFOLIOS MOVE ON A DAILY BASIS IN THEIR VALUE. 99 00:05:04,871 --> 00:05:10,510 >> BACK IN 2005 AND 2006-7 WE PURCHASED SON MORTGAGES PUT INTO 100 00:05:10,510 --> 00:05:15,048 THE PORTFOLIO, TRIPLE-A MORTGAGES, SEVEN OF THEM TO BE 101 00:05:15,048 --> 00:05:18,051 EXACT, AND THEY PERFORMED WELL FOR A PERIOD OF TIME. 102 00:05:18,051 --> 00:05:21,521 BUT IF YOU RECALL IN 2008 THERE WAS A MAJOR HOUSING CRASH THAT 103 00:05:21,521 --> 00:05:27,160 TOOK PLACE, THE RESULTS OF WHICH WERE A DOWNTURN IN THE ECONOMY, 104 00:05:27,160 --> 00:05:29,896 THE GREATEST DOWNTURN SINCE THE GREAT DEPRESSION. 105 00:05:29,896 --> 00:05:34,067 IF YOU READ THE AUDIT REPORT, THE LEGISLATIVE AUDITORS WILL 106 00:05:34,067 --> 00:05:37,871 SAY THAT I SHOULD HAVE SOLD THOSE SECURITIES AT MARKET 107 00:05:37,871 --> 00:05:42,108 VALUE, AND THAT WOULD HAVE BEEN ABOUT $70 MILLION UNDERWATER. 108 00:05:42,108 --> 00:05:45,078 I SHOULD HAVE SOLD THOSE SECURITIES AND DISTRIBUTED THE 109 00:05:45,078 --> 00:05:50,350 LOSSES TO EACH OF THE TWO PORTFOLIOS REPRESENTED, THE 110 00:05:50,350 --> 00:05:53,920 LGIP, THE LOCAL GOVERNMENT INVESTMENT POOL, AND THE FUND 111 00:05:53,920 --> 00:05:58,191 WHICH IS THE STATE'S GENERAL FUND AND STATE AGENCY MONIES. 112 00:05:58,191 --> 00:06:01,695 BUT INSTEAD, I HELD THOSE SECURITIES AND RODE OUT THE 113 00:06:01,695 --> 00:06:05,865 STORM, LETTING THEM COME BACK IN VALUE BACK TOWARD PAR. 114 00:06:05,865 --> 00:06:10,837 LAST YEAR, 2013, I HAD ENOUGH INTEREST EARNINGS AND PORTFOLIO 115 00:06:10,837 --> 00:06:15,675 GAINS TO WASH OUT FIVE OF THE SEVEN SECURITIES, AND STILL SHOW 116 00:06:15,675 --> 00:06:20,680 A PROFIT OF $122,000 FOR THE GENERAL FUND, AND $2 MILLION FOR 117 00:06:20,680 --> 00:06:23,416 THE REST OF THE PORTFOLIOS THAT I MANAGE. 118 00:06:23,416 --> 00:06:27,420 I STILL HAVE TWO OF THOSE SECURITIES IN MY PORTFOLIO. 119 00:06:27,420 --> 00:06:32,592 A YEAR AGO AT THIS TIME THEY WERE ABOUT 17.5 MILLION 120 00:06:32,592 --> 00:06:33,326 UNDERWATER. 121 00:06:33,326 --> 00:06:39,232 TODAY, AS OF FRIDAY, THEY ARE $9.6 MILLION UNDER WATER. 122 00:06:39,232 --> 00:06:41,501 THEY ARE COMING BACK, MOVING IN THE RIGHT DIRECTION. 123 00:06:41,501 --> 00:06:45,739 THIS IS EXACTLY WHAT THE ENDOWMENT FUND DID WHEN THEY 124 00:06:45,739 --> 00:06:49,342 WENT DOWN $400 MILLION DURING THE SAME PERIOD OF TIME. 125 00:06:49,342 --> 00:06:51,444 DID THEY SELL? 126 00:06:51,444 --> 00:06:54,447 NO, THEY RODE OUT THE STORM AND LET THE SECURITIES COME BACK IN 127 00:06:54,447 --> 00:07:00,653 VALUE AND TODAY THEY ARE PERFORMING VERY WELL. 128 00:07:00,653 --> 00:07:03,323 PERS, WENT DOWN A BILLION AND A HALF DOLLARS. 129 00:07:03,323 --> 00:07:04,057 DID THEY SELL? 130 00:07:04,057 --> 00:07:05,125 OF COURSE NOT. 131 00:07:05,125 --> 00:07:07,227 YOU ONLY LOSE WHEN YOU SELL. 132 00:07:07,227 --> 00:07:12,499 THEY RODE OUT THE STORM AND THEY CAME BACK AND THEY ARE 133 00:07:12,499 --> 00:07:13,700 PERFORMING VERY WELL. 134 00:07:13,700 --> 00:07:15,468 >> IF YOU COULD WRAP UP YOUR COMMENTS. 135 00:07:15,468 --> 00:07:18,138 >> THAT'S EXACTLY WHAT WE DID AT THE STATE TREASURER'S OFFICE AND 136 00:07:18,138 --> 00:07:19,873 I THINK IT WAS THE RIGHT THING. 137 00:07:19,873 --> 00:07:20,874 >> ALL RIGHT. 138 00:07:20,874 --> 00:07:24,310 SAME QUESTION: WHAT WOULD YOU DO DIFFERENT? 139 00:07:24,310 --> 00:07:28,214 >> FIRST OF ALL, THE AUDITORS DO NOT TELL YOU WHEN TO SELL. 140 00:07:28,214 --> 00:07:30,684 THEY SUGGEST THAT YOU WORK WITHIN POLICY. 141 00:07:30,684 --> 00:07:35,789 ALSO, THESE WERE GRESHAM TRANSFERRED BETWEEN ACCOUNTS, 142 00:07:35,789 --> 00:07:41,695 AND ACTUALLY CAUSED THE IDL POOL TO PURCHASE THEM AT THEIR COST, 143 00:07:41,695 --> 00:07:44,698 RATHER THAN THEIR MARKET VALUE. 144 00:07:44,698 --> 00:07:49,602 AND LEGISLATIVE SERVICES, A NONPARTISAN OFFICE, HAS ALL THE 145 00:07:49,602 --> 00:07:54,641 WORK PAPERS SHOWING THESE TRANSACTIONS, SHOWING THAT THERE 146 00:07:54,641 --> 00:07:57,477 ACTUALLY WERE THESE GRESHAM TRANSFERS BETWEEN THE TWO 147 00:07:57,477 --> 00:08:02,015 ACCOUNTS, AND SO I WOULD SAY THAT CERTAINLY THERE WERE 148 00:08:02,015 --> 00:08:02,949 TRANSACTIONS. 149 00:08:02,949 --> 00:08:04,918 I AGREE WITH LEGISLATIVE SERVICES. 150 00:08:04,918 --> 00:08:10,457 WE DID HAVE SOME VERY SAD UNDERWATER INVESTMENTS. 151 00:08:10,457 --> 00:08:15,028 AND I WOULD POINT OUT THAT FOR INSTANCE KING COUNTY WAS IN SOME 152 00:08:15,028 --> 00:08:16,496 OF THE SAME INVESTMENTS. 153 00:08:16,496 --> 00:08:19,399 AND RATHER THAN HIDING THEM BY GRESHAM TRANSFERRING THEM TO AN 154 00:08:19,399 --> 00:08:23,570 ACCOUNT THAT'S NOT UNDER THE SAME KIND OF SCRUTINY, THEY 155 00:08:23,570 --> 00:08:27,707 ACTUALLY BROKE THEM OUT AND PUT THEM IN A SEPARATE ACCOUNT, AND 156 00:08:27,707 --> 00:08:31,311 THEY HAVE -- IT'S CALLED THE IMPAIRED HOLDINGS. 157 00:08:31,311 --> 00:08:36,516 SO THE PUBLIC COULD SEE WHERE THEY WERE, BEING VERY HONEST AND 158 00:08:36,516 --> 00:08:39,519 OPEN ABOUT WHAT WAS HAPPENING WITH THOSE INVESTMENTS, RATHER 159 00:08:39,519 --> 00:08:42,856 THAN GRESHAM TRANSFERRING THEM OVER TO WHERE THEY WERE NOT 160 00:08:42,856 --> 00:08:47,894 UNDER PUBLIC SCRUTINY, AND CAUSING FOR INSTANCE OUR 161 00:08:47,894 --> 00:08:51,064 EDUCATION SYSTEM TO SUFFER THIS LOSS. 162 00:08:51,064 --> 00:08:51,631 >> OKAY. 163 00:08:51,631 --> 00:08:55,335 WHY DON'T YOU GIVE YOU 30 SECONDS FOR A COMMENT. 164 00:08:55,335 --> 00:08:57,437 >> LET ME ILLUSTRATE IT THIS WAY. 165 00:08:57,437 --> 00:09:02,375 IF YOU HAD $1,000 AND INVESTED IT IN A MUTUAL FUND AND THE 166 00:09:02,375 --> 00:09:07,947 FIRST QUARTER IT WENT UP TO $1200 AND THE SECOND QUARTER IT 167 00:09:07,947 --> 00:09:13,286 WENT UP TO $1400, BUT THEN THE MARKET TOOK A HIT, WOULD YOU 168 00:09:13,286 --> 00:09:14,120 HAVE LOST MONEY? 169 00:09:14,120 --> 00:09:15,288 OF COURSE NOT. 170 00:09:15,288 --> 00:09:20,293 YOU HAVE YOUR PRINCIPLE OF $1,000, PLUS YOUR $200 GAIN. 171 00:09:20,293 --> 00:09:22,762 THAT'S EXACTLY WHAT HAPPENED WITH THE TREASURER'S OFFICE 172 00:09:22,762 --> 00:09:23,663 INVESTMENTS. 173 00:09:23,663 --> 00:09:27,600 WE DIDN'T MAKES A MUCH AS WE'D LIKE TO HAVE MADE BUT WE DID 174 00:09:27,600 --> 00:09:31,237 MAKE MONEY AND DIDN'T LOSE ANY PRINCIPAL. 175 00:09:31,237 --> 00:09:34,974 >> THE NEXT MONEY COMES FROM ZACH. 176 00:09:34,974 --> 00:09:36,943 >> I'LL ASK THE SAME YOU HAVE, TOO. 177 00:09:36,943 --> 00:09:40,880 WE NEED FOR LEGISLATIVE SERVICES AND THE TREASURER'S OFFICE TO BE 178 00:09:40,880 --> 00:09:42,315 ON THE SAME PAGE. 179 00:09:42,315 --> 00:09:46,052 HOW WILL YOU DO THIS GOING FORWARD IF YOU'RE ELECTED TO 180 00:09:46,052 --> 00:09:46,886 OFFICE? 181 00:09:46,886 --> 00:09:47,320 >> ABSOLUTELY. 182 00:09:47,320 --> 00:09:50,156 LEGISLATIVE SERVICES AND THE TREASURER'S OFFICE HAVE THE VERY 183 00:09:50,156 --> 00:09:50,523 SAME GOAL. 184 00:09:50,523 --> 00:09:55,428 WE ARE TRYING TO SAFEGUARD THE PUBLIC'S MONEY, AND WE ARE 185 00:09:55,428 --> 00:09:58,631 TRYING TO HAVE ACCURATE FINANCIAL STATEMENTS. 186 00:09:58,631 --> 00:10:02,702 OH SO TO RESTORE TRUST TO THE TREASURER'S OFFICE IS SO 187 00:10:02,702 --> 00:10:04,704 IMPORTANT. 188 00:10:04,704 --> 00:10:08,074 WHEN I READ THE WORK PAPERS FROM THE AUDIT IT WAS VERY CLEAR 189 00:10:08,074 --> 00:10:09,709 THERE WERE A LOT OF ISSUES WITH THIS. 190 00:10:09,709 --> 00:10:13,013 AND AGAIN, THEY ARE TRYING TO MAKE SURE THAT WE HAVE ACCURATE 191 00:10:13,013 --> 00:10:16,649 FINANCIAL STATEMENTS SO THAT WILL HELP OUR LEGISLATORS COME 192 00:10:16,649 --> 00:10:22,088 UP WITH BUDGETS, FOR INSTANCE. 193 00:10:22,088 --> 00:10:25,191 SO I IN FACT WOULD PROVIDE THE LIST, THE RENTAL SISTER OF 194 00:10:25,191 --> 00:10:28,461 GRESHAM TRANSFERS, THE VERY FIRST THING TO, SEE IF THERE ARE 195 00:10:28,461 --> 00:10:32,032 EVEN MORE OF THESE LOSSES THAT HAVE BEEN GRESHAM TRANSFERRED BY 196 00:10:32,032 --> 00:10:33,933 GOING FROM FUND TO FUND. 197 00:10:33,933 --> 00:10:37,937 SO THAT'S VERY IMPORTANT. 198 00:10:37,937 --> 00:10:42,475 I'D ALSO BE WORKING AS I SUGGESTED TO STRENGTHEN INTERNAL 199 00:10:42,475 --> 00:10:43,109 CONTROL. 200 00:10:43,109 --> 00:10:45,779 AND THAT IS THE SYSTEM THAT KEEPS THE KIND OF THERE WAS THAT 201 00:10:45,779 --> 00:10:51,751 WE LOOKED AT, THE MANAGE OVERRIDE CONTROL FROM HAPPENING. 202 00:10:51,751 --> 00:10:55,055 SO THAT WOULD WOULD BE VERY, VERY IMPORTANT TO GET DONE. 203 00:10:55,055 --> 00:11:00,060 WE ALSO NEED TO BE WORKING WITH THE CONTROLLER'S OFFICE TO MAKE 204 00:11:00,060 --> 00:11:01,428 SURE THAT WE ARE BALANCING. 205 00:11:01,428 --> 00:11:04,631 THE TREASURER'S OFFICE IS ESSENTIALLY THE BANK. 206 00:11:04,631 --> 00:11:07,434 AND THE CONTROLLER IS THE RECORDS KEEPER. 207 00:11:07,434 --> 00:11:13,173 WE NEED TO MAKE SURE THAT WE ARE RECONCILING JUST AS YOU 208 00:11:13,173 --> 00:11:14,541 RECONCILE YOUR BANK ACCOUNT. 209 00:11:14,541 --> 00:11:16,343 >> ZACH, YOU WANT TO FOLLOW UP? 210 00:11:16,343 --> 00:11:20,447 >> MY FOLLOW-UP TO THE TREASURER IS, HOW CAN YOUR OFFICE PATCH UP 211 00:11:20,447 --> 00:11:24,184 ITS RELATIONSHIP WITH LEGISLATIVE SERVICES? 212 00:11:24,184 --> 00:11:27,387 >> INTERESTINGLY ENOUGH, JUST LAST MONTH WE HAD A THREE-YEAR 213 00:11:27,387 --> 00:11:31,024 AUDIT JUST COMPLETED FOR OUR OFFICE THAT COMPLETELY SAID 214 00:11:31,024 --> 00:11:33,827 THERE WERE NO FINDING ON THE PREVIOUS THREE YEARS. 215 00:11:33,827 --> 00:11:35,929 11, 12 AND FISCAL YEAR 13. 216 00:11:35,929 --> 00:11:37,664 WE GOT A CLEAN BILL THE HEALTH. 217 00:11:37,664 --> 00:11:41,201 IN ADDITION TO THAT, THEY SAID THE ISSUES FROM THE PREVIOUS 218 00:11:41,201 --> 00:11:43,837 THREE-YEAR AUDIT WERE CLEARED UP WITH THEM. 219 00:11:43,837 --> 00:11:45,538 WE FELT GOOD ABOUT THAT. 220 00:11:45,538 --> 00:11:48,742 IN ADDITION TO THOSE COMMENTS, THOUGH, I WOULD ALSO SAY THAT 221 00:11:48,742 --> 00:11:53,680 THE LEGISLATIVE AUDITOR SUGGESTED IN THEIR REPORT 222 00:11:53,680 --> 00:11:57,150 OVERSIGHT COMMITTEE FOR THE TREASURER'S OFFICE. 223 00:11:57,150 --> 00:11:58,485 THE INVESTMENT OVERSIGHT COMMITTEE. 224 00:11:58,485 --> 00:11:59,319 I EMBRACED THAT. 225 00:11:59,319 --> 00:12:02,622 WE WENT TO THE LEGISLATURE, GOT THE LEGISLATION PASSED AND WE DO 226 00:12:02,622 --> 00:12:06,726 HAVE AN OVERSIGHT COMMITTEE BEING APPOINTED BY THE GOVERNOR 227 00:12:06,726 --> 00:12:07,527 AS WE SPEAK. 228 00:12:07,527 --> 00:12:09,796 I'M EXCITED ABOUT THE FUTURE. 229 00:12:09,796 --> 00:12:12,999 I THINK THERE'S GOOD DAYS HAZY. 230 00:12:12,999 --> 00:12:17,537 >> OUR NEXT QUESTION FRICE BRAD. 231 00:12:17,537 --> 00:12:21,074 >> TREASURER CRANE, I THINK YOU WERE TOUCHING ON THIS. 232 00:12:21,074 --> 00:12:28,081 YOUR OFFICE CAME UNDER SCRUTINY FOR USING THE FUND TO COVER 233 00:12:28,081 --> 00:12:30,617 TRAVEL COSTS ON INVESTMENT TRIPS TO NEW YORK CITY. 234 00:12:30,617 --> 00:12:33,286 HAVE YOU LEARNED ANYTHING AS A RESULT OF THIS PROCESS? 235 00:12:33,286 --> 00:12:36,089 >> WELL, I THINK AN EXPLANATION IS CERTAINLY IN ORDER. 236 00:12:36,089 --> 00:12:41,661 WHEN I TOOK OFFICE IN 1998, EVERY CONSTITUTIONAL OFFICER 237 00:12:41,661 --> 00:12:46,032 EXCEPT TWO HAD A STATE CAR AND A GAS CARD WITH THAT. 238 00:12:46,032 --> 00:12:49,269 PART OF OUR PACKAGE, WE WERE ALLOWED TO DRIVE TO AND FROM 239 00:12:49,269 --> 00:12:50,837 WORK AND ON STATE BUSINESS. 240 00:12:50,837 --> 00:12:52,472 I DID THAT FOR SIX YEARS. 241 00:12:52,472 --> 00:12:56,676 THEN AT THE END OF SIX YEARS I REALIZED I COULD SAVE THE STATE 242 00:12:56,676 --> 00:13:01,348 A BUNDLE OF MONEY IF I FURNISHED MY OWN CAR AND USED THE GAS CARD 243 00:13:01,348 --> 00:13:02,882 IN THE SAME MANNER THAT I HAD. 244 00:13:02,882 --> 00:13:07,053 THAT'S EXACTLY WHAT I D. I SAVED THE STATE ABOUT $40,000 OVER 245 00:13:07,053 --> 00:13:09,155 THAT 96 SIX-YEAR PERIOD. 246 00:13:09,155 --> 00:13:14,961 WHAT WAS INTERESTING IS THAT THE AUDITOR REFERRED THAT TO A 247 00:13:14,961 --> 00:13:20,433 PROSECUTOR IN CANYON COUNTY AND HE SAID THE TREASURER HAS DONE 248 00:13:20,433 --> 00:13:22,635 NOTHING WRONG AND REFUSED TO PROSECUTOR. 249 00:13:22,635 --> 00:13:24,337 HE REFERRED IT TO THE ATTORNEY GENERAL FOR AN OPINION. 250 00:13:24,337 --> 00:13:27,240 I HAVE A COPY OF THE ATTORNEY GENERAL'S OPINION WITH ME THAT 251 00:13:27,240 --> 00:13:30,910 SAYS THE TREASURER VIOLATE NOD STATUTE, THE TREASURER VIOLATED 252 00:13:30,910 --> 00:13:33,646 NO POLICY AND IT WAS WITHIN HIS PREROGATIVES TO DO THAT. 253 00:13:33,646 --> 00:13:39,519 I ALSO HAVE A LETTER TO THE EDITOR FROM CONLEY WARD, THE 254 00:13:39,519 --> 00:13:44,624 FORMER PUC COMMISSIONER, AND HE SAID RON CRANE SAVED THE STATE 255 00:13:44,624 --> 00:13:47,560 $40,000 AND HE SHOULD HAVE BEEN GIVEN AN AWARD. 256 00:13:47,560 --> 00:13:52,032 INSTEAD, HE'S BEING CRUCIFIED FOR POLITICAL PURPOSES. 257 00:13:52,032 --> 00:13:57,070 SIGNED, CONLEY WARD, FORMER PUC COMMISSIONER, FORMER CHAIRMAN OF 258 00:13:57,070 --> 00:13:59,139 THE DEMOCRAT PARTY OF THE STATE OF IDAHO. 259 00:13:59,139 --> 00:14:01,975 >> ON OUR NEXT QUESTION FROM BRAD, DIRECTED TO DEBORAH 260 00:14:01,975 --> 00:14:02,676 SILVER. 261 00:14:02,676 --> 00:14:06,146 >> THIS IS ON THE SAME TOPIC, DEALING WITH THE USE OF STATE 262 00:14:06,146 --> 00:14:10,250 FUNDS TO COVER TRAVEL COSTS IN IDAHO AND ALSO THE INVESTMENT 263 00:14:10,250 --> 00:14:10,950 TRIP TO NEW YORK CITY. 264 00:14:10,950 --> 00:14:14,054 DO YOU HAVE ANY RESPONSE ON WHAT YOU THINK SHOULD HAVE BEEN DONE 265 00:14:14,054 --> 00:14:14,621 DIFFERENTLY? 266 00:14:14,621 --> 00:14:18,858 WOULD THERE BE ANY CHANGES IF YOU WERE TO BE ELECTED? 267 00:14:18,858 --> 00:14:20,794 >> CERTAINLY WHAT I BELIEVE HAPPENED IS THERE WAS A CHANGE 268 00:14:20,794 --> 00:14:23,496 IN STATE POLICY OVER THIS PERIOD OF TIME. 269 00:14:23,496 --> 00:14:27,500 SO THEIR TAX ISSUES, FOR INSTANCE, IF YOU DON'T KEEP 270 00:14:27,500 --> 00:14:30,003 RECORDS, THIS COULD BE TAXABLE INCOME. 271 00:14:30,003 --> 00:14:32,539 SO YOU HAVE THAT ISSUE. 272 00:14:32,539 --> 00:14:37,744 BUT ALWAYS AS A CPA, WE TALK ABOUT KEEPING RECORDS FOR 273 00:14:37,744 --> 00:14:39,012 BUSINESS VERSUS PERSONAL USE. 274 00:14:39,012 --> 00:14:41,881 THAT'S WHAT WE'RE TALKING ABOUT HERE. 275 00:14:41,881 --> 00:14:45,452 SOME OF THE OTHER ISSUES WERE LIMOUSINE RIDES FOR INSTANCE, 276 00:14:45,452 --> 00:14:50,824 AND NOT ALLOCATING BETWEEN THE BUSINESS AND PERSONAL SINCE YOU 277 00:14:50,824 --> 00:14:55,028 BROUGHT ALONG FAMILY MEMBERS FOR THIS TRIP, TOO, THAT KEEP TRACK 278 00:14:55,028 --> 00:14:56,262 OF WHICH IS WHICH. 279 00:14:56,262 --> 00:15:01,201 I ALSO BELIEVE THAT LIMOUSINES, NUMBER ONE, JUST DON'T LOOK GOOD 280 00:15:01,201 --> 00:15:05,238 TO HAVE PUBLIC OFFICIALS BEING FERRIED AROUND IN THOSE THINGS. 281 00:15:05,238 --> 00:15:07,841 I THINK THERE ARE OTHER CHOICES THAT YOU COULD MAKE. 282 00:15:07,841 --> 00:15:12,846 THEY HAVE A VERY GOOD PUBLIC TRANSIT SYSTEM THERE YOU WERE 283 00:15:12,846 --> 00:15:16,616 ALSO THERE FOR SEVERAL DAYS, I THINK THERE WAS PLENTY OF TIME 284 00:15:16,616 --> 00:15:18,618 TO GET TO THESE MEETINGS. 285 00:15:18,618 --> 00:15:23,490 I'M NOT SURE THE TIMELINESS KINDS OF ISSUES WERE THERE THE 286 00:15:23,490 --> 00:15:26,893 RECORD KEEPING SEEMS TO BE A RECURRING PROBLEM HERE, THAT WE 287 00:15:26,893 --> 00:15:30,797 CAN'T COME UP WITH RECORDS FOR PERSONAL VERSUS BUSINESS USE, 288 00:15:30,797 --> 00:15:32,966 WITH THE LIMOUSINES, WITH THE CARS. 289 00:15:32,966 --> 00:15:36,536 AND CERTAINLY WE COULDN'T COME UP WITH THE RECORDS FOR THE 290 00:15:36,536 --> 00:15:40,340 GRESHAM TRANSFERS BETWEEN THESE INVESTMENT ACCOUNTS TO SEE IF 291 00:15:40,340 --> 00:15:42,742 THERE ARE EVEN MORE LOSSES THAT HAVE BEEN GRESHAM TRANSFERRED 292 00:15:42,742 --> 00:15:44,744 OVER TO IDAHO'S CHILDREN. 293 00:15:44,744 --> 00:15:48,915 >> LET ME ASK THIS ONE QUESTION, DEBORAH SILVER, THIS IS DIRECTED 294 00:15:48,915 --> 00:15:49,983 TO YOU. 295 00:15:49,983 --> 00:15:53,386 ARE YOU HAPPY WITH THE EXPLANATION THAT THE TREASURER 296 00:15:53,386 --> 00:15:55,088 HAS GIVEN? 297 00:15:55,088 --> 00:15:57,957 , BASED ON THE AUDIT? 298 00:15:57,957 --> 00:16:00,660 >> AM I HAPPY WITH THE EXPLANATION? 299 00:16:00,660 --> 00:16:07,233 I THINK WE'VE GOT SOME -- IN HINDSIGHT WE GO BACK AND MAKE 300 00:16:07,233 --> 00:16:08,234 THESE EXCUSES. 301 00:16:08,234 --> 00:16:11,137 BUT IT REALLY COMES BACK TO RECORD-KEEPING. 302 00:16:11,137 --> 00:16:15,141 IT COMES BACK TO AN UNDERSTANDING, DO WE KNOW WHAT 303 00:16:15,141 --> 00:16:19,412 TAXABLE INCOME IS IN THIS PLACE, IN THIS CASE? 304 00:16:19,412 --> 00:16:22,148 I BELIEVE THE ATTORNEY GENERAL'S EMPLOYMENT AGREEMENT INCLUDES 305 00:16:22,148 --> 00:16:27,987 THE CAR AND THAT'S PART OF HIS BUNDLE OF EMPLOYMENT. 306 00:16:27,987 --> 00:16:29,789 BUT THAT IS NOT THE CASE HERE. 307 00:16:29,789 --> 00:16:31,257 YOU NEED TO KNOW THE DETAILS. 308 00:16:31,257 --> 00:16:33,159 YOU'RE LEADING YOUR DEPARTMENT. 309 00:16:33,159 --> 00:16:38,798 YOU NEED TO BE THINKING ABOUT THE FRUGAL EXPENDITURES IN YOUR 310 00:16:38,798 --> 00:16:39,432 OFFICE. 311 00:16:39,432 --> 00:16:39,899 >> OKAY. 312 00:16:39,899 --> 00:16:42,902 LET'S GIVE THE TREASURER 30 SECONDS TO RESPOND. 313 00:16:42,902 --> 00:16:46,172 >> WELL, THE LIMOUSINE DISCUSSION IS ALWAYS INTERESTING 314 00:16:46,172 --> 00:16:49,642 TO ME BECAUSE I DID EXACTLY WHAT THE PREVIOUS TWO TREASURERS DID 315 00:16:49,642 --> 00:16:52,545 WHEN THEY WENT TO NEW YORK. 316 00:16:52,545 --> 00:16:58,385 MARJORIE REESE MOON WAS A DEMOCRAT TREASURER WHO USED A 317 00:16:58,385 --> 00:16:59,486 LIMOUSINE SERVICE. 318 00:16:59,486 --> 00:17:05,225 IT IS BAR FAR THE CHEAPEST, MOST EFFICIENT AND EFFECTIVE WAY TO 319 00:17:05,225 --> 00:17:07,193 TRANSPORT A COLLATERAL DAMAGE GROUP OF PEOPLE FROM A HOTEL DO 320 00:17:07,193 --> 00:17:08,962 TOWN WALL STREET IN ONE CAR. 321 00:17:08,962 --> 00:17:13,500 IF YOU ASK LIEUTENANT GOVERNOR BRAD LITTLE, HE'LL TELL YOU I 322 00:17:13,500 --> 00:17:15,502 PACKED THEM IN LIKE ACCORDINGWOOD. 323 00:17:15,502 --> 00:17:19,839 I CAN GET EIGHT TO 10 PEOPLE IN ONE CAR RATHER THAN FOUR OR FIVE 324 00:17:19,839 --> 00:17:22,676 TAXICABS ACROSS THE CITY TO TAKE THE PEOPLE DOWNTOWN. 325 00:17:22,676 --> 00:17:26,513 SO WE NOW USE SUVs, WE DON'T USE LIMOUSINES. 326 00:17:26,513 --> 00:17:29,516 THE REASON IS BECAUSE OF THE HEADLINES WE GET FROM THE 327 00:17:29,516 --> 00:17:30,316 NEWSPAPERS. 328 00:17:30,316 --> 00:17:33,987 THEY DON'T PARTICULARLY CARE ABOUT SAVING TAXPAYER DOLLARS. 329 00:17:33,987 --> 00:17:37,991 SO WE DO WHAT WE HAVE TO DO TO CHANGE THE PERCEPTION. 330 00:17:37,991 --> 00:17:41,795 WE DON'T WANT THE PERCEPTION THAT WE WERE BEING EXTRAVAGANT 331 00:17:41,795 --> 00:17:44,698 BUT WE WERE ACTUALLY SAVING TAXPAYER MONEY WITH IT. 332 00:17:44,698 --> 00:17:48,368 >>> WE'RE MOVING OUTS OF THE TOPIC OF POLITICS. 333 00:17:48,368 --> 00:17:50,603 OUR QUESTION COMES FROM ZACH. 334 00:17:50,603 --> 00:17:55,809 >> DEBORAH SILVER, I'M CURIOUS, IF LEAKED ELECTED TO OFFICE TO 335 00:17:55,809 --> 00:18:00,213 WHAT EXTENT WILL POLITICAL IDEOLOGY PLAY INTO HOW YOU SERVE 336 00:18:00,213 --> 00:18:01,114 THE OFFICE? 337 00:18:01,114 --> 00:18:05,018 >> YOU KNOW, IN ACCOUNTING WE HAVE DEBITS AND CREDITS, NOT 338 00:18:05,018 --> 00:18:08,488 DEMOCRATS AND REPUBLICANS. 339 00:18:08,488 --> 00:18:13,860 SO THE OFFICE IS ABOUT SAFEGUARDING THE PUBLIC'S MONEY. 340 00:18:13,860 --> 00:18:15,962 THAT'S WHAT THE JOB IS ABOUT. 341 00:18:15,962 --> 00:18:19,299 IT'S ABOUT INTERNAL CONTROL, WHICH IS HOW YOU BUILD A SYSTEM 342 00:18:19,299 --> 00:18:25,605 TO KEEP THE MONEY SECURE. 343 00:18:25,605 --> 00:18:28,241 EVERY ONE OF THE INVESTMENT POLICIES TALK ABOUT THIS 344 00:18:28,241 --> 00:18:29,142 INTERNAL CONTROL. 345 00:18:29,142 --> 00:18:33,146 AGAIN, THAT'S ACTUALLY AN ACCOUNTING TOPIC RATHER THAN ANY 346 00:18:33,146 --> 00:18:34,881 KIND OF POLITICAL. 347 00:18:34,881 --> 00:18:40,320 SO HERE'S WHERE I THINK THE POLITICAL MIGHT COME IN. 348 00:18:40,320 --> 00:18:45,792 AND THAT IS IN THIS STATE, WHICH, YOU KNOW, EVEN IF MANY OF 349 00:18:45,792 --> 00:18:50,063 MY COM PATRIOTS ARE ELECTED, WHICH I HOPE THEY ARE, THERE ARE 350 00:18:50,063 --> 00:18:52,365 STILL GOING TO BE A LOT OF REPUBLICANS THERE. 351 00:18:52,365 --> 00:18:55,869 I THINK HAVING THEM THERE LOOKING OVER MY SHOULDER, WHICH 352 00:18:55,869 --> 00:18:58,471 I WELCOME, IS A GOOD THING. 353 00:18:58,471 --> 00:19:02,108 BECAUSE IT ASSURES THE PUBLIC IS WELL SERVED BY HAVING PEOPLE WHO 354 00:19:02,108 --> 00:19:05,111 ARE KEEPING TRACK OF WHAT I'M DOING IN THAT OFFICE. 355 00:19:05,111 --> 00:19:09,749 AND I THINK IT WOULD HAVE HELPED UNDER THE CURRENT CIRCUMSTANCES. 356 00:19:09,749 --> 00:19:13,386 >> ZACH A QUESTION TO THE TREASURER, VERY SIMILAR 357 00:19:13,386 --> 00:19:14,054 QUESTION. 358 00:19:14,054 --> 00:19:17,557 >>> IN YOUR 16 YEARS SERVING THE OFFICE, HOW HAS POLITICAL 359 00:19:17,557 --> 00:19:21,461 IDEOLOGY PLAYED INTO YOUR DECISION-MAKING? 360 00:19:21,461 --> 00:19:24,064 >> WELL, TO BE HONEST WITH YOU, MONEY IS NOT RED OR BLUE, IT'S 361 00:19:24,064 --> 00:19:24,964 GREEN. 362 00:19:24,964 --> 00:19:28,935 SO THERE'S VERY FEW THINGS THAT OCCUR IN THE TREASURER'S OFFICE 363 00:19:28,935 --> 00:19:29,869 THAT ARE PARTISAN. 364 00:19:29,869 --> 00:19:33,340 HAVING SAID THAT, I WOULD TELL YOU MOST OF MY OFFICE PROBABLY 365 00:19:33,340 --> 00:19:37,243 THE STAFF WOULD NOT KNOW WHETHER THEY ARE A DEMOCRAT OR A 366 00:19:37,243 --> 00:19:38,511 REPUBLICAN OR FRANKLY CARE. 367 00:19:38,511 --> 00:19:42,082 AND I DON'T EITHER, AS LONG AS THEY ARE DOING THEIR JOB WELL. 368 00:19:42,082 --> 00:19:45,719 HOWEVER, I DO THINK IT IS APPROPRIATE THAT WE RUN ON A 369 00:19:45,719 --> 00:19:47,420 PARTISAN BALLOT. 370 00:19:47,420 --> 00:19:50,623 I'M PROUD TO RUN ON THE REPUBLICAN TICKET AND BE A 371 00:19:50,623 --> 00:19:53,626 REPUBLICAN CANDIDATE FOR STATE TREASURER, AND PROUD TO 372 00:19:53,626 --> 00:19:55,528 ASSOCIATE WITH THE OTHER MEMBERS THAT ARE ON MY TICKET. 373 00:19:55,528 --> 00:19:58,898 AND I THINK THERE'S A CERTAIN BENEFIT TO THAT. 374 00:19:58,898 --> 00:19:59,733 >> OKAY. 375 00:19:59,733 --> 00:20:01,701 OUR NEXT QUESTION COMES FROM BRAD. 376 00:20:01,701 --> 00:20:05,538 IF YOU WOULD DIRECT IT TO THE TREASURER, PLEASE. 377 00:20:05,538 --> 00:20:06,172 >> SURE. 378 00:20:06,172 --> 00:20:09,509 I HAVE A BASIC QUESTION ABOUT INVESTMENT STRATEGY. 379 00:20:09,509 --> 00:20:14,748 HOW AGGRESSIVELY OR CONSERVATIVE SHOOT TREASURER'S OFFICE INVEST 380 00:20:14,748 --> 00:20:16,082 STATE MONEY? 381 00:20:16,082 --> 00:20:19,352 >> WELL, WE'RE VERY LIMITED IN WHAT WE CAN INVEST. 382 00:20:19,352 --> 00:20:23,823 THE IDAHO CONSTITUTION SAYS YOU CANNOT INVEST IN THE STOCK 383 00:20:23,823 --> 00:20:26,259 MARKET, WE OWN KNOW STOCKS. 384 00:20:26,259 --> 00:20:32,465 THEN YOU HAVE CODE 601210 AND 10A AND IT GIVE AS LIST OF 385 00:20:32,465 --> 00:20:35,368 INVESTMENTS THAT YOU CAN MAKE WITHIN THE FIXED INCOME 386 00:20:35,368 --> 00:20:35,735 ENVIRONMENT. 387 00:20:35,735 --> 00:20:37,303 IT'S VERY LIMITED. 388 00:20:37,303 --> 00:20:41,041 THEN UNDERNEATH THAT IDAHO CODE WE HAVE AN INVESTMENT POLICY 389 00:20:41,041 --> 00:20:45,545 THAT WE CRAFT THAT SAYS WHAT WE WILL BE INVESTING IN AND WHAT 390 00:20:45,545 --> 00:20:47,147 THE TREASURER WILL ALLOW. 391 00:20:47,147 --> 00:20:51,217 WE HAVE A LOT OF PROGRAMS AROUND WHAT WE CAN INVEST IN. 392 00:20:51,217 --> 00:20:55,221 I'M ALSO EXCITED ABOUT THE FACT THAT WE HAVE AN INVESTMENT 393 00:20:55,221 --> 00:21:00,960 OVERSIGHT COMMITTEE THAT'S GOING TO BE LOOKING OVER OUR 394 00:21:00,960 --> 00:21:03,997 PORTFOLIOS PERIODICALLY AND GIVING THEIR ADVICE. 395 00:21:03,997 --> 00:21:07,801 YOU HAVE TO HAVE 10 YEARS OF EXPERIENCE IN THE INVESTMENT 396 00:21:07,801 --> 00:21:10,437 BUSINESS, YOU HAVE TO KNOW WHAT YOU'RE TALKING ABOUT. 397 00:21:10,437 --> 00:21:12,439 THAT'S IMPORTANT, EXPERIENCE COUNTS. 398 00:21:12,439 --> 00:21:15,442 THIS IS GOING TO BE VERY BENEFICIAL TO US TO HAVE ANOTHER 399 00:21:15,442 --> 00:21:18,645 SET OF EYES LOOKING AND MAKING SUGGESTIONS. 400 00:21:18,645 --> 00:21:20,814 >> IF YOU COULD WRAP UP YOUR STATEMENT. 401 00:21:20,814 --> 00:21:22,916 >> THANK YOU VERY MUCH, BUT I'M EXCITED ABOUT THAT. 402 00:21:22,916 --> 00:21:25,352 >> LAST QUESTION TO DEBORAH SILVER. 403 00:21:25,352 --> 00:21:29,823 >> ACTUALLY THE SAME QUESTION: DO YOU THINK THERE'S ANY 404 00:21:29,823 --> 00:21:32,559 STRATEGIES OF INVESTING MORE AGGRESSIVELY OR CONSERVATIVELY 405 00:21:32,559 --> 00:21:34,094 THE STATE SHOULD TAKE? 406 00:21:34,094 --> 00:21:38,264 >> WELL, THIS IS THE FIRST TIME WE'VE LOST PRINCIPAL. 407 00:21:38,264 --> 00:21:41,034 WE NEED TO TO RETURN TO THE CONSERVATIVE POLICIES THAT WE'VE 408 00:21:41,034 --> 00:21:43,470 HAD IN THE PAST. 409 00:21:43,470 --> 00:21:46,139 AND STAY ON THAT COURSE. 410 00:21:46,139 --> 00:21:50,910 NOW, THIS NEW INVESTMENT BOARD, WE HAVEN'T NEEDED AN INVESTMENT 411 00:21:50,910 --> 00:21:53,747 BOARD BEFORE WE HAD THIS TREASURER. 412 00:21:53,747 --> 00:21:55,915 AGAIN, WE HAVEN'T LOST BEFORE. 413 00:21:55,915 --> 00:22:02,589 AND IN FACT RIGHT NOW, NO ONE HAS BEEN APPOINTED TO THIS 414 00:22:02,589 --> 00:22:03,423 PANEL. 415 00:22:03,423 --> 00:22:08,962 SOILED THINK THAT I COULD GO AND TALK TO THE FOLKS AT PERKS ERS 416 00:22:08,962 --> 00:22:14,501 AND THE IDAHO ENDOWMENT BOARD AND GO TO PERHAPS THE EXAMPLE 417 00:22:14,501 --> 00:22:18,271 THAT COLORADO HAS, COLORADO DID VERY WELL DURING THE DOWNTURN. 418 00:22:18,271 --> 00:22:24,277 TALKING TO THEM, LOOKING AT THAT STRATEGY AND RETURNING TO A VERY 419 00:22:24,277 --> 00:22:27,247 CONSERVATIVE INVESTMENT STRATEGY, THAT'S WHAT NEEDS TO 420 00:22:27,247 --> 00:22:27,981 HAPPEN. 421 00:22:27,981 --> 00:22:28,515 >> ALL RIGHT. 422 00:22:28,515 --> 00:22:29,115 THANK YOU VERY MUCH. 423 00:22:29,115 --> 00:22:31,351 ACTUALLY WE ARE OUT OF TIME, I APOLOGIZE FOR THAT. 424 00:22:31,351 --> 00:22:34,454 I WANT TO GIVE YOU GUYS BOTH TIME TO GIVE YOUR CLOSING 425 00:22:34,454 --> 00:22:35,388 STATEMENTS. 426 00:22:35,388 --> 00:22:38,458 WE CLOSE WITH 1.5 MINUTES FOR EACH CANDIDATE STARTING WITH 427 00:22:38,458 --> 00:22:39,559 DEBORAH SILVER. 428 00:22:39,559 --> 00:22:42,362 >> WELL, THANK YOU, PUBLIC TELEVISION, AND THANK YOU 429 00:22:42,362 --> 00:22:43,830 VIEWERS FOR WATCHING. 430 00:22:43,830 --> 00:22:48,535 I'M NOT SURE THAT MANY OF YOU THINK THAT WATCHING PEOPLE TALK 431 00:22:48,535 --> 00:22:52,639 ABOUT DEBITS AND CREDITS IS GOING TO BE THAT EXCITING. 432 00:22:52,639 --> 00:22:55,642 BUT REALLY, FOR ME, IT IS PRETTY EXCITING. 433 00:22:55,642 --> 00:23:03,616 I WANT YOU TO KNOW THAT FORMER TREASURER MARJORIE RUTH MOON 434 00:23:03,616 --> 00:23:08,054 SOLD LYDIA EDWARD, HER SUCCESSOR, THAT THE TREASURER 435 00:23:08,054 --> 00:23:09,889 MUST BE IMPECK BLY HONEST. 436 00:23:09,889 --> 00:23:13,626 I AM A CERTIFIED PUBLIC ACCOUNTANT AND I'VE BEEN 437 00:23:13,626 --> 00:23:17,330 REPRESENTING CLIENTS FOR OVER 30 YEARS. 438 00:23:17,330 --> 00:23:24,637 I KNOW THAT TAXPAYERS DO NOT EXPECT THEIR TAXES TO PAY FOR 439 00:23:24,637 --> 00:23:28,008 POLITICIANS' LIMOUSINES, THEIR GAS CARDS OR THEIR OWN NONPROFIT 440 00:23:28,008 --> 00:23:29,009 ORGANIZATIONS. 441 00:23:29,009 --> 00:23:35,815 I HAVE EXPERIENCE AS A FORMER AUDITOR, AN ACCOUNTING TEACHER, 442 00:23:35,815 --> 00:23:37,984 A CHURCH LEADER AND TAXPAYER. 443 00:23:37,984 --> 00:23:41,454 I WILL REVIEW THE INTERNAL CONTROLS THAT LEGISLATIVE 444 00:23:41,454 --> 00:23:46,459 SERVICES ASKS FOR, AND I'LL REVIEW AND FOLLOW CONSERVES' 445 00:23:46,459 --> 00:23:51,931 INVESTMENT POLICIES TO MAKE SURE IDAHOANS DON'T LOSE PRINCIPLE ON 446 00:23:51,931 --> 00:23:53,099 THEIR INVESTMENTS AGAIN. 447 00:23:53,099 --> 00:23:57,771 I WILL FIND OUT JUST HOW MUCH INLOSSES WAS GRESHAM TRANSFERRED 448 00:23:57,771 --> 00:23:59,873 TO IDAHO'S CHILDREN. 449 00:23:59,873 --> 00:24:05,578 I WILL USE MY PROFESSIONAL SKILLS AND MY LIFE EXPERIENCE TO 450 00:24:05,578 --> 00:24:11,418 REGAIN THE TAXPAYERS' TRUST AND RESTORE INTEGRITY TO THE 451 00:24:11,418 --> 00:24:12,519 TREASURER'S OFFICE. 452 00:24:12,519 --> 00:24:13,987 PLEASE VOTE FOR ME IN NOVEMBER. 453 00:24:13,987 --> 00:24:14,954 THANK YOU. 454 00:24:14,954 --> 00:24:17,424 >> A MINUTE AND A HALF TO THE TREASURER. 455 00:24:17,424 --> 00:24:21,327 >> I BELIEVE THE MOST IMPORTANT ISSUE FACING AMERICAN FAMILIES 456 00:24:21,327 --> 00:24:26,166 IS THE $18 TRILLION NATIONAL DEBT AND THE INABILITY OF 457 00:24:26,166 --> 00:24:28,268 WASHINGTON TO FIX IT. 458 00:24:28,268 --> 00:24:32,172 IT IS ABSOLUTELY UNCONSCIONABLE TO ME THAT EVERY MAN, WOMAN AND 459 00:24:32,172 --> 00:24:37,711 CHILD IN THIS COUNTRY IS FACED WITH INSURMOUNTABLE DEBT CAUSED 460 00:24:37,711 --> 00:24:39,346 BY OUT-OF-CONTROL SPENDING. 461 00:24:39,346 --> 00:24:42,716 AS A RESULT TAXES ARE HIGH AND WORKING FAMILIES HAVE TO WORK 462 00:24:42,716 --> 00:24:47,253 TWO AND THREE JOBS JUST TO MAKE ENDS MEET WITH THE LITTLE MONEY 463 00:24:47,253 --> 00:24:50,657 LEFT FOR DISPOSABLE INCOME, SAVINGS AND RETIREMENT. 464 00:24:50,657 --> 00:24:53,193 HALF OF ALL FAMILIES IN THE U.S. 465 00:24:53,193 --> 00:24:59,299 LIVE PAYCHECK TO PAYCHECK AND 94% OF AMERICANS HAVE LESS THAN 466 00:24:59,299 --> 00:25:01,468 $25,000 IN THEIR RETIREMENT ACCOUNTS. 467 00:25:01,468 --> 00:25:05,071 I BELIEVE THE SOLUTION LIES LOOKING TO THE STATES, 468 00:25:05,071 --> 00:25:06,306 PARTICULARLY THE RED STATES. 469 00:25:06,306 --> 00:25:09,409 YOU SEE THE RED STATES HAVE BALANCED BUDGETS. 470 00:25:09,409 --> 00:25:12,245 THE RED STATES HAVE MONEY IN SAVINGS. 471 00:25:12,245 --> 00:25:15,682 THE RED STATES HAVE LOW DEBT LOADS. 472 00:25:15,682 --> 00:25:18,685 THE RED STATES HAVE HIGH CREDIT RATINGS. 473 00:25:18,685 --> 00:25:21,421 WE HAVE PROVEN THAT WE CAN GET THE JOB DONE. 474 00:25:21,421 --> 00:25:24,624 AS YOUR STATE TREASURER IN ONE OF THESE RED STATES I BELIEVE WE 475 00:25:24,624 --> 00:25:28,528 CAN SHOW THE WAY TO RESTORING FISCAL SANITY TO THIS COUNTRY, 476 00:25:28,528 --> 00:25:32,799 AND ULTIMATELY THAT TRANSMITS TO THE FAMILIES THAT LIVE IN THIS 477 00:25:32,799 --> 00:25:33,266 COUNTRY. 478 00:25:33,266 --> 00:25:36,803 THEY CAN BEGIN TO PROSPER AND THEY CAN BEGIN TO PARTICIPATE IN 479 00:25:36,803 --> 00:25:37,637 THE AMERICAN DREAM. 480 00:25:37,637 --> 00:25:41,441 MY NAME IS RON CRANE, I AM YOUR STATE TREASURER, I'M ASKING FOR 481 00:25:41,441 --> 00:25:42,642 REELECTION NOVEMBER 4th. 482 00:25:42,642 --> 00:25:43,076 >> ALL RIGHT. 483 00:25:43,076 --> 00:25:45,712 THANK YOU BOTH FOR YOUR TIME TONIGHT AND THANKS TO OUR 484 00:25:45,712 --> 00:25:47,881 REPORTERS FOR THE GREAT QUESTIONS AND TO OUR VIEWERS 485 00:25:47,881 --> 00:25:48,815 WATCHING AT HOME. 486 00:25:48,815 --> 00:25:54,988 YOU CAN LEARN MORE ABOUT THE CANDIDATE ON OUR WEBSITE AT 487 00:25:54,988 --> 00:25:57,123 IDAHOPTV.ORG/ELECTIONS/2014, PLUS STREAM ON DEMAND ALL SEVEN 488 00:25:57,123 --> 00:26:00,927 DEBATES WE WILL BE CONDUCTING AT ANY TIME AFTER THEY TAKE PLACE. 489 00:26:00,927 --> 00:26:03,963 AND MOST IMPORTANTLY, MAKE SURE YOU GO VOTE. 490 00:26:03,963 --> 00:26:07,200 GO TO IDAHOVOTES.GOV. 491 00:26:07,200 --> 00:26:10,036 ON BEHALF OF ALL OF US HERE AT IDAHO DEBATES, GOOD NIGHT. 492 00:26:12,138 --> 00:26:16,343 Captioning Performed By LNS Captioning www.LNScaptioning.com 493 00:26:18,078 --> 00:26:18,978 * 494 00:26:20,980 --> 00:26:23,883 >>> THE IDAHO DEBATES ARE MADE POSSIBLE BY BOISE STATE 495 00:26:23,883 --> 00:26:27,354 UNIVERSITY SCHOOL OF PUBLIC SERVICE, DEVOTED TO BUILDING 496 00:26:27,354 --> 00:26:31,257 FUTURE CIVIC AND COMMUNITY LEADERS THROUGH PROBLEM-SOLVING, 497 00:26:31,257 --> 00:26:33,626 REAL WORLD RESEARCH AND POLICY STUDIES AND THE HANDS-ON 498 00:26:33,626 --> 00:26:35,729 EXPERIENCE YOU CAN ONLY GET HERE AT THE STATE CAPITOL. 499 00:26:35,729 --> 00:26:38,732 THE IDAHO DEBATES ARE ALSO BROUGHT TO YOU BY YOUR 500 00:26:38,732 --> 00:26:41,067 CONTRIBUTION TO THE IDAHO PUBLIC TELEVISION ENDOWMENT. 501 00:26:41,067 --> 00:26:44,004 THANK YOU. 502 00:26:44,004 --> 00:26:47,874 * *