WEBVTT

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*
>>> WELCOME TO THE IDAHO

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

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THE IDAHO DEBATES IS A
COLLABORATIVE PROJECT OF THE

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

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PUBLIC TELEVISION.

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THE IDAHO DEBATES ARE MADE
POSSIBLE BY BOISE STATE

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UNIVERSITY'S SCHOOL OF PUBLIC
SERVICE, DEVOTED TO BUILDING

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FUTURE CIVIC AND COMMUNITY
LEADERS THROUGH

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INTERDISCIPLINARY
PROBLEM-SOLVING, REAL-WORLD

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

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GET HERE AT THE SO.

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THE IDAHO DEBATES ARE ALSO
BROUGHT TO YOU BY YOUR

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CONTRIBUTION TO THE IDAHO PUBLIC
TELEVISION ENDOWMENT.

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THANK YOU.

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

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TELEVISION.

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

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OFFICER AND BANKER OF MONIES
COLLECTED BY THE STATE, EXPLAIN

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THEIR POSITION ON THE ISSUES.

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I WANT TO WELCOME THESE TWO
CANDIDATES, RON CRANE AND

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DEBORAH SILVER.

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

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REPRESENTATIVES AND 16 YEARS AND
IDAHO'S TREASURER.

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DEBORAH SILVER IS A CERTIFIED
PUBLIC ACCOUNTANT, ALSO A

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PARTNER IN HAYES & SILVER CPAs
IN TWIN FALLS.

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ALSO ON STAGE, OUR PANEL OF
REPORTERS WILL ASK THE

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CANDIDATES QUESTIONS.

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

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OF THE "IDAHO STATESMAN."

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

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BEST TO MAKE SURE BOTH
CANDIDATES GET EQUAL TIME AND

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STAY ON POINT.

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

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BEEN TALKING IS A VOLUNTEER
TIMEKEEPER WITH THE LEAGUE OF

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WOMEN VOTERS.

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

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

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EMPHASIS ON AN INTELLIGENT
CONVERSATION THAT HELPS THE

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VOTERS.

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EACH CANDIDATE WILL GET 1 MINUTE
FOR OPENING STATEMENTS.

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WE FLIPPED A COIN AND DEBORAH
SILVER BEGINS WITH HER OPENING

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COMMENTS.

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

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PROVIDING THIS OPPORTUNITY.

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

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

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FIRST, THE TREASURER BROKE AN
ACCOUNTING RULE IN HIS FIDUCIARY

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

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HE THEN COVERED UP THOSE LOSSES
BY GRESHAM TRANSFERRING THEM TO

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THE FUND THAT PAYS FOR IDAHO'S
SCHOOLS.

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

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PROVIDE A FULL REVIEW OF THESE
GRESHAM TRANSFERS TO THE

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INVESTMENT ACCOUNT ASKED FOR BY
LEGISLATIVE SERVICES.

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

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THE TREASURER WOULDN'T FIRED.

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BUT THIS IS POLITICS.

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

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I AM RUNNING TO GIVE IDAHO
TAXPAYERS A CHOICE FOR HONEST

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STEWARDSHIP OF THEIR TAX
DOLLARS.

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>> ALL RIGHT.

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AND RON, ONE MINUTE.

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>> THANK YOU.

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

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

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SCHEDULE TO ACCOMMODATE MY
ILLNESS LAST WEEK.

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

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BEEN FOR THE PAST 16 YEARS.

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

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DURING MY TENURE AS YOUR
TREASURER I HAVE EARNED $1

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

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IDAHO AND ITS POLITICAL
SUBDIVISIONS.

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

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HAPPEN TO THINK THAT'S VERY
IMPORTANT.

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

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HISTORY OF THE STATE.

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I HAVE ALSO WORKED HARD TO
PROTECT AND ENHANCE THE CREDIT

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RATING OF THE STATE OF IDAHO.

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

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THE RESULTS ARE MILLIONS IN
SAVINGS FOR PROPERTY TAXPAYERS

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THROUGHOUT THIS STATE.

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

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TREASURER.

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

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THANK YOU.

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>> THANK YOU BOTH FOR YOUR
OPENING COMMENTS.

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LET'S GET RIGHT TO THE QUESTIONS
TONIGHT.

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OUR FIRST QUESTION COMMUNICATION
FROM BRAD IVERSON-LONG OF THE

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"IDAHO BUSINESS REVIEW" TALKING
ABOUT THE AUDIT.

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>> OKAY.

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TREASURER CRANE, THIS IS FOR
YOU.

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

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EXPOSED THE TAXPAYERS TO RISK
DUE TO INAPPROPRIATE GRESHAM

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TRANSFER INVESTMENTS.

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

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

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TREASURER'S OFFICE VOCIFEROUSLY
DISAGREED WITH THE AUDITORS.

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PORTFOLIOS GO UP AND DOWN AND
THE SECURITIES WITHIN THOSE

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PORTFOLIOS MOVE ON A DAILY BASIS
IN THEIR VALUE.

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

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

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

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

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

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THE GREATEST DOWNTURN SINCE THE
GREAT DEPRESSION.

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IF YOU READ THE AUDIT REPORT,
THE LEGISLATIVE AUDITORS WILL

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SAY THAT I SHOULD HAVE SOLD
THOSE SECURITIES AT MARKET

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

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I SHOULD HAVE SOLD THOSE
SECURITIES AND DISTRIBUTED THE

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LOSSES TO EACH OF THE TWO
PORTFOLIOS REPRESENTED, THE

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LGIP, THE LOCAL GOVERNMENT
INVESTMENT POOL, AND THE FUND

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

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BUT INSTEAD, I HELD THOSE
SECURITIES AND RODE OUT THE

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

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

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

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

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THE REST OF THE PORTFOLIOS THAT
I MANAGE.

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I STILL HAVE TWO OF THOSE
SECURITIES IN MY PORTFOLIO.

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A YEAR AGO AT THIS TIME THEY
WERE ABOUT 17.5 MILLION

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UNDERWATER.

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

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THEY ARE COMING BACK, MOVING IN
THE RIGHT DIRECTION.

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THIS IS EXACTLY WHAT THE
ENDOWMENT FUND DID WHEN THEY

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

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DID THEY SELL?

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

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VALUE AND TODAY THEY ARE
PERFORMING VERY WELL.

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PERS, WENT DOWN A BILLION AND A
HALF DOLLARS.

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DID THEY SELL?

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OF COURSE NOT.

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YOU ONLY LOSE WHEN YOU SELL.

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

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PERFORMING VERY WELL.

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>> IF YOU COULD WRAP UP YOUR
COMMENTS.

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

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I THINK IT WAS THE RIGHT THING.

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>> ALL RIGHT.

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SAME QUESTION: WHAT WOULD YOU
DO DIFFERENT?

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

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THEY SUGGEST THAT YOU WORK
WITHIN POLICY.

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ALSO, THESE WERE GRESHAM
TRANSFERRED BETWEEN ACCOUNTS,

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

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RATHER THAN THEIR MARKET VALUE.

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AND LEGISLATIVE SERVICES, A
NONPARTISAN OFFICE, HAS ALL THE

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WORK PAPERS SHOWING THESE
TRANSACTIONS, SHOWING THAT THERE

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ACTUALLY WERE THESE GRESHAM
TRANSFERS BETWEEN THE TWO

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ACCOUNTS, AND SO I WOULD SAY
THAT CERTAINLY THERE WERE

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TRANSACTIONS.

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I AGREE WITH LEGISLATIVE
SERVICES.

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WE DID HAVE SOME VERY SAD
UNDERWATER INVESTMENTS.

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

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OF THE SAME INVESTMENTS.

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AND RATHER THAN HIDING THEM BY
GRESHAM TRANSFERRING THEM TO AN

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

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

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

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

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OPEN ABOUT WHAT WAS HAPPENING
WITH THOSE INVESTMENTS, RATHER

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THAN GRESHAM TRANSFERRING THEM
OVER TO WHERE THEY WERE NOT

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UNDER PUBLIC SCRUTINY, AND
CAUSING FOR INSTANCE OUR

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EDUCATION SYSTEM TO SUFFER THIS
LOSS.

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>> OKAY.

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

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>> LET ME ILLUSTRATE IT THIS
WAY.

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

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

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

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HAVE LOST MONEY?

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OF COURSE NOT.

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

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

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INVESTMENTS.

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

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MAKE MONEY AND DIDN'T LOSE ANY
PRINCIPAL.

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>> THE NEXT MONEY COMES FROM
ZACH.

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

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

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ON THE SAME PAGE.

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

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OFFICE?

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>> ABSOLUTELY.

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LEGISLATIVE SERVICES AND THE
TREASURER'S OFFICE HAVE THE VERY

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SAME GOAL.

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

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TRYING TO HAVE ACCURATE
FINANCIAL STATEMENTS.

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

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IMPORTANT.

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

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THERE WERE A LOT OF ISSUES WITH
THIS.

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

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FINANCIAL STATEMENTS SO THAT
WILL HELP OUR LEGISLATORS COME

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UP WITH BUDGETS, FOR INSTANCE.

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

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

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EVEN MORE OF THESE LOSSES THAT
HAVE BEEN GRESHAM TRANSFERRED BY

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GOING FROM FUND TO FUND.

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SO THAT'S VERY IMPORTANT.

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

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CONTROL.

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

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WE LOOKED AT, THE MANAGE
OVERRIDE CONTROL FROM HAPPENING.

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

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

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SURE THAT WE ARE BALANCING.

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THE TREASURER'S OFFICE IS
ESSENTIALLY THE BANK.

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AND THE CONTROLLER IS THE
RECORDS KEEPER.

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

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RECONCILE YOUR BANK ACCOUNT.

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>> ZACH, YOU WANT TO FOLLOW UP?

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

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ITS RELATIONSHIP WITH
LEGISLATIVE SERVICES?

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

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AUDIT JUST COMPLETED FOR OUR
OFFICE THAT COMPLETELY SAID

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THERE WERE NO FINDING ON THE
PREVIOUS THREE YEARS.

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11, 12 AND FISCAL YEAR 13.

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WE GOT A CLEAN BILL THE HEALTH.

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

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THREE-YEAR AUDIT WERE CLEARED UP
WITH THEM.

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WE FELT GOOD ABOUT THAT.

11:45.538 --> 11:48.742
IN ADDITION TO THOSE COMMENTS,
THOUGH, I WOULD ALSO SAY THAT

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THE LEGISLATIVE AUDITOR
SUGGESTED IN THEIR REPORT

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OVERSIGHT COMMITTEE FOR THE
TREASURER'S OFFICE.

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THE INVESTMENT OVERSIGHT
COMMITTEE.

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I EMBRACED THAT.

11:59.319 --> 12:02.622
WE WENT TO THE LEGISLATURE, GOT
THE LEGISLATION PASSED AND WE DO

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HAVE AN OVERSIGHT COMMITTEE
BEING APPOINTED BY THE GOVERNOR

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AS WE SPEAK.

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I'M EXCITED ABOUT THE FUTURE.

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I THINK THERE'S GOOD DAYS HAZY.

12:12.999 --> 12:17.537
>> OUR NEXT QUESTION FRICE BRAD.

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

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YOUR OFFICE CAME UNDER SCRUTINY
FOR USING THE FUND TO COVER

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TRAVEL COSTS ON INVESTMENT TRIPS
TO NEW YORK CITY.

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HAVE YOU LEARNED ANYTHING AS A
RESULT OF THIS PROCESS?

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

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WHEN I TOOK OFFICE IN 1998,
EVERY CONSTITUTIONAL OFFICER

12:41.661 --> 12:46.032
EXCEPT TWO HAD A STATE CAR AND A
GAS CARD WITH THAT.

12:46.032 --> 12:49.269
PART OF OUR PACKAGE, WE WERE
ALLOWED TO DRIVE TO AND FROM

12:49.269 --> 12:50.837
WORK AND ON STATE BUSINESS.

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I DID THAT FOR SIX YEARS.

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

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

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IN THE SAME MANNER THAT I HAD.

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

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THAT 96 SIX-YEAR PERIOD.

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WHAT WAS INTERESTING IS THAT THE
AUDITOR REFERRED THAT TO A

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PROSECUTOR IN CANYON COUNTY AND
HE SAID THE TREASURER HAS DONE

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NOTHING WRONG AND REFUSED TO
PROSECUTOR.

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HE REFERRED IT TO THE ATTORNEY
GENERAL FOR AN OPINION.

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

13:27.240 --> 13:30.910
SAYS THE TREASURER VIOLATE NOD
STATUTE, THE TREASURER VIOLATED

13:30.910 --> 13:33.646
NO POLICY AND IT WAS WITHIN HIS
PREROGATIVES TO DO THAT.

13:33.646 --> 13:39.519
I ALSO HAVE A LETTER TO THE
EDITOR FROM CONLEY WARD, THE

13:39.519 --> 13:44.624
FORMER PUC COMMISSIONER, AND HE
SAID RON CRANE SAVED THE STATE

13:44.624 --> 13:47.560
$40,000 AND HE SHOULD HAVE BEEN
GIVEN AN AWARD.

13:47.560 --> 13:52.032
INSTEAD, HE'S BEING CRUCIFIED
FOR POLITICAL PURPOSES.

13:52.032 --> 13:57.070
SIGNED, CONLEY WARD, FORMER PUC
COMMISSIONER, FORMER CHAIRMAN OF

13:57.070 --> 13:59.139
THE DEMOCRAT PARTY OF THE STATE
OF IDAHO.

13:59.139 --> 14:01.975
>> ON OUR NEXT QUESTION FROM
BRAD, DIRECTED TO DEBORAH

14:01.975 --> 14:02.676
SILVER.

14:02.676 --> 14:06.146
>> THIS IS ON THE SAME TOPIC,
DEALING WITH THE USE OF STATE

14:06.146 --> 14:10.250
FUNDS TO COVER TRAVEL COSTS IN
IDAHO AND ALSO THE INVESTMENT

14:10.250 --> 14:10.950
TRIP TO NEW YORK CITY.

14:10.950 --> 14:14.054
DO YOU HAVE ANY RESPONSE ON WHAT
YOU THINK SHOULD HAVE BEEN DONE

14:14.054 --> 14:14.621
DIFFERENTLY?

14:14.621 --> 14:18.858
WOULD THERE BE ANY CHANGES IF
YOU WERE TO BE ELECTED?

14:18.858 --> 14:20.794
>> CERTAINLY WHAT I BELIEVE
HAPPENED IS THERE WAS A CHANGE

14:20.794 --> 14:23.496
IN STATE POLICY OVER THIS PERIOD
OF TIME.

14:23.496 --> 14:27.500
SO THEIR TAX ISSUES, FOR
INSTANCE, IF YOU DON'T KEEP

14:27.500 --> 14:30.003
RECORDS, THIS COULD BE TAXABLE
INCOME.

14:30.003 --> 14:32.539
SO YOU HAVE THAT ISSUE.

14:32.539 --> 14:37.744
BUT ALWAYS AS A CPA, WE TALK
ABOUT KEEPING RECORDS FOR

14:37.744 --> 14:39.012
BUSINESS VERSUS PERSONAL USE.

14:39.012 --> 14:41.881
THAT'S WHAT WE'RE TALKING ABOUT
HERE.

14:41.881 --> 14:45.452
SOME OF THE OTHER ISSUES WERE
LIMOUSINE RIDES FOR INSTANCE,

14:45.452 --> 14:50.824
AND NOT ALLOCATING BETWEEN THE
BUSINESS AND PERSONAL SINCE YOU

14:50.824 --> 14:55.028
BROUGHT ALONG FAMILY MEMBERS FOR
THIS TRIP, TOO, THAT KEEP TRACK

14:55.028 --> 14:56.262
OF WHICH IS WHICH.

14:56.262 --> 15:01.201
I ALSO BELIEVE THAT LIMOUSINES,
NUMBER ONE, JUST DON'T LOOK GOOD

15:01.201 --> 15:05.238
TO HAVE PUBLIC OFFICIALS BEING
FERRIED AROUND IN THOSE THINGS.

15:05.238 --> 15:07.841
I THINK THERE ARE OTHER CHOICES
THAT YOU COULD MAKE.

15:07.841 --> 15:12.846
THEY HAVE A VERY GOOD PUBLIC
TRANSIT SYSTEM THERE YOU WERE

15:12.846 --> 15:16.616
ALSO THERE FOR SEVERAL DAYS, I
THINK THERE WAS PLENTY OF TIME

15:16.616 --> 15:18.618
TO GET TO THESE MEETINGS.

15:18.618 --> 15:23.490
I'M NOT SURE THE TIMELINESS
KINDS OF ISSUES WERE THERE THE

15:23.490 --> 15:26.893
RECORD KEEPING SEEMS TO BE A
RECURRING PROBLEM HERE, THAT WE

15:26.893 --> 15:30.797
CAN'T COME UP WITH RECORDS FOR
PERSONAL VERSUS BUSINESS USE,

15:30.797 --> 15:32.966
WITH THE LIMOUSINES, WITH THE
CARS.

15:32.966 --> 15:36.536
AND CERTAINLY WE COULDN'T COME
UP WITH THE RECORDS FOR THE

15:36.536 --> 15:40.340
GRESHAM TRANSFERS BETWEEN THESE
INVESTMENT ACCOUNTS TO SEE IF

15:40.340 --> 15:42.742
THERE ARE EVEN MORE LOSSES THAT
HAVE BEEN GRESHAM TRANSFERRED

15:42.742 --> 15:44.744
OVER TO IDAHO'S CHILDREN.

15:44.744 --> 15:48.915
>> LET ME ASK THIS ONE QUESTION,
DEBORAH SILVER, THIS IS DIRECTED

15:48.915 --> 15:49.983
TO YOU.

15:49.983 --> 15:53.386
ARE YOU HAPPY WITH THE
EXPLANATION THAT THE TREASURER

15:53.386 --> 15:55.088
HAS GIVEN?

15:55.088 --> 15:57.957
, BASED ON THE AUDIT?

15:57.957 --> 16:00.660
>> AM I HAPPY WITH THE
EXPLANATION?

16:00.660 --> 16:07.233
I THINK WE'VE GOT SOME -- IN
HINDSIGHT WE GO BACK AND MAKE

16:07.233 --> 16:08.234
THESE EXCUSES.

16:08.234 --> 16:11.137
BUT IT REALLY COMES BACK TO
RECORD-KEEPING.

16:11.137 --> 16:15.141
IT COMES BACK TO AN
UNDERSTANDING, DO WE KNOW WHAT

16:15.141 --> 16:19.412
TAXABLE INCOME IS IN THIS PLACE,
IN THIS CASE?

16:19.412 --> 16:22.148
I BELIEVE THE ATTORNEY GENERAL'S
EMPLOYMENT AGREEMENT INCLUDES

16:22.148 --> 16:27.987
THE CAR AND THAT'S PART OF HIS
BUNDLE OF EMPLOYMENT.

16:27.987 --> 16:29.789
BUT THAT IS NOT THE CASE HERE.

16:29.789 --> 16:31.257
YOU NEED TO KNOW THE DETAILS.

16:31.257 --> 16:33.159
YOU'RE LEADING YOUR DEPARTMENT.

16:33.159 --> 16:38.798
YOU NEED TO BE THINKING ABOUT
THE FRUGAL EXPENDITURES IN YOUR

16:38.798 --> 16:39.432
OFFICE.

16:39.432 --> 16:39.899
>> OKAY.

16:39.899 --> 16:42.902
LET'S GIVE THE TREASURER 30
SECONDS TO RESPOND.

16:42.902 --> 16:46.172
>> WELL, THE LIMOUSINE
DISCUSSION IS ALWAYS INTERESTING

16:46.172 --> 16:49.642
TO ME BECAUSE I DID EXACTLY WHAT
THE PREVIOUS TWO TREASURERS DID

16:49.642 --> 16:52.545
WHEN THEY WENT TO NEW YORK.

16:52.545 --> 16:58.385
MARJORIE REESE MOON WAS A
DEMOCRAT TREASURER WHO USED A

16:58.385 --> 16:59.486
LIMOUSINE SERVICE.

16:59.486 --> 17:05.225
IT IS BAR FAR THE CHEAPEST, MOST
EFFICIENT AND EFFECTIVE WAY TO

17:05.225 --> 17:07.193
TRANSPORT A COLLATERAL DAMAGE
GROUP OF PEOPLE FROM A HOTEL DO

17:07.193 --> 17:08.962
TOWN WALL STREET IN ONE CAR.

17:08.962 --> 17:13.500
IF YOU ASK LIEUTENANT GOVERNOR
BRAD LITTLE, HE'LL TELL YOU I

17:13.500 --> 17:15.502
PACKED THEM IN LIKE
ACCORDINGWOOD.

17:15.502 --> 17:19.839
I CAN GET EIGHT TO 10 PEOPLE IN
ONE CAR RATHER THAN FOUR OR FIVE

17:19.839 --> 17:22.676
TAXICABS ACROSS THE CITY TO TAKE
THE PEOPLE DOWNTOWN.

17:22.676 --> 17:26.513
SO WE NOW USE SUVs, WE DON'T
USE LIMOUSINES.

17:26.513 --> 17:29.516
THE REASON IS BECAUSE OF THE
HEADLINES WE GET FROM THE

17:29.516 --> 17:30.316
NEWSPAPERS.

17:30.316 --> 17:33.987
THEY DON'T PARTICULARLY CARE
ABOUT SAVING TAXPAYER DOLLARS.

17:33.987 --> 17:37.991
SO WE DO WHAT WE HAVE TO DO TO
CHANGE THE PERCEPTION.

17:37.991 --> 17:41.795
WE DON'T WANT THE PERCEPTION
THAT WE WERE BEING EXTRAVAGANT

17:41.795 --> 17:44.698
BUT WE WERE ACTUALLY SAVING
TAXPAYER MONEY WITH IT.

17:44.698 --> 17:48.368
>>> WE'RE MOVING OUTS OF THE
TOPIC OF POLITICS.

17:48.368 --> 17:50.603
OUR QUESTION COMES FROM ZACH.

17:50.603 --> 17:55.809
>> DEBORAH SILVER, I'M CURIOUS,
IF LEAKED ELECTED TO OFFICE TO

17:55.809 --> 18:00.213
WHAT EXTENT WILL POLITICAL
IDEOLOGY PLAY INTO HOW YOU SERVE

18:00.213 --> 18:01.114
THE OFFICE?

18:01.114 --> 18:05.018
>> YOU KNOW, IN ACCOUNTING WE
HAVE DEBITS AND CREDITS, NOT

18:05.018 --> 18:08.488
DEMOCRATS AND REPUBLICANS.

18:08.488 --> 18:13.860
SO THE OFFICE IS ABOUT
SAFEGUARDING THE PUBLIC'S MONEY.

18:13.860 --> 18:15.962
THAT'S WHAT THE JOB IS ABOUT.

18:15.962 --> 18:19.299
IT'S ABOUT INTERNAL CONTROL,
WHICH IS HOW YOU BUILD A SYSTEM

18:19.299 --> 18:25.605
TO KEEP THE MONEY SECURE.

18:25.605 --> 18:28.241
EVERY ONE OF THE INVESTMENT
POLICIES TALK ABOUT THIS

18:28.241 --> 18:29.142
INTERNAL CONTROL.

18:29.142 --> 18:33.146
AGAIN, THAT'S ACTUALLY AN
ACCOUNTING TOPIC RATHER THAN ANY

18:33.146 --> 18:34.881
KIND OF POLITICAL.

18:34.881 --> 18:40.320
SO HERE'S WHERE I THINK THE
POLITICAL MIGHT COME IN.

18:40.320 --> 18:45.792
AND THAT IS IN THIS STATE,
WHICH, YOU KNOW, EVEN IF MANY OF

18:45.792 --> 18:50.063
MY COM PATRIOTS ARE ELECTED,
WHICH I HOPE THEY ARE, THERE ARE

18:50.063 --> 18:52.365
STILL GOING TO BE A LOT OF
REPUBLICANS THERE.

18:52.365 --> 18:55.869
I THINK HAVING THEM THERE
LOOKING OVER MY SHOULDER, WHICH

18:55.869 --> 18:58.471
I WELCOME, IS A GOOD THING.

18:58.471 --> 19:02.108
BECAUSE IT ASSURES THE PUBLIC IS
WELL SERVED BY HAVING PEOPLE WHO

19:02.108 --> 19:05.111
ARE KEEPING TRACK OF WHAT I'M
DOING IN THAT OFFICE.

19:05.111 --> 19:09.749
AND I THINK IT WOULD HAVE HELPED
UNDER THE CURRENT CIRCUMSTANCES.

19:09.749 --> 19:13.386
>> ZACH A QUESTION TO THE
TREASURER, VERY SIMILAR

19:13.386 --> 19:14.054
QUESTION.

19:14.054 --> 19:17.557
>>> IN YOUR 16 YEARS SERVING THE
OFFICE, HOW HAS POLITICAL

19:17.557 --> 19:21.461
IDEOLOGY PLAYED INTO YOUR
DECISION-MAKING?

19:21.461 --> 19:24.064
>> WELL, TO BE HONEST WITH YOU,
MONEY IS NOT RED OR BLUE, IT'S

19:24.064 --> 19:24.964
GREEN.

19:24.964 --> 19:28.935
SO THERE'S VERY FEW THINGS THAT
OCCUR IN THE TREASURER'S OFFICE

19:28.935 --> 19:29.869
THAT ARE PARTISAN.

19:29.869 --> 19:33.340
HAVING SAID THAT, I WOULD TELL
YOU MOST OF MY OFFICE PROBABLY

19:33.340 --> 19:37.243
THE STAFF WOULD NOT KNOW WHETHER
THEY ARE A DEMOCRAT OR A

19:37.243 --> 19:38.511
REPUBLICAN OR FRANKLY CARE.

19:38.511 --> 19:42.082
AND I DON'T EITHER, AS LONG AS
THEY ARE DOING THEIR JOB WELL.

19:42.082 --> 19:45.719
HOWEVER, I DO THINK IT IS
APPROPRIATE THAT WE RUN ON A

19:45.719 --> 19:47.420
PARTISAN BALLOT.

19:47.420 --> 19:50.623
I'M PROUD TO RUN ON THE
REPUBLICAN TICKET AND BE A

19:50.623 --> 19:53.626
REPUBLICAN CANDIDATE FOR STATE
TREASURER, AND PROUD TO

19:53.626 --> 19:55.528
ASSOCIATE WITH THE OTHER MEMBERS
THAT ARE ON MY TICKET.

19:55.528 --> 19:58.898
AND I THINK THERE'S A CERTAIN
BENEFIT TO THAT.

19:58.898 --> 19:59.733
>> OKAY.

19:59.733 --> 20:01.701
OUR NEXT QUESTION COMES FROM
BRAD.

20:01.701 --> 20:05.538
IF YOU WOULD DIRECT IT TO THE
TREASURER, PLEASE.

20:05.538 --> 20:06.172
>> SURE.

20:06.172 --> 20:09.509
I HAVE A BASIC QUESTION ABOUT
INVESTMENT STRATEGY.

20:09.509 --> 20:14.748
HOW AGGRESSIVELY OR CONSERVATIVE
SHOOT TREASURER'S OFFICE INVEST

20:14.748 --> 20:16.082
STATE MONEY?

20:16.082 --> 20:19.352
>> WELL, WE'RE VERY LIMITED IN
WHAT WE CAN INVEST.

20:19.352 --> 20:23.823
THE IDAHO CONSTITUTION SAYS YOU
CANNOT INVEST IN THE STOCK

20:23.823 --> 20:26.259
MARKET, WE OWN KNOW STOCKS.

20:26.259 --> 20:32.465
THEN YOU HAVE CODE 601210 AND
10A AND IT GIVE AS LIST OF

20:32.465 --> 20:35.368
INVESTMENTS THAT YOU CAN MAKE
WITHIN THE FIXED INCOME

20:35.368 --> 20:35.735
ENVIRONMENT.

20:35.735 --> 20:37.303
IT'S VERY LIMITED.

20:37.303 --> 20:41.041
THEN UNDERNEATH THAT IDAHO CODE
WE HAVE AN INVESTMENT POLICY

20:41.041 --> 20:45.545
THAT WE CRAFT THAT SAYS WHAT WE
WILL BE INVESTING IN AND WHAT

20:45.545 --> 20:47.147
THE TREASURER WILL ALLOW.

20:47.147 --> 20:51.217
WE HAVE A LOT OF PROGRAMS AROUND
WHAT WE CAN INVEST IN.

20:51.217 --> 20:55.221
I'M ALSO EXCITED ABOUT THE FACT
THAT WE HAVE AN INVESTMENT

20:55.221 --> 21:00.960
OVERSIGHT COMMITTEE THAT'S GOING
TO BE LOOKING OVER OUR

21:00.960 --> 21:03.997
PORTFOLIOS PERIODICALLY AND
GIVING THEIR ADVICE.

21:03.997 --> 21:07.801
YOU HAVE TO HAVE 10 YEARS OF
EXPERIENCE IN THE INVESTMENT

21:07.801 --> 21:10.437
BUSINESS, YOU HAVE TO KNOW WHAT
YOU'RE TALKING ABOUT.

21:10.437 --> 21:12.439
THAT'S IMPORTANT, EXPERIENCE
COUNTS.

21:12.439 --> 21:15.442
THIS IS GOING TO BE VERY
BENEFICIAL TO US TO HAVE ANOTHER

21:15.442 --> 21:18.645
SET OF EYES LOOKING AND MAKING
SUGGESTIONS.

21:18.645 --> 21:20.814
>> IF YOU COULD WRAP UP YOUR
STATEMENT.

21:20.814 --> 21:22.916
>> THANK YOU VERY MUCH, BUT I'M
EXCITED ABOUT THAT.

21:22.916 --> 21:25.352
>> LAST QUESTION TO DEBORAH
SILVER.

21:25.352 --> 21:29.823
>> ACTUALLY THE SAME QUESTION:
DO YOU THINK THERE'S ANY

21:29.823 --> 21:32.559
STRATEGIES OF INVESTING MORE
AGGRESSIVELY OR CONSERVATIVELY

21:32.559 --> 21:34.094
THE STATE SHOULD TAKE?

21:34.094 --> 21:38.264
>> WELL, THIS IS THE FIRST TIME
WE'VE LOST PRINCIPAL.

21:38.264 --> 21:41.034
WE NEED TO TO RETURN TO THE
CONSERVATIVE POLICIES THAT WE'VE

21:41.034 --> 21:43.470
HAD IN THE PAST.

21:43.470 --> 21:46.139
AND STAY ON THAT COURSE.

21:46.139 --> 21:50.910
NOW, THIS NEW INVESTMENT BOARD,
WE HAVEN'T NEEDED AN INVESTMENT

21:50.910 --> 21:53.747
BOARD BEFORE WE HAD THIS
TREASURER.

21:53.747 --> 21:55.915
AGAIN, WE HAVEN'T LOST BEFORE.

21:55.915 --> 22:02.589
AND IN FACT RIGHT NOW, NO ONE
HAS BEEN APPOINTED TO THIS

22:02.589 --> 22:03.423
PANEL.

22:03.423 --> 22:08.962
SOILED THINK THAT I COULD GO AND
TALK TO THE FOLKS AT PERKS ERS

22:08.962 --> 22:14.501
AND THE IDAHO ENDOWMENT BOARD
AND GO TO PERHAPS THE EXAMPLE

22:14.501 --> 22:18.271
THAT COLORADO HAS, COLORADO DID
VERY WELL DURING THE DOWNTURN.

22:18.271 --> 22:24.277
TALKING TO THEM, LOOKING AT THAT
STRATEGY AND RETURNING TO A VERY

22:24.277 --> 22:27.247
CONSERVATIVE INVESTMENT
STRATEGY, THAT'S WHAT NEEDS TO

22:27.247 --> 22:27.981
HAPPEN.

22:27.981 --> 22:28.515
>> ALL RIGHT.

22:28.515 --> 22:29.115
THANK YOU VERY MUCH.

22:29.115 --> 22:31.351
ACTUALLY WE ARE OUT OF TIME, I
APOLOGIZE FOR THAT.

22:31.351 --> 22:34.454
I WANT TO GIVE YOU GUYS BOTH
TIME TO GIVE YOUR CLOSING

22:34.454 --> 22:35.388
STATEMENTS.

22:35.388 --> 22:38.458
WE CLOSE WITH 1.5 MINUTES FOR
EACH CANDIDATE STARTING WITH

22:38.458 --> 22:39.559
DEBORAH SILVER.

22:39.559 --> 22:42.362
>> WELL, THANK YOU, PUBLIC
TELEVISION, AND THANK YOU

22:42.362 --> 22:43.830
VIEWERS FOR WATCHING.

22:43.830 --> 22:48.535
I'M NOT SURE THAT MANY OF YOU
THINK THAT WATCHING PEOPLE TALK

22:48.535 --> 22:52.639
ABOUT DEBITS AND CREDITS IS
GOING TO BE THAT EXCITING.

22:52.639 --> 22:55.642
BUT REALLY, FOR ME, IT IS PRETTY
EXCITING.

22:55.642 --> 23:03.616
I WANT YOU TO KNOW THAT FORMER
TREASURER MARJORIE RUTH MOON

23:03.616 --> 23:08.054
SOLD LYDIA EDWARD, HER
SUCCESSOR, THAT THE TREASURER

23:08.054 --> 23:09.889
MUST BE IMPECK BLY HONEST.

23:09.889 --> 23:13.626
I AM A CERTIFIED PUBLIC
ACCOUNTANT AND I'VE BEEN

23:13.626 --> 23:17.330
REPRESENTING CLIENTS FOR OVER 30
YEARS.

23:17.330 --> 23:24.637
I KNOW THAT TAXPAYERS DO NOT
EXPECT THEIR TAXES TO PAY FOR

23:24.637 --> 23:28.008
POLITICIANS' LIMOUSINES, THEIR
GAS CARDS OR THEIR OWN NONPROFIT

23:28.008 --> 23:29.009
ORGANIZATIONS.

23:29.009 --> 23:35.815
I HAVE EXPERIENCE AS A FORMER
AUDITOR, AN ACCOUNTING TEACHER,

23:35.815 --> 23:37.984
A CHURCH LEADER AND TAXPAYER.

23:37.984 --> 23:41.454
I WILL REVIEW THE INTERNAL
CONTROLS THAT LEGISLATIVE

23:41.454 --> 23:46.459
SERVICES ASKS FOR, AND I'LL
REVIEW AND FOLLOW CONSERVES'

23:46.459 --> 23:51.931
INVESTMENT POLICIES TO MAKE SURE
IDAHOANS DON'T LOSE PRINCIPLE ON

23:51.931 --> 23:53.099
THEIR INVESTMENTS AGAIN.

23:53.099 --> 23:57.771
I WILL FIND OUT JUST HOW MUCH
INLOSSES WAS GRESHAM TRANSFERRED

23:57.771 --> 23:59.873
TO IDAHO'S CHILDREN.

23:59.873 --> 24:05.578
I WILL USE MY PROFESSIONAL
SKILLS AND MY LIFE EXPERIENCE TO

24:05.578 --> 24:11.418
REGAIN THE TAXPAYERS' TRUST AND
RESTORE INTEGRITY TO THE

24:11.418 --> 24:12.519
TREASURER'S OFFICE.

24:12.519 --> 24:13.987
PLEASE VOTE FOR ME IN NOVEMBER.

24:13.987 --> 24:14.954
THANK YOU.

24:14.954 --> 24:17.424
>> A MINUTE AND A HALF TO THE
TREASURER.

24:17.424 --> 24:21.327
>> I BELIEVE THE MOST IMPORTANT
ISSUE FACING AMERICAN FAMILIES

24:21.327 --> 24:26.166
IS THE $18 TRILLION NATIONAL
DEBT AND THE INABILITY OF

24:26.166 --> 24:28.268
WASHINGTON TO FIX IT.

24:28.268 --> 24:32.172
IT IS ABSOLUTELY UNCONSCIONABLE
TO ME THAT EVERY MAN, WOMAN AND

24:32.172 --> 24:37.711
CHILD IN THIS COUNTRY IS FACED
WITH INSURMOUNTABLE DEBT CAUSED

24:37.711 --> 24:39.346
BY OUT-OF-CONTROL SPENDING.

24:39.346 --> 24:42.716
AS A RESULT TAXES ARE HIGH AND
WORKING FAMILIES HAVE TO WORK

24:42.716 --> 24:47.253
TWO AND THREE JOBS JUST TO MAKE
ENDS MEET WITH THE LITTLE MONEY

24:47.253 --> 24:50.657
LEFT FOR DISPOSABLE INCOME,
SAVINGS AND RETIREMENT.

24:50.657 --> 24:53.193
HALF OF ALL FAMILIES IN THE U.S.

24:53.193 --> 24:59.299
LIVE PAYCHECK TO PAYCHECK AND
94% OF AMERICANS HAVE LESS THAN

24:59.299 --> 25:01.468
$25,000 IN THEIR RETIREMENT
ACCOUNTS.

25:01.468 --> 25:05.071
I BELIEVE THE SOLUTION LIES
LOOKING TO THE STATES,

25:05.071 --> 25:06.306
PARTICULARLY THE RED STATES.

25:06.306 --> 25:09.409
YOU SEE THE RED STATES HAVE
BALANCED BUDGETS.

25:09.409 --> 25:12.245
THE RED STATES HAVE MONEY IN
SAVINGS.

25:12.245 --> 25:15.682
THE RED STATES HAVE LOW DEBT
LOADS.

25:15.682 --> 25:18.685
THE RED STATES HAVE HIGH CREDIT
RATINGS.

25:18.685 --> 25:21.421
WE HAVE PROVEN THAT WE CAN GET
THE JOB DONE.

25:21.421 --> 25:24.624
AS YOUR STATE TREASURER IN ONE
OF THESE RED STATES I BELIEVE WE

25:24.624 --> 25:28.528
CAN SHOW THE WAY TO RESTORING
FISCAL SANITY TO THIS COUNTRY,

25:28.528 --> 25:32.799
AND ULTIMATELY THAT TRANSMITS TO
THE FAMILIES THAT LIVE IN THIS

25:32.799 --> 25:33.266
COUNTRY.

25:33.266 --> 25:36.803
THEY CAN BEGIN TO PROSPER AND
THEY CAN BEGIN TO PARTICIPATE IN

25:36.803 --> 25:37.637
THE AMERICAN DREAM.

25:37.637 --> 25:41.441
MY NAME IS RON CRANE, I AM YOUR
STATE TREASURER, I'M ASKING FOR

25:41.441 --> 25:42.642
REELECTION NOVEMBER 4th.

25:42.642 --> 25:43.076
>> ALL RIGHT.

25:43.076 --> 25:45.712
THANK YOU BOTH FOR YOUR TIME
TONIGHT AND THANKS TO OUR

25:45.712 --> 25:47.881
REPORTERS FOR THE GREAT
QUESTIONS AND TO OUR VIEWERS

25:47.881 --> 25:48.815
WATCHING AT HOME.

25:48.815 --> 25:54.988
YOU CAN LEARN MORE ABOUT THE
CANDIDATE ON OUR WEBSITE AT

25:54.988 --> 25:57.123
IDAHOPTV.ORG/ELECTIONS/2014,
PLUS STREAM ON DEMAND ALL SEVEN

25:57.123 --> 26:00.927
DEBATES WE WILL BE CONDUCTING AT
ANY TIME AFTER THEY TAKE PLACE.

26:00.927 --> 26:03.963
AND MOST IMPORTANTLY, MAKE SURE
YOU GO VOTE.

26:03.963 --> 26:07.200
GO TO IDAHOVOTES.GOV.

26:07.200 --> 26:10.036
ON BEHALF OF ALL OF US HERE AT
IDAHO DEBATES, GOOD NIGHT.

26:12.138 --> 26:16.343
Captioning Performed By
LNS Captioning
www.LNScaptioning.com

26:18.078 --> 26:18.978
*

26:20.980 --> 26:23.883
>>> THE IDAHO DEBATES ARE MADE
POSSIBLE BY BOISE STATE

26:23.883 --> 26:27.354
UNIVERSITY SCHOOL OF PUBLIC
SERVICE, DEVOTED TO BUILDING

26:27.354 --> 26:31.257
FUTURE CIVIC AND COMMUNITY
LEADERS THROUGH PROBLEM-SOLVING,

26:31.257 --> 26:33.626
REAL WORLD RESEARCH AND POLICY
STUDIES AND THE HANDS-ON

26:33.626 --> 26:35.729
EXPERIENCE YOU CAN ONLY GET HERE
AT THE STATE CAPITOL.

26:35.729 --> 26:38.732
THE IDAHO DEBATES ARE ALSO
BROUGHT TO YOU BY YOUR

26:38.732 --> 26:41.067
CONTRIBUTION TO THE IDAHO PUBLIC
TELEVISION ENDOWMENT.

26:41.067 --> 26:44.004
THANK YOU.

26:44.004 --> 26:47.874
*
*