Batt Putting Assets Out Of Sight Worth Close To $1.6 Million, Governor To Set Up Blind Trust To Avoid Conflicts Of Interest

Idaho Gov. Phil Batt says he will place all his financial assets into a blind trust to avoid any possible conflict of interest while he is governor, and says his assets could be worth close to $1.6 million.

Batt on Friday afternoon said he was placing all his assets into a trust, likely at Merril Lynch.

As a guideline, Batt, the state’s first Republican governor in 24 years, used federal financial disclosure guidelines, which require reporting of assets only in broad categories.

“Therefore, our net worth is between $715,000 and $1.6 million. I will tell you that it is closer to the high end,” Batt said.

“I will make no decisions for the farming and onion-packing operations, although I will naturally check on their progress,” he said. “I will never make a decision in state government which can be criticized for benefiting me personally.

“If such a potential conflict arises, I will declare it openly to the public,” the governor said.

Batt said he and his wife, Jacque, have the following holdings:

Cash and securities worth between $15,000 and $50,000, including IBM stock and a $5,000 certificate of deposit at First Interstate Bank.

Interest-bearing money market accounts worth between $100,000 and $250,000, a demand account at Merrill Lynch which draws daily interest.

An IRA-type account of about $120,000 at Merrill Lynch. Included among mutual funds and stocks are about 400 shares of Idaho Power, which he will sell.

He loaned $100,000 to the Batt for Governor campaign. “I don’t know how much I will receive back. I am valuing the loan at $50,000.”

The couple owns 160 acres of farmland valued at between $250,000 and $500,000, including a home, car and personal belongings.

A condominium in Arizona is valued at between $50,000 and $100,000.

“We’ve loaned some money to my children and we owe them for some short-term loans. The balance, in our favor, is between $100,000 and $250,000.

“Our onion packing and farming operation owes us between $100,000 and $500,000 for a short term loan,” Batt said.

He said he has no liabilities except accrued income taxes.

His staff said Batt has an interest in the Wilder onion packing plant that couldn’t be immediately determined.