Trib: Treasurer Crane wasting $$$ again

In a weekend editorial, Opinion Editor Marty Trillhaase of the Lewiston Tribune comments:

It’s not enough for Idaho state Treasurer Ron Crane to deny the latest round of accusations that he has wasted your tax dollars on insider deals.

Long ago, Crane forfeited his right to the benefit of the doubt.

At issue are the half-billion dollars worth of tax anticipation notes that cover debts government incurs before tax revenues arrive. With an amount that huge, even a fraction of a percentage point to cover the financial services or pay interest can amount to hundreds of thousands of dollars.

Now comes Cameron Arial, a former investment banker with Zion’s Bank, who serves on the State Treasurer’s Investment Advisory Board lawmakers established three years ago amid one of Crane’s earlier screwups.

Arial told the Idaho Statesman’s Bill Dentzer that by refusing to put the TAN underwriting services contract out for bid, Crane paid $279,000 in fees to Piper Jaffray. By contrast, the state of Colorado put its contract out for bid and wound up paying $33,000 in fees to a syndicate of underwriters.

Crane also paid $600,000 more in interest than Colorado. More here.