You knew that when Gov. Lingle called Marion Higa's audit of the state Budget and Finance Dept. "dowright shoddy," that the report was going to be bad. And surely enough,....
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Hawaii News Now
$1 billion in state funds funneled into risky student loan securities, which has lost $254 million in value when the market went belly-up.
As if that wasn't bad enough, the state auditor is claiming that this whole investment scheme violated state law.
Even in the best of times with no fiscal crisis and furlough days, $254 million is not chump change. IMNSHO, there needs to be an investigation into this, with prosecution for anyone found guilty of breaking the law. And because the administration's conduct is being called into question, the AG's office can't be the one to conduct the investigation. Looks like a special investigator/prosecutor may have to be appointed by the legislature to get to the bottom of this.
Stay tuned.
Advertiser
Star-Bulletin
KITV
KHON
Hawaii News Now
$1 billion in state funds funneled into risky student loan securities, which has lost $254 million in value when the market went belly-up.
As if that wasn't bad enough, the state auditor is claiming that this whole investment scheme violated state law.
Even in the best of times with no fiscal crisis and furlough days, $254 million is not chump change. IMNSHO, there needs to be an investigation into this, with prosecution for anyone found guilty of breaking the law. And because the administration's conduct is being called into question, the AG's office can't be the one to conduct the investigation. Looks like a special investigator/prosecutor may have to be appointed by the legislature to get to the bottom of this.
Stay tuned.
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