Former Revenue Commissioner Adam Crum ignored numerous safeguards and pressed ahead with his decision to try to put $225 million into long-term investments last year, neglecting to follow the advice of the chief investment officer of the Department of Revenue.
Legislative leaders and the CIO of the revenue department told Crum that all money in the Constitutional Budget Reserve should have remained in cash or in investments that could be turned into cash quickly, but Crum went ahead anyway with the $225 million plan three days before he quit to run for governor.
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