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Ten members of the 11-member New Mexico Finance Authority board are appointed by the governor. Four of them are members of Gov. Susana Martinez’s own cabinet. The Authority’s CEO, Rick May, served in her cabinet until assuming his NMFA post nearly a year ago.
So you might think the Martinez administration would have had its ducks in a row last week, when NMFA board members met, not once but twice, to deal with evidence that a former agency controller had fraudulently concocted the 2011 financial reports of the Finance Authority, which loans millions of dollars to state entities and schools for capital equipment and infrastructure.
Those meetings came in the wake of news reports that Moody’s Investor Service and Standard & Poor’s were conducting reviews of NMFA, citing “weak internal controls” at NMFA.
Reviews of this sort have been known to increase a state’s interest rates when it borrows.
In short, the stakes are high. Yet the ducks were in disarray last week as the governor’s NMFA board members were seen quite publicly to be bumping into themselves like Keystone Cops of yore.
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