It is one of Hawaii’s most endearing qualities: the warm sense of aloha that often makes acquaintances, even strangers, feel like a trusted member of the family. Unfortunately, that’s just what in-house embezzlers are counting on.

Recent white-collar thefts have made local headlines — as much for the prominence of the entities involved as for the staggering amounts stolen.

Over four years ending in 2012, $3.8 million was stolen from the parent company of Honolulu Magazine and Hawaii Business magazine by Johanne Jarlego, 45, a then-employee entrusted with collecting payment from advertisers. Jarlego used dummy accounts to siphon money, even covering her tracks along the way by repaying $2.4 million of the stolen funds, which netted her $1.4 million. She pled guilty Tuesday, and now faces a maximum 30 years in prison.

Then there’s Patrick Oki, former managing partner of PKF Pacific Hawaii LLP, sent to prison Tuesday for up to 20 years for stealing over $400,000 from his prominent accounting firm and former partners. Over a three-year period, Oki supported a lavish lifestyle via theft, money laundering, forgery and use of a computer in the commission of the crimes.

And earlier this year, Sophina Placencia was sentenced to a year in jail plus probation for stealing $554,541 from Waianae Community Outreach, a nonprofit founded by her mother for which Placencia had been executive director.

These cases reveal greed, and misplaced trust, gone awry. Most companies, of course, can rightly trust their people and will operate successfully without incident. But for their own sakes, companies, agencies and nonprofits should review their processes to guard against in-house crimes. Best practices, for instance, call for regular audits, segregation of duties when it comes to accounts payable and accounts receivable, and setting up dual approvals for transactions.

There’s a difference between trust and blind trust — and that difference could amount to millions of pilfered dollars.

State scores well on stress test

It is with some relief that we receive the news that Hawaii has enough cash reserves to weather the next recession — and there will be a next one, experts say. Further assurance comes from the fact that the news is from Moody’s Analytics, the reputable economic research firm, and not just another fun-fact ranking.

More than eight years after the U.S. Great Recession from 2007 to 2009, Moody’s has “stress-tested” all 50 states for their budgets’ ability to navigate a moderate recession without resorting to tax hikes or serious spending cuts. Hawaii fared better than most, since it withholds more than 11 percent of its yearly budget in reserve, whereas other states typically hold 8 percent; Moody’s advises at least 10 percent to weather a moderate recession.

The challenge for all states, of course, is to hit that budgetary sweet spot between squirreling funds for future downturn, while spending for today’s policies, needs and economic growth.

A delicate balancing act. But Hawaii residents who recall the many financial squeezes during the Great Recession — Furlough Fridays, anyone? — can see the wisdom of planning well in today’s sunny times for tomorrow’s rainy days.

A new chapter for Turtle Bay

The fascinating, long-running saga of North Shore’s Turtle Bay Resort is about to start another chapter, with its likely sale to huge real estate investment firm, Blackstone Group, for $330 million to $350 million.

The firm has a reputation for investing money into its properties, upgrading and upscaling, then later selling for a profit. How that game plan plays out at Turtle Bay will be intriguing indeed, given controversies over the decades on overdevelopment and land-use pacts.

North Shore residents, as well as environmentalists, will surely be monitoring Blackstone’s moves closely. Several years ago, knotty land-use issues were resolved by the resort downsizing expansion plans and the state paying $45 million to preserve some 53 acres at Kawela Bay and a conservation easement in perpetuity; the city chipped in $7.5 million.

All that, though, still left Turtle Bay Resort with development rights for up to 100 homes plus 625 rooms in two future hotel or timeshare projects. Blackstone, of course, knows all this.

Every Saturday, we’ll present these short-take editorials that reflect on some of this week’s news.