Gov. Charlie Crist said this morning he was frustrated to learn neither state auditors nor attorneys hired to advise them were preparing a potential lawsuit against the securities companies that sold the state investments on the verge of being downgraded.

“Go forth and do good, damn it,” he said. “Let’s get going.”

The purchase of mortgage-backed securities caused panic among local government officials, who had invested more than $30 billion in a state-run pool. Only a fraction of the investments were backed by mortgages, but the worries triggered a run on the bank that put billions of dollars at risk.

Kim Ferrell, chair of the SBA audit committee, said the panel was investigating the details of the sale and the state policies in place that helped guide any decisions.

Crist’s office urged the hiring of Mitchell Singerman law firm to help auditors with their investigation. “If the law firm was retained for guidance, that’s not what my intent was,” Crist said.

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