In The News: Rob McCord for treasurer (Times Tribune 10/30)

Thursday, October 30, 2008
Times Tribune

Of the state government row offices, that of state treasurer usually comes with the highest snooze factor. Not this year. The next state treasurer will have a substantial role in helping the state government navigate a complicated and perilous financial mine field involving hundreds of billions of public dollars.

Fortunately for Pennsylvanians the race for the open seat features two highly capable candidates. The Times-Tribune endorses Democrat Rob McCord over Republican Tom Ellis to succeed Robin L. Wiessmann, who will not seek election after capably filling out the term of former treasurer and current U.S. Sen. Bob Casey.

Mr. Ellis is a former Cheltenham Twp. supervisor and Montgomery County commissioner, and a municipal finance attorney for the politically connected Philadelphia law firm, Ballard, Spahr, Andrews & Ingersoll. He is a graduate of the University of Pennsylvania and its law school.

Mr. McCord, a Harvard graduate with an MBA from the University of Pennsylvania’s Wharton School, has not held public office. But he was a congressional staffer in finance for 10 years. Most important, relative to the treasury race, is that Mr. McCord has extensive experience in investment as an entrepreneur and venture capitalist. He has specialized in financing start-up firms in life sciences and information technology.

Mr. McCord vows greater transparency for the state’s direct investments and pension-board investments. For example, he would require as a matter of contract with private investment managers that they do not accept any fees from any entity in which state funds are invested. That is a sure way to guarantee that the managers are working exclusively for the state and its taxpayers. He also would establish Web sites detailing state spending and investment.

In order to better protect state pension assets from market volatility, he would press for greater investment in what he calls alternative assets, rather than the current heavy concentration on stocks and, more recently, risky hedge funds. The impact of the current financial market declines on state pensions won’t be known until the spring, but Mr. McCord previously had advised against greater involvement in hedge funds.

Mr. McCord also plans to use taxpayers’ money, wherever possible, to invest in market sectors that are important to future job creation in the state, especially clean energy and related technology.

Mr. Ellis would be a competent treasurer. Mr. McCord also would be competent, but is more likely to be innovative in establishing greater security and more publicly beneficial use of Pennsylvania’s money.

Source: http://www.scrantontimes.com/articles/2008/10/30/editorial/sc_times_trib...