News Stories

Thursday, October 30,2008
The Express Times

With a hotly contested presidential race at the top of the ticket, contenders for statewide row offices need to work harder than ever this year to draw the "typical" voter attention to their races. Typical, as in, little or no. It's a shame Pennsylvania voters don't invest more time and interest in these statewide posts, including auditor general and treasurer. Both roles are important to a well-functioning state government and are more crucial than ever during our current economic roller coaster ride. The auditor general is the state's top fiscal watchdog, responsible for roughly 5,000 financial and performance audits every year. The office scrutinizes the financial ledgers of state agencies, counties, school districts, etc., to uncover wasteful spending, fraud and abuse and to recommend better spending practices. This year's race pits incumbent Democrat Jack Wagner against Republican Chet Beiler, a businessman from Lancaster County, and Libertarian Betsy Summers, a veterinary-supply saleswoman from Wilkes-Barre. Wagner, a Pittsburgh Democrat, has served taxpayers well in his first term, uncovering wasteful spending in the Pennsylvania Higher Education Assistance Agency, possible fraud in a state home-heating program for the poor; and enforcement problems in the state's sex-offender registration program. He is a longtime proponent of legislation that would eliminate bonuses for state government workers, such as those under investigation in "Bonusgate." Beiler, who runs the country's top gazebo manufacturer, has an impressive resume in the private sector. However, his claim that Wagner is more lapdog than watchdog simply isn't true. Wagner has demonstrated a willingness to expose poor government spending and protect taxpayer money. He deserves a second term. Republican Tom Ellis and Democrat Rob McCord are vying for treasurer in a race devoid of incumbency. Libertarian candidate Berlie Eltzel rounds out the field. Robin L. Weissman, who was appointed to the post when Bob Casey was elected to the U.S. Senate in 2006, chose not to run. Ellis is a lawyer and former Montgomery County and Cheltenham Township commissioner; McCord is a former congressional aide and a venture capitalist who lives in Montgomery County. Both are well-qualified. However, given his experience handling others' money as a venture capitalist, McCord is the better fit to oversee the commonwealth's finances and the pension funds for teachers and public employees.

Source: http://www.lehighvalleylive.com/opinion/index.ssf?/base/news-0/122533955...

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...

Montgomery County investment professional well suited to safeguard state's financial assets

Tuesday, October 21, 2008
Patriot-News

In Republican Tom Ellis and Democrat Rob McCord, Pennsylvania voters have two bright, articulate and well qualified candidates running for state treasurer.

They are running to replace Robin Wiessmann, who agreed not to seek election to a full term when she was nominated to fill the remaining two years of Robert P. Casey's term after he was elected to the U.S. Senate.

While the state treasurer traditionally has been a low-profile office, it has the important responsibility of serving as custodian of funds for virtually all agencies, amounting to roughly $105 billion. The treasurer also sits on the boards overseeing the state's two huge public pension funds and numerous other boards. In addition, the treasurer carries out an extensive list of other duties, including overseeing the Pennsylvania College Savings Program.

The current financial crisis and the uncharted economic territory in which the commonwealth and nation are headed lend greater weight to the financial acumen and judgment of the individual serving as treasurer.

Ellis, of Montgomery County, is a bond attorney who has served as both a township and county supervisor. In both his public and private positions he has considerable experience working on financial matters with local governments and municipal authorities. He is a graduate of the University of Pennsylvania and its law school.

McCord, also of Montgomery County, recently retired as head of a venture capital fund that invested in early-stage life-science and information technology firms, managing more than $1 billion in assets. While this is his first run for public office, he has previous government experience as an aide to former U.S. Sen. Al Gore and former Pennsylvania Rep. Bob Edgar. He is a graduate of Harvard University and has an MBA from the University of Pennsylvania's Wharton School of Business.

Both men impressed us with their understanding of the office, public finance and their desire to make the office better than it already is. Either would be a fine treasurer.

But in our view, McCord's expertise as an investment professional gives him the edge at a time when such knowledge seems especially important. The Patriot-News endorses Rob McCord for state treasurer.

Source: http://nl.newsbank.com/nl-search/we/Archives?p_action=doc&p_docid=123F8F...

Tuesday, October 21, 2008
Philadelphia Inquirer

The worldwide economic crisis has given added meaning to the usually low-key race for Pennsylvania state treasurer. Voters are blessed to have two highly qualified candidates running for the post.

Republican Tom Ellis, 49, is an attorney in the public finance department at the politically connected Ballard Spahr Ingersoll & Rand law firm, where Gov. Rendell used to hang his shingle. Ellis has been a Montgomery County commissioner and Cheltenham Township commissioner.

Democrat Rob McCord also is 49 and lives in Montgomery County. A former congressional aide, McCord is a successful venture capitalist, investing his and others' money.

The incumbent, Robin L. Weissman, said she would not seek election when she was appointed treasurer to replace Bob Casey after he was elected to the U.S. Senate in 2006.

The state treasurer, a gubernatorial appointment in most states, serves as steward of the commonwealth's finances, cutting checks and overseeing state assets as well as the teachers and public employees pension funds. Before Wall Street imploded, the combined balance sheet was about $120 billion.

In his stump speeches, Ellis has promoted campaign finance reform, vowing not to take donations from anyone who would be doing business with the Treasury Department.

McCord has taken a different stance, saying he would recuse himself from any decision involving a donor to his campaign.

Both candidates have said they would bring more transparency to the office, which is a promise that carries even more meaning now, with the nation reeling from a crisis brought on in part by investments in little-understood and unregulated financial products.

Libertarian candidate Berlie Etzel also promises increased transparency, but his experience as a township constable in western Pennsylvania and as a retired math professor do not recommend him for this important job of protecting the investments of the state and its pension funds.

To his credit, Ellis has promised that, if elected, he would not use this post as a stepping stone to higher political office, a common act by some past state treasurers. But Ellis' past political connections and some personal issues raise questions about his independence and judgment. Ellis was unopposed in the Republican primary.

McCord, who won the three-person Democratic primary, has not ruled out seeking higher public office. But his investment skills make him a better fit than Ellis for this job. McCord also promises to cut fund-management costs and demand transparency from outside fund managers. The Inquirer endorses ROB McCORD for state treasurer.

Source: http://www.philly.com/inquirer/opinion/20081021_Editorial__For_Pa__Treas...

Monday, October 13, 2008
PolitickerPA.com
Alex Roarty

An internal poll shows Democrat Rob McCord beating his Republican opponent, Tom Ellis, by 17 percentage points, a positive sign for the businessman as he tries to take advantage of a favorable year for Democrats in Pennsylvania.

The poll, taken Anzalone Liszt Research, says McCord leads Ellis 43 percent to 26 percent. It reports the lead grows to 18 percentage points when voters "hear basic positive information about both candidates," 55 percent to 37 percent.

Democratic state treasurer candidates have an inherent 10-point advantage, the poll finds in a generic matchup, and voters not affiliated with either party favor a Democrat by 29 percentage points.

The poll's findings also state McCord is well-positioned to win his race because of his fundraising edge, where he holds a 23-to-1 edge.

"At this point, Ellis does not have the funds necessary to communicate effectively with general election voters," the poll's findings state.

It surveyed 700 likely voters from Sept. 30 to Oct. 5 and has a margin of error of 3.7 percent.

Source: http://www.politickerpa.com/alexroarty/2096/mccord-17-internal-poll-repo...