In The News: Editorial: For State Treasurer, Democratic Primary; McCord has the credentials (Inquirer 4/14/08)

April 14, 2008
The Philadelphia Inquirer
Editorial: For State Treasurer, Democratic Primary;
McCord has the credentials

Four candidates are vying for the Democratic nomination to become Pennsylvania's treasurer - a relatively obscure state row position that too often has been used as a springboard to higher office.

Bob Casey was treasurer before he won his U.S. Senate seat in 2006. His replacement, Robin Wiessmann, decided not to run for a full term. Wiessmann had been an investment banker and adviser to state treasurers in several states. But financial acumen historically has not been a requirement for this post.

That makes little sense for the head of a department that's responsible for investing all state agency funds and managing nearly $100 billion in the state's two largest public pension funds.

This year's Democratic field does include candidates with business experience that would be helpful in watching the state's pension fund investments.

Of the four, ROBERT McCORD is the most qualified to become state treasurer. A venture capitalist with degrees from Harvard and the Wharton School, McCord, 49, has spent 14 years managing more than $1 billion in assets. (He was a founder of the Eastern Technology Fund, an investor in Philadelphia Media Holdings, owner of The Inquirer.)

The Bryn Mawr resident has never held elective office and he isn't making campaign promises that can't be kept. He acknowledges that the state may not be able to afford the cost-of-living increases some legislators want for state pensioners and retired teachers.

McCord is prepared to oversee the Treasury Department's 530 employees and annual budget of about $60 million. His best asset, though, is also a concern - his close ties to the financial world.

McCord's inner circle includes powerful money-management associates, but he promises they won't have "undue" influence over him if he is elected treasurer. He says he will recuse himself when necessary. Voters should also keep in mind that the treasurer does not make investment decisions solo. The treasurer is only one of 15 members of the Pennsylvania Public School Employees Retirement System board. The State Employees Retirement System board has 11 members.

Others running for treasurer include John Cordisco, the Bucks County Democratic Party chairman, who helped found Team Capital Bank. A former state legislator and school board member, Cordisco is also a lawyer.

State Rep. Jennifer Mann, 38, of Allentown, has represented the 132d district in Lehigh County since 1998. She is considered a rising star in the party.

Former Philadelphia resident Dennis Morrison-Wesley, 58, of Harrisburg, a self-described fiscal conservative, is a financial consultant and cable salesman who has never held public office.

The winner will face Republican Tom Ellis of Montgomery County, who has no primary opposition.