California November 2018 Ballot - Treasurer

Most of the races on this ballot are not close calls.  This one is closer than others.  

Fiona Ma is currently a member of the State Board of Equalization and she's done an outstanding job in that position.  She and current State Controller Betty Yee worked tirelessly to expose improprieties at the BOE.  She, like her opponent, is a CPA with experience in private practice as well as having spent time at one of the "Big Five" accounting firms.

The L.A. Times editorial endorsing Ms Ma extols her virtues while giving short shrift to her opponent, Greg Conlon.  Here is what they say about him:

"Ma’s opponent, Greg Conlon, is a retired CPA who spent most of his career at the Arthur Anderson (sic) accounting firm, which no longer exists. He sat on the Public Utilities Commission, including a stint as chairman, during Gov. Pete Wilson’s administration, a time when the PUC was less consumer friendly than it ought to have been. This is Conlon’s third try for the treasurer’s job, and he has never exceeded 40% of the vote in those attempts. He also ran in the 2016 primary to replace Barbara Boxer in the U.S. Senate but received only 3% of the vote. California voters have had plenty of chances to elect him and have persistently opted not to."

The fact that Arthur Andersen no longer exists has nothing to do with Mr. Conlon's tenure at the firm.  That firm was involved in the scandal at Enron after that energy firm filed for bankruptcy in 2001.  Mr. Conlon retired from Arthur Andersen a decade earlier.  

On the other hand, Ms Ma was working at Ernst & Young when that firm was involved in the BCCI scandal in 1991.  Since there is no evidence that she worked on that firm's account, it is unfair to mention this, but I did it to point out the hypocrisy in the Times editorial using the failure of Arthur Andersen to cast aspersions regarding Mr. Conlon.

Mr. Conlon wants to work to eliminate the $800 minimum tax on business entities to help start-up businesses.  It is onerous for a start-up to pay that tax in early years when they have little or no revenues.  It is also unfair to force entities that fail to dissolve their entity with the Secretary of State before the end of a year to pay that tax the following year if they are no longer in operation.  Mr. Conlon's proposal to begin working to resolve our state's unfunded and underfunded pension liabilities by starting defined contribution plans for new state employees, while preserving present pension benefits for current employees, also has merit.

I will be voting for Fiona Ma.  I think she is the better choice.  But it is a close call in my mind.