OPINION: NY comptroller's office is all about the money

H. Carl McCall was New York State comptroller from 1993 to 2002.

It's mid-October in New York and that means two things: The Yankees are making noise in the playoffs and election campaigns are in a full-throated sprint to the finish line. In other words, we're witnessing a little bit of magic and a lot of mayhem.

While watching Mariano Rivera and A-Rod is exhilarating, wading through the sea of negative campaign ads can be exasperating, to say the least. But even with the confusing din of 30-second sound bites, most New Yorkers have a sense of the qualities and experience that matter most in the candidates vying for various offices.

The lone exception is state comptroller. For most New Yorkers, the position is a mystery. Most voters have no idea what the comptroller does, let alone the qualifications necessary for the post. It's one of the most important elected offices of New York State, but it's probably the least understood.

When I was comptroller, I learned firsthand how little the average New Yorker knew about my job. The most common thing I heard was, "I think it has something to do with money." The truth is, the state comptroller has everything to do with money.

Managing a staff of more than 2,500 people, the comptroller oversees a dizzying array of financial responsibilities for the state: managing the New York State and Local Retirement System for more than a million public employees and retirees, wisely investing and managing the state's $125-billion Common Retirement Fund as its sole trustee - which makes the comptroller one of the world's largest institutional investors, administering the state's payroll, issuing reports on state finances, reviewing state contracts and payments, and auditing state agencies, public authorities and local governments to ensure efficient use of funds and to protect against waste and abuse.

If that sounds daunting, it is.

Before I became state comptroller, I had been a state senator, United Nations ambassador, president of the New York City Board of Education and a vice president at Citibank, among other things. But none of these experiences provided a perfect training ground for the to-do list that faced me on my first day on the job. So it's understandable why voters might have a hard time deciding what kind of background best suits candidates for this office.

The comptroller is expected to come up with a successful investment strategy to safeguard and grow the massive pension fund - particularly challenging in the current economic environment. He or she must be an impartial, forceful voice for fiscal discipline and put a statewide spotlight on the waste and abuse of taxpayer money.

In my case, I knew that the best way to accomplish these things was to surround myself with a top-notch team of experts. And that's exactly what I did.

So what should New Yorkers be looking for in candidates for state comptroller? Business acumen? Auditing experience? A background in large institutional investing? In my experience, the most important quality a comptroller can have is being a good manager - someone with ethics and integrity and a keen eye for choosing talented, experienced, dedicated people.

There are a number of key things to weigh. What have the candidates managed in the past? A large organization? A small team? What was their track record? Do they have experience in other fields - like politics, academia or business - that gives them insight on the diverse range of issues that will ultimately pass their desk?

Do they have experience working with federal, state and local legislative leaders? It will sure help if they have. Through audits and investments, the comptroller's office touches virtually every locality of the state.

If after answering those questions, you're still unsure whom to support for comptroller, watch the dugout of a Yankees game next week for guidance. For every blazing Sabathia fastball, Teixeira double or balletic turn of a double play by Cano and Jeter, you'll see Joe Girardi calmly, deftly managing the action, making the crucial decisions that put the team in the best position to win.

That's exactly what we need in our state comptroller.