Daily News | What a Marine turned CPA learned as a watchdog of Pennsylvania’s and PSERS’s billions
Ryan, 71, didn’t run for reelection to his legislative seat this year, and he recently stepped down from PSERS. He agreed to talk about his experience in government over eggs at Exton’s all-night Bistro 24. The interview has been edited for length and clarity.The state has been here since 1682 spending the people’s money. It’s government, and I didn’t expect the controls over spending by state agencies to be at the standards of the business community, even after all those years.
We had a bill that would mandate better controls. It has not passed. We started implementing provisions of that bill at PSERS anyway. It should make it easier to measure if, for the fees you are paying, you get the returns you expect. The next economic downturn will take a state like Illinois and drive them into bankruptcy. [Pennsylvania is] not that far behind Illinois, if you look at the imbalance between long-term obligations like the pension funds and revenues.I did books for a lot of manufacturers. Pennsylvania was a great manufacturing state until we chased a lot of the factories away.
When a leader has an adversarial relationship with the audit committee, you can end up with what happened at Disney recently, when theBut Chris told me he thought he understood: “You just want to see what’s going on.” I said, “Right, financial issues shouldn’t be political. As long as we communicate freely.” And Stacy Garrity [the Republican state treasurer and a critic of some PSERS policies] was a tremendous vice chair.
But once the investigation started, we couldn’t talk to them. I need to be impartial in an investigation.
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