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Sink's CFO bid is a wish come true for Democrats

The personable former bank exec's candidacy may put her on a collision course with Republican Tom Lee, another leading Hillsborough resident.

By ADAM C. SMITH
Published August 31, 2005

TAMPA - For years, Democratic leaders have courted and talked up Alex Sink as a dream candidate: a savvy businesswoman and longtime party activist with vast contacts and the instincts and charm to win statewide office.

On Tuesday, the former Florida chief for Bank of America granted their wish. Adelaide "Alex" Sink jumped into the statewide race for chief financial officer, promising to bring her financial background to bear for Florida consumers.

"I have 26 years of financial services experience to bring to the task. I have long experience as a statewide community and business executive," Sink, 57, said after announcing her candidacy among friends munching on salad at Tampa's Mise en Place restaurant. "I've always had a passion for helping people. My whole banking career was about that. And it's time for me to get back into the fray."

Sink's announcement sets the stage for a Hillsborough County showdown pitting two of the area's most prominent and blunt-talking community leaders. Barely 20 minutes away from the Thonotosassa home of Sink and her husband, former Democratic gubernatorial candidate Bill McBride, lives the Republican front-runner for CFO, state Senate President Tom Lee of Valrico. Lee plans to kick off his campaign today in Brandon.

Lee is Sink's state senator, and as civic leaders, their paths have often crossed.

"I remember being at a Brandon Chamber meeting and everybody saying he's going to be in politics, he's an up-and-comer," said Sink, recounting that Lee's former wife also used to work with her at the bank.

She declined to directly discuss Lee's candidacy, noting that she has to win the Democratic nomination and that Lee must beat Republican rivals, including state Rep. Randy Johnson of Celebration and state Sen. Charlie Clary of Destin.

Democratic CFO candidate Eric Copeland, a Miami tax lawyer, released a statement noting that Sink sits on the boards of Raymond James Financial and First Advantage Corp., which could be affected by the CFO's actions. "I have faith in Florida voters to decide whether they want the office to be defined by industry insiders, or whether they want a chief financial officer who's not afraid to fight for Florida's citizens," the statement said.

Sink said she would leave the boards of public companies but noted that the CFO no longer directly regulates industries.

After a reorganization approved by voters in 2000, the offices of treasurer/insurance commissioner and comptroller merged. The elected CFO position does not directly regulate insurance companies, but instead acts as an advocate for insurance consumers. The CFO, in effect, handles the state's pocketbook, overseeing such mundane but crucial functions as issuing checks and overseeing auditing.

Sink said her platform, particularly in advocating an improved insurance climate in Florida, is still taking shape. But she said as CFO she would push for more accountability for privatized services to ensure contractors were abiding by the contracts and producing the promised savings.

She was Florida's highest-ranking female bank president until her retirement in 2000. She stepped down as Florida president of NationsBank, now Bank of America, a position that meant managing more than $40-billion in assets and supervising some 9,000 employees in 800 branches across the state.

Sink has been a leader on the economic development board Enterprise Florida, the nonprofit fiscal research group TaxWatch, the Florida Chapter of the Nature Conservancy, and the Beth El Farm Workers Ministry in Wimauma. She led efforts to create the Redlands Christian Migrant Association Day Care Center, and serves on the board of a charter school targeting migrant children.

Lee, 43, is a home builder. He said in a telephone interview that his background for the post compares well to Sink's: "I acknowledge that she has a lot of corporate experience, but I've got a small business background of 20 years, and I have nine years of public service."

In 2002, Sink campaigned hard for her husband, Bill McBride, whom Jeb Bush soundly defeated. McBride has since kept a low profile but was at his wife's side Tuesday. She said he would not be as active campaigning for her as she was for him because he is building up a law practice.

A North Carolina native, Sink graduated from Wake Forest University and has lived in Miami, Jacksonville, and Tampa. She and McBride have a son and daughter. Their son, Bert, recently won a football scholarship to Stanford University.

Adam C. Smith can be reached at 727 893-8241 or adam@sptimes.com

[Last modified August 31, 2005, 01:20:10]