Herb W. Morgan

LAist's general-election guide to the Controller race (CalMatters material, updated October 19, 2026). It says Republican Herb Morgan 'wants to use the office to investigate fraud' and lists his key endorsements.

• Morgan, chief investment officer, runs on exposing fraud.
• Key endorsements: California Republican Party, California Republican Assembly, Unity Party of California.
• Links to his campaign site and endorsement list.

CalMatters' 2026 Voter Guide page for the Controller race, with short profiles of Cohen (D) and Morgan (R). It says Morgan runs on exposing fraud in government and founded an investment firm later acquired by Cantor Fitzgerald Investment Advisors.

• Morgan runs on exposing fraud in government.
• Endorsements: California Republican Party, California Republican Assembly, Unity Party of California.
• Campaign-finance tables were not captured in the stored text.

The index page of CalMatters' 2026 California Voter Guide. It covers key dates, the governor's race, propositions and legislative races, and links to race pages; it does not discuss Herb Morgan or the Controller race in its text.

• Hub for CalMatters' nonpartisan 2026 voter guide.
• Lists key dates through Election Day, Nov 3.
• No content specific to the Controller race or Morgan.

CalMatters profile of the 2026 Controller race. It reports that Morgan promises to pick up 'the slack' he says Cohen dropped, including scrutinizing homelessness spending, and wants every transaction by a state-funded nonprofit recorded in a state database monitored with AI. It notes his real-time campaign-donation dashboard and $367,000 raised by end of April, and quotes him on fiscal responsibility appealing across ideologies.

• Morgan wants a state database of every state-funded nonprofit transaction, monitored with AI to flag suspicious purchases.
• His website dashboard logs campaign donations in real time; he had raised $367,000 by end of April 2026.
• Morgan: 'I don't care where you are on the social spectrum, 99% of us are fiscally responsible.'
• He acknowledged being an outlier as a Republican in California.
• Cohen had raised more than $1.2 million; CalMatters says she cleared the ACFR backlog but did not meet some 2022 audit pledges.

KPBS republication of the CalMatters candidate explainer. It says Morgan, a chief investment officer, is running on exposing fraud in government 'at a time when the Trump administration also is leveling fraud accusations against California,' and founded a San Diego investment firm later acquired by Cantor Fitzgerald Investment Advisors.

• Morgan's professional background: chief investment officer.
• Founded a San Diego investment firm later acquired by Cantor Fitzgerald Investment Advisors.
• Top endorsements: California Republican Party, California Republican Assembly, Unity Party of California.

The official printed voter guide's Controller statements (p. 86), the same text as the SoS web page. Morgan says the Controller 'does not set policy' and pledges to put all expenditures in an online database with transaction-level detail and near real-time reporting.

• Morgan describes the job as pre-audits and approval of expenditures plus 'rigorous post-audits.'
• His one concrete pledge is a public transaction-level spending database.

Op-ed by Herb Morgan in the California Globe arguing that California's unclaimed property program, which he says holds more than $15 billion and yields about $1 billion a year to the General Fund, puts the state's revenue interest ahead of owners. He says Cohen, as trustee, has 'subordinated that duty,' criticizes the forced sale of securities, percentage-paid private 'auditors,' and cites Palmer Law Group suits including Hashim v. Cohen and Peters v. Cohen. He calls a June 2026 notice mailing 'too little and too late.'

• Cites an LAO-identified conflict: unreunited property becomes General Fund money.
• Says securities must generally be sold 18-20 months after being reported, so owners lose later appreciation.
• Uses Peters v. Cohen (1,029 pre-split Amazon shares; about $1.6 million returned) to estimate a ~$5.5 million current value.
• Calls the arrangement 'a fundamental conflict of interest.'
• Acknowledges the June 2026 mailing to about 130,000 Californians matched through FTB records.

Op-ed by Herb Morgan in the California Globe proposing 'bottom-up budgeting' that funds classrooms and public safety first. He says California needs a Controller with financial experience rather than 'another inexperienced political hack,' and says he would use the office's constitutional and statutory accounting and reporting powers to show whether frontline services are prioritized over administrative growth.

• Says 'budgets reflect priorities.'
• Says the Controller's powers over accounting, reporting and audits 'have never been fully exercised.'
• Proposes funding teachers, materials, officers, firefighters and first responders before administrative layers.
• Frames this as 'Radical Transparency in action.'

Op-ed by Herb Morgan in the California Globe proposing 'asymmetric smoothing' for CalPERS and CalSTRS: recognizing investment losses over shorter periods (10-15 years) and gains over longer ones (25-30+ years) to raise funded ratios faster. He calls it 'prudent actuarial conservatism' and urges trustees to direct actuaries to model it.

• Says CalPERS' funded ratio recently improved to about 79%.
• Describes CalPERS' 15-year asset smoothing and 20-30 year amortization.
• Argues symmetric smoothing 'delays recovery from downturns.'
• Says faster loss recognition would compel earlier adjustments in contributions, benefits or strategy.

Op-ed by Herb Morgan in the California Globe arguing that Cohen failed to use the Controller's pre-disbursement audit authority under Government Code §12410 to demand funding-sufficiency analyses and milestone registers before approving high-speed rail payments. He says he would have issued formal demands, launched a payment-to-progress dashboard, required disclosure of contracts, and presented options including re-scoping or 'orderly wind-down.'

• Cites a 171-mile Merced-Bakersfield segment costing $34.76 billion and Phase 1 costs exceeding $125 billion.
• Says about $3.68 billion in vendor payments flowed over 32 recent months.
• Says 'There is no clear public evidence' Cohen's office imposed such safeguards.
• Attributes the outcome to 'Malia Cohen's lack of financial experience.'
• Acknowledges the project's failures 'span multiple administrations.'

Morgan campaign press release calling for Controller Malia Cohen's resignation or a legislative review of her office, following an undercover video by James O'Keefe's O'Keefe Media Group featuring the office's press secretary discussing staffing and audit capacity. It cites Morgan's estimate of $312-425 billion in potential financial exposure and notes the Legislature's impeachment power.

• Morgan calls for Cohen's resignation or, alternatively, a legislative review.
• The video features Bismarck Obando, described as Acting Deputy Controller of Public Affairs and Press Secretary, discussing audits not being completed.
• Morgan: 'Controller Malia Cohen's office has acknowledged significant limitations in its audit capacity.'
• He says the Legislature should consider its oversight authority 'if the concerns outlined in the video are substantiated,' citing Article IV, Section 18.

Morgan's written answers to GrowSF's June 2026 primary questionnaire. He lists priorities: transaction-level real-time transparency of all state spending, AI-driven fraud and improper-payment detection, timely reporting including federal audit deadlines, and targeted audits of high-risk programs. He sets a goal to double annual unclaimed-property returns to $600-800 million and push the reclamation rate above 50%, proposes a quarterly 'California Financial Health Dashboard,' and cites nearly 40 years in finance and service as SDCERS board president.

• Priority #1: 'full transaction-level transparency across all state spending.'
• Measurable outcomes: all reports and federal audits on time; a transaction-level transparency platform; measurable reduction in improper payments.
• Unclaimed property: says returns run about $300-400 million a year (2-3% of holdings); goal to double to $600-800 million and exceed 50% reclamation via data-matching and automatic small-claim returns.
• Cites William Palmer's lawsuits (Taylor v. Yee/Cohen, Peters v. Cohen) alleging due-process failures.
• Says some structural reforms 'will require collaboration with the Legislature and Governor.'

Morgan campaign press release on an updated five-year analysis estimating $312-425 billion in 'potential exposure' to fraud, waste, improper payments and inefficiency across unemployment insurance, Medi-Cal, CalFresh, homelessness, infrastructure and pensions. It notes that not all exposure represents intentional fraud and restates his Radical Transparency proposals.

• Estimate: $312-425 billion over five years.
• Programs examined: UI, Medi-Cal, CalFresh, homelessness, infrastructure, pensions.
• States 'not all exposure represents intentional fraud,' citing administrative complexity and improper payments.
• Morgan: 'This isn't about politics - it's about performance.'

Morgan campaign press release and full text of his white paper, 'Radical Transparency in California State Finances.' It cites the State Auditor's high-risk designation for late financial reporting since 2020 and lists ACFR release lags (FY2021-22 about 20 months; FY2022-23 17-18 months; FY2023-24 about 15 months). It proposes a 24/7 'Transparency War Room,' blockchain-streamed transaction reporting, AI anomaly detection, and proactive withholding of funds from non-compliant entities, citing constitutional and statutory authority. It describes Cohen as lacking 'the necessary experience, background, and skill.'

• Press release headline accuses Cohen of 'incompetence'; the release body uses more measured language about strengthening systems.
• Cites legal bases: Cal. Const. Art. I §3(b), Art. V §11; Gov. Code §§12410, 926.8, 12419; SB 978 (2024).
• Proposes making withholding of disbursements 'a proactive, standard response to non-compliance,' with notice and appeal.
• Calls FI$Cal 'an epic failure' and 'a multi-billion-dollar boondoggle.'
• Says programs are 'being looted by bad actors' and frames the plan as protecting compassionate programs.

Morgan campaign essay, in his first person, outlining his vision for the Controller's office. He argues the office's audit, disbursement and ledger-access powers are 'underutilized,' and proposes putting every agency ledger online and on a blockchain, continuous auditing with algorithms, outcome-based performance audits, denying disbursements when compliance is in question, a 'Waste, Fraud & Abuse Strike Force,' and a public 'Transparency Scorecard' as a 'public shaming tool.'

• Says performance audits are rare and 'most are backward-looking.'
• Proposes 'the nation's first blockchain-based public finance platform for state government.'
• Says the office 'can—and should—deny disbursements when statutory compliance is in question.'
• Would require more documentation before releasing funds to agencies with prior audit findings.
• Would prioritize audits of special districts and contractor-heavy departments.

Morgan's campaign issues page. It describes his plan to transform the Controller's office 'from a passive bookkeeper into an active guardian of taxpayer dollars' through radical transparency, an open-ledger blockchain public-finance platform publishing every agency ledger in real time, risk-based and continuous audits, and tools for journalists and the public. It links research papers on unclaimed property, K-12, high-speed rail, homelessness spending and Open FI$Cal.

• Proposes 'the first of its kind' blockchain-based public finance platform with agency ledgers published on-chain in real time.
• Emphasizes risk-based audits of high-dollar programs and continuous oversight 'not post-mortems.'
• Says the office's authority 'has been historically underutilized.'
• Highlights a HerbMorganOnChain.com prototype.
• Opens with a quote from campaign data scientist Dr. Doug Stahl calling Morgan 'a radical transparency advocate that happens to be a Republican.'

The Secretary of State's official voter guide page for the Controller race, carrying candidate-supplied statements. Herb W. Morgan's short statement says the Controller 'does not set policy' and is tasked with pre-audits and approval of expenditures followed by post-audits; he pledges to place all expenditures in an online database with transaction-level detail and near real-time reporting.

• Morgan: 'The State Controller does not set policy.'
• He describes the job as pre-audits and approval of expenditures, followed by 'rigorous post-audits.'
• He pledges an 'easy-to-use online database with transaction-level detail and near real-time reporting.'
• He says transparency would direct resources to classrooms, communities and essential programs.

Morgan campaign page promoting CaliforniaRadicalTransparency.com, a prototype his volunteer team built 'in roughly two weeks' from FY25 Period 8 FI$Cal data. It contrasts this with the more than $1 billion and two decades spent on FI$Cal, references his white paper on 'up to a $425 BILLION problem,' says Cohen 'just missed her FOURTH consecutive reporting deadline,' and highlights his own public campaign-spending dashboard.

• Prototype uses FI$Cal data from FY25 Period 8 (February 2025).
• Says FI$Cal cost 'more than $1 BILLION and nearly two decades.'
• Says Cohen missed her 'FOURTH consecutive reporting deadline' and that this 'starts looking like a system designed to avoid accountability.'
• Morgan publishes his own campaign spending on a public dashboard.

Homepage of Morgan's campaign. It lists three pledges: audit government spending (saying California has never done a full top-to-bottom audit of social services), expose waste and fraud (citing EDD and healthcare), and modernize oversight with blockchain-backed ledgers. Slogan: 'California's Money. ACCOUNTED FOR.'

• Claims California 'has never conducted a full, top-to-bottom audit of its social services system.'
• Says 'billions have vanished with no accountability' from EDD to healthcare.
• Proposes blockchain-backed ledgers and public receipts.
• Says Morgan is 'running to restore accountability.'

GrowSF's November 2026 guide recommends voting for Morgan's opponent, Malia Cohen. It mentions Morgan only in its candidate table (Republican, Chief Investment Officer) with a link to his questionnaire; it gives no assessment of him. Its stated wish that the office return more of the $15 billion in unclaimed property overlaps with a Morgan campaign theme.

• GrowSF endorses Cohen, not Morgan.
• Lists Morgan as Republican, Chief Investment Officer, with his questionnaire linked.
• Calls for returning the $15B in unclaimed property, as it says other states do automatically.

Morgan campaign endorsement page. It lists the Sacramento Bee under 'Publications'; the California Republican Party, California Republican Assembly and Unity Party of California; Senate Minority Leader Brian Jones and several Republican legislators; Carl DeMaio; former San Diego Mayor Kevin Faulconer; the Howard Jarvis Taxpayers Association PAC; more than 20 county Republican parties; the California Rifle & Pistol Association; and actor Jon Voight (spelled 'John Voight').

• Campaign says endorsements reflect 'a clear demand for real accountability—not political theater.'
• Lists the Sacramento Bee as a publication endorsement.
• Lists Howard Jarvis Taxpayers Association PAC and more than 20 county Republican parties.
• Includes former San Francisco Supervisor Tony Hall and retired Justice Marvin R. Baxter.

San Francisco Examiner Q&A (by Troy Wolverton) with Morgan after he placed second in the June primary. Morgan describes a $1,500 transparency prototype built with AI from FI$Cal data, says the Controller can mandate agency financial reporting without legislation, proposes a 'Transparency War Room,' says Cohen lacks financial experience while he has 40 years, and explains staying a Republican. An editor's note corrects the record on report delays.

• Morgan says his volunteer-built system 'is infinitely better than the state system' and cost $1,500.
• He says no legislative approval is needed: the Controller 'can mandate and determine the method of financial reporting' of agencies.
• Morgan: 'I've got 40 years of finance experience, and she doesn't have any.'
• Morgan says Cohen's first-year report was 'like 22 months late'; the editor's note says the first report she oversaw (2020-21) was about a year late and the audit about 15 months late, and that delays predated her.
• On party: 'I'm a Republican because Lincoln won the war'; he says he doesn't 'like every element' of current party leadership and that the office cannot influence those issues.

Short FOX 5 San Diego item noting that Oceanside native Herb Morgan appeared on 'Good Morning San Diego' to explain his run for Controller and saying his focus on fraud prevention will help him cross party lines.

• Morgan is described as an Oceanside native.
• He says fraud prevention will help him cross traditional party lines.