CMBS Pioneer Penner Launches Long-Shot California Governor Bid

Ethan Penner, a trader who helped transform the way commercial properties are financed, launched a long-shot independent bid to become California’s next governor.

Penner, 64, said he’s targeting voters disillusioned with years of Democratic rule, but who aren’t ready to vote Republican. His platform will focus on cutting taxes and regulations, confronting homelessness and improving California’s business climate.

“We have a state that has been controlled by one party for a long time,” Penner said in an interview. “That party and the people that run it have to take responsibility for the disaster that we have right now in ...