Having failed a year ago to oust S.C. Treasurer Curtis Loftis on trumped-up “corruption charges,” members of the unethical, underperforming S.C. Retirement System Investment Commission (SCRSIC) moved this week to censure Loftis.
Why? Because Loftis refuses to sit back and quietly tolerate their bullshit, that’s why.
In response to his latest efforts to hold managers of the $26 billion fund accountable for their actions, SCRSIC commissioners – led by their corrupt leader Reynolds Williams – passed a censure resolution condemning Loftis for “engaging in false, misleading and deceitful rhetoric.”
Amazing … only in South Carolina can those who live high on the hog off of the corrupt deals they cut get away with censuring a taxpayer hero – simply for speaking the truth.
Loftis called the censure “a badge of honor,” and he’s exactly right …
Since he took office two years ago, Loftis has been tirelessly fighting to expose the corruption and mismanagement that’s so rampant within this commission. Meanwhile S.C. Gov. Nikki Haley has been fighting against Loftis – and working to provide cover for the fund’s corrupt leaders. In fact it was Haley’s appointee to the pension fund board who introduced the censure resolution against Loftis.
“Our fund performs in the bottom third compared with our peers,” Loftis noted last week. “That low performance is costing us big money. By being below average, South Carolina is leaving $175 million on the investment table.”
The state’s pension fund posted a 12.4 percent gain in 2012 – basically recovering its losses from the previous year. But as Loftis points out the fund is still trailing both the broader market as well as other pension funds – which he attributes to its excessive fees and disproportionate reliance on “alternative investments.”
Loftis is absolutely correct …
Sadly, rather than working to optimize our state’s performance, Williams and his allies are once again trying to preserve their ability to game the system by silencing the only member of the commission who is actually doing his job.
Par for the course in ass-backward South Carolina, isn’t it?
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72 comments
They hate him because he won’t join them. My ex GF works there and the place is a snake pit.
@tr – which office is the “snake pit” ?
I have several friends that work there. They seem to like it and have not expressed such concerns. If your ex GF works there and told you this, sounds like hearsay to me. Not admissible as evidence. How “ex” is she?
They hate him because he won’t join them. My ex GF works there and the place is a snake pit.
@tr – which office is the “snake pit” ?
I have several friends that work there. They seem to like it and have not expressed such concerns. If your ex GF works there and told you this, sounds like hearsay to me. Not admissible as evidence. How “ex” is she?
Damn, I knew I liked Loftis.
Damn, I knew I liked Loftis.
Since they couldn’t toss him under the bus, they just resort to this limp dick crap? Wonderful.
Since they couldn’t toss him under the bus, they just resort to this limp dick crap? Wonderful.
There are over 225,000 taxpayers who are directly affected by the actions of Reynolds Williams and his merry band of carpetbaggers
If any of the 225,000 vote for any incumbent, it will be an endorsement that the Pension Fund is nothing more than a slush fund for the cockroaches and their friends
There are over 225,000 taxpayers who are directly affected by the actions of Reynolds Williams and his merry band of carpetbaggers
If any of the 225,000 vote for any incumbent, it will be an endorsement that the Pension Fund is nothing more than a slush fund for the cockroaches and their friends
I’m in the meeting now and it is apparent Loftis is full of self important shit. I see his taxpayer funded funkie is feeding Fits.
Remember: this poorly written and edited resolution, rife with typos–obviously the work of Doctor Dan–contains no substantive rebuttal of Loftis’s essential point: the retirement commission is run, like so many other aspects of SC government, as a personal fief. Eventually we will see how Gazillions Williams and his buddies and partners have enriched themselves at the expense of the taxpayers and state retirees.
This pathetic political gesture will only draw additional media attention to Loftis’s Savonarola-like quest. After making false accusations against him, followed by an attempt to use the legislature to remove him from the commission, they hire Doctor Dan for $87,000. and he comes up with this flapdoodle. I’m gaga; no, haga.
Who is zdr. dan?
Why, it’s Doctor Danny Varat–sounds like “parrot”. Worked for former Senator Ryberg–sounds like “cyborg”. Ryberg and Gazillions Williams are in cahoots–smells like “loots”.
And he is on the board? Or the staffer Loftis alleges wrote the resolution?
Never mind, Dr. Dan. Who is Savonarola?
Savonarola was a deeply religious 15th century priest in Florence who challenged the corruption of the Catholic Church and was persecuted for it. Such is often the fate earnest Christians.
Savonarola was also a self-delusional charlatan, who, among other things had his followers patrol the streets of Florence to curb immodest dress and behavior.
You’ll recall, however, that the Medicis, in addition to serving as Popes, were bankers–with their fingers in every till. It was the Medicis, among other renaissance kleptocrats, who persecuted Savonarola, who propagandized against him, then murdered him. Granted, there is a great deal of delusion in the GOP; and delusions of grandeur afflict much of the financial services industry. But Loftis? Too damn smart, stubborn and faithful.
Take a sip of fabric softener every now and then, Cotton. You’ll feel better.
Oh, sorry, Cotton, did you mean Florence, SC? Were you picked up there, scantily clad?
I’m in the meeting now and it is apparent Loftis is full of self important shit. I see his taxpayer funded funkie is feeding Fits.
Remember: this poorly written and edited resolution, rife with typos–obviously the work of Doctor Dan–contains no substantive rebuttal of Loftis’s essential point: the retirement commission is run, like so many other aspects of SC government, as a personal fief. Eventually we will see how Gazillions Williams and his buddies and partners have enriched themselves at the expense of the taxpayers and state retirees.
This pathetic political gesture will only draw additional media attention to Loftis’s Savonarola-like quest. After making false accusations against him, followed by an attempt to use the legislature to remove him from the commission, they hire Doctor Dan for $87,000. and he comes up with this flapdoodle. I’m gaga; no, haga.
Who is zdr. dan?
Why, it’s Doctor Danny Varat–sounds like “parrot”. Worked for former Senator Ryberg–sounds like “cyborg”. Ryberg and Gazillions Williams are in cahoots–smells like “loots”.
And he is on the board? Or the staffer Loftis alleges wrote the resolution?
Never mind, Dr. Dan. Who is Savonarola?
Savonarola was a deeply religious 15th century priest in Florence who challenged the corruption of the Catholic Church and was persecuted for it. Such is often the fate earnest Christians.
Savonarola was also a self-delusional charlatan, who, among other things had his followers patrol the streets of Florence to curb immodest dress and behavior.
You’ll recall, however, that the Medicis, in addition to serving as Popes, were bankers–with their fingers in every till. It was the Medicis, among other renaissance kleptocrats, who persecuted Savonarola, who propagandized against him, then murdered him. Granted, there is a great deal of delusion in the GOP; and delusions of grandeur afflict much of the financial services industry. But Loftis? Too damn smart, stubborn and faithful.
Take a sip of fabric softener every now and then, Cotton. You’ll feel better.
Oh, sorry, Cotton, did you mean Florence, SC? Were you picked up there, scantily clad?
how much does Curtis pay Will? There’s also Home Pest ads. Meanwhile, Curtis is well documented for having an 18-month cycle
how much does Curtis pay Will? There’s also Home Pest ads. Meanwhile, Curtis is well documented for having an 18-month cycle
It is obvious that Loftis’ look-at-me style of political
bullshit is wearing thin. Loftis, with his 2 year college degree, has no
financial background to be in a position to be making decisions on billions of
dollars. Everyone is SC financial circles views this guy as a complete joke.
The office is mess…he can only spew forth garbage. That’s why Bauer and
Eckstom both fired his butt. Very sad. “Why am I the only one who is
always right?” Curtis asks himself daily I’m sure. SC bankers are afraid
that he is screwing up everything. He is a great example of why these offices
ought to be appointed.
One of Loftis’s predecessors was convicted of drug trafficking; the man he defeated was a legislative puppet who worked, what, three days a week at best. He questioned the ethics of a CIO who drove around Columbia in a Lamborghini, and the appearance, if not substance, of self-dealing on the part of the SCRIC chairman. He got shell-game game answers from staff to questions that had a direct bearing on his fiduciary responsibilities. And you want Nikki Haley, or the BCB, to appoint a treasurer? Ya, right.
There is something deliciously amusing about a “banker” criticizing anyone about anything.
The writer of the above is an evil person. Lies told anonymously is evil.
You make your living as a parasite on the back of productive society as a crony capitalist with special monopoly privilege as granted by the Federal gov’t to use currency printed out of thin air via the monetary multiplier and discount window.
Pardon us unwashed masses outside of your filthy “profession” if we squeak in protest now and then against your hollow teeth digging too far in to our veins.
That being said, have the common sense to see that you-as an apologist for a corrupt, immoral, filth laden system under which your losses are socialized but your profits are privatized- having anything to say about our elected Treasurer, who for the most part made his money honestly, unlike yourself-might bring such a scrutiny upon you that you might ultimately feel concerned about your personal welfare.
Rightfully so, the unwashed masses might just decide one day they’ve had enough of you and decide to string you up by your shoe laces and play pinata with your fatted corpse. At that time you might realize what a fool you are.
Part of me hopes you continue on, but I have to admit it’s my darker side.
Well fucking said compadre!
It is obvious that Loftis’ look-at-me style of political
bullshit is wearing thin. Loftis, with his 2 year college degree, has no
financial background to be in a position to be making decisions on billions of
dollars. Everyone is SC financial circles views this guy as a complete joke.
The office is mess…he can only spew forth garbage. That’s why Bauer and
Eckstom both fired his butt. Very sad. “Why am I the only one who is
always right?” Curtis asks himself daily I’m sure. SC bankers are afraid
that he is screwing up everything. He is a great example of why these offices
ought to be appointed.
One of Loftis’s predecessors was convicted of drug trafficking; the man he defeated was a legislative puppet who worked, what, three days a week at best. He questioned the ethics of a CIO who drove around Columbia in a Lamborghini, and the appearance, if not substance, of self-dealing on the part of the SCRIC chairman. He got shell-game game answers from staff to questions that had a direct bearing on his fiduciary responsibilities. And you want Nikki Haley, or the BCB, to appoint a treasurer? Ya, right.
There is something deliciously amusing about a “banker” criticizing anyone about anything.
The writer of the above is an evil person. Lies told anonymously is evil.
You make your living as a parasite on the back of productive society as a crony capitalist with special monopoly privilege as granted by the Federal gov’t to use currency printed out of thin air via the monetary multiplier and discount window.
Pardon us unwashed masses outside of your filthy “profession” if we squeak in protest now and then against your hollow teeth digging too far in to our veins.
That being said, have the common sense to see that you-as an apologist for a corrupt, immoral, filth laden system under which your losses are socialized but your profits are privatized- having anything to say about our elected Treasurer, who for the most part made his money honestly, unlike yourself-might bring such a scrutiny upon you that you might ultimately feel concerned about your personal welfare.
Rightfully so, the unwashed masses might just decide one day they’ve had enough of you and decide to string you up by your shoe laces and play pinata with your fatted corpse. At that time you might realize what a fool you are.
Part of me hopes you continue on, but I have to admit it’s my darker side.
Well fucking said compadre!
LOFTIS just gained 30 points in the polls. Nobody like a bunch or rich bastards fleecing retires.
That crowd has been stealing the retires money for a long long time. It is about time someone took them to task.
Loftis has painted himself into the corner of meaninglessness. He will be unable to get anything through the General Assembly regarding this. They stand back and shake their heads. Bottom line in SC is always with the General Assembly and most of them think Loftis is an uncontrollable joke.
As I recollect, Reynolds Williams (cluck, cluck), Greg Ryberg and Danny Varat didn’t have much success last year with five attempts over three days in the state senate to unseat treasurer-commissioner Loftis; the treasurer kicked your butts, what? five votes times three butts–equals fifteen times!
LOFTIS just gained 30 points in the polls. Nobody like a bunch or rich bastards fleecing retires.
That crowd has been stealing the retires money for a long long time. It is about time someone took them to task.
Loftis has painted himself into the corner of meaninglessness. He will be unable to get anything through the General Assembly regarding this. They stand back and shake their heads. Bottom line in SC is always with the General Assembly and most of them think Loftis is an uncontrollable joke.
As I recollect, Reynolds Williams (cluck, cluck), Greg Ryberg and Danny Varat didn’t have much success last year with five attempts over three days in the state senate to unseat treasurer-commissioner Loftis; the treasurer kicked your butts, what? five votes times three butts–equals fifteen times!
I am a republican. Lifelong. I have never been prouder of a fellow GOPer than I am of Curtis Loftis.
If the republicans in DC had that much courage America would be GREAT! Give them he’ll Mr. treasurer!
I am a republican. Lifelong. I have never been prouder of a fellow GOPer than I am of Curtis Loftis.
If the republicans in DC had that much courage America would be GREAT! Give them he’ll Mr. treasurer!
I follow the Commission rather closely because, after all, my retirement livelihood is dependent on the decisions they make. I have been very impressed with the time and dedication these people have given to investment of our retirement fund. Until just this year, they served with no compensation. The legislature passed a law last session giving them $20,000 a year and, in my judgment, they are underpaid for the job they do. This is a pretty complicated effort and those who comment without a clear understanding of the issues are not doing state retirees a service. The investment strategy of the Commission is not designed to maximize returns in a fiscal year but to insure there are adequate resources coming in to support retiree benefits over a long (30 years) period. This is a delicate balance between returns and acceptable risk. It involves amazingly diverse investments designed to offset decreases which might occur in one with increases that might occur in another. You will always be able to find some investment that beats the fund in returns in any one year. But you will find many more that do not perform as well because of the great diversity and balancing act the fund has implemented. The assumed rate of return is 7.5% over the next 30 years. If they meet or exceed that average over that time frame, there will be adequate resources to pay all benefits due to retirees. That is what they should be measured against. So far, they are doing just fine. The Treasurer is very shrill in his criticisms: high investment fees, too much diversity, no transparency. A fee study was presented by an independent firm at the last meeting. Ours are no worse than our peers. A study of the diversity was done by the same firm. Our diversity was shown to actually reduce risk rather than increase it. All meetings of the Commission are held in public with the exception of hiring and firing staff issues. I have observed many government organizations over the years and have viewed none that are more open and transparent. These are objective findings addressing the issues the Treasurer continues to raise. Keep in mind, he is the only elected official here. He is the only one with a need to keep his name in the public eye. If he can convince you that he is your white knight then his chances for reelection are much better. Think, folks, think. You have been fooled by politicians before. Is this a white knight or a magician with smoke and mirrors? I, for one, appreciate the Commission and the fine service it gives to members of the state’s retirement systems. Thanks to them.
Read more here: http://www.thestate.com/2013/02/28/2653023/investment-commission-votes-to.html#disqus_thread#storylink=cpy
Chickenoregg is Reynolds William, the corrupt leader of the Commission. I ride past his law firm every day and it smells of sleaze.
Reynolds, you might remember me from one of the times you were hauled before the Bar for your sleazy tactics.
Dove: There is no such thing as being “hauled before the Bar.” All attorney discipline is “handled” by Queen Jean Toal (Supreme Court) and a select few of her carefully selected, absolutely blindly loyal disciples. It’s all a political game. You might note that nothing of significance has ever been done to Reynolds Williams and his law license. He has the right connections to Queen Jean. The ODC may rant and rave to make unsuspecting clients and the public think they are doing something to the lawyer, but generally, nothing happens except to tell the lawyer not to do it any more. Sometimes, the lawyer has to buy his way out either by paying off some (former) client or some friend of Jean’s who is representing the lawyer under the gun. (Betsy Gray, Cam Lewis, Dick Harpootilan, Jahue Moore).
I follow the Commission rather closely because, after all, my retirement livelihood is dependent on the decisions they make. I have been very impressed with the time and dedication these people have given to investment of our retirement fund. Until just this year, they served with no compensation. The legislature passed a law last session giving them $20,000 a year and, in my judgment, they are underpaid for the job they do. This is a pretty complicated effort and those who comment without a clear understanding of the issues are not doing state retirees a service. The investment strategy of the Commission is not designed to maximize returns in a fiscal year but to insure there are adequate resources coming in to support retiree benefits over a long (30 years) period. This is a delicate balance between returns and acceptable risk. It involves amazingly diverse investments designed to offset decreases which might occur in one with increases that might occur in another. You will always be able to find some investment that beats the fund in returns in any one year. But you will find many more that do not perform as well because of the great diversity and balancing act the fund has implemented. The assumed rate of return is 7.5% over the next 30 years. If they meet or exceed that average over that time frame, there will be adequate resources to pay all benefits due to retirees. That is what they should be measured against. So far, they are doing just fine. The Treasurer is very shrill in his criticisms: high investment fees, too much diversity, no transparency. A fee study was presented by an independent firm at the last meeting. Ours are no worse than our peers. A study of the diversity was done by the same firm. Our diversity was shown to actually reduce risk rather than increase it. All meetings of the Commission are held in public with the exception of hiring and firing staff issues. I have observed many government organizations over the years and have viewed none that are more open and transparent. These are objective findings addressing the issues the Treasurer continues to raise. Keep in mind, he is the only elected official here. He is the only one with a need to keep his name in the public eye. If he can convince you that he is your white knight then his chances for reelection are much better. Think, folks, think. You have been fooled by politicians before. Is this a white knight or a magician with smoke and mirrors? I, for one, appreciate the Commission and the fine service it gives to members of the state’s retirement systems. Thanks to them.
Read more here: http://www.thestate.com/2013/02/28/2653023/investment-commission-votes-to.html#disqus_thread#storylink=cpy
Chickenoregg is Reynolds William, the corrupt leader of the Commission. I ride past his law firm every day and it smells of sleaze.
Reynolds, you might remember me from one of the times you were hauled before the Bar for your sleazy tactics.
Dove: There is no such thing as being “hauled before the Bar.” All attorney discipline is “handled” by Queen Jean Toal (Supreme Court) and a select few of her carefully selected, absolutely blindly loyal disciples. It’s all a political game. You might note that nothing of significance has ever been done to Reynolds Williams and his law license. He has the right connections to Queen Jean. The ODC may rant and rave to make unsuspecting clients and the public think they are doing something to the lawyer, but generally, nothing happens except to tell the lawyer not to do it any more. Sometimes, the lawyer has to buy his way out either by paying off some (former) client or some friend of Jean’s who is representing the lawyer under the gun. (Betsy Gray, Cam Lewis, Dick Harpootilan, Jahue Moore).
It was the Governor’s appointee who initiated the action against Loftis. Do you really think he would do that without good reason? I don’t. He was exercising his responsibility as a fiduciary of the fund. Loftis does not know what that means.
Chicken or egg is chairman Reynolds Williams. One would think that crook has something better to do that post on fits. Surely there is a wallet laying somewhere he can steal?
Mr. Giobbe may have introduced the resolution (from his sick bed, as it turns out) but it was Chairman Williams who, ahem, “hatched” the plot to ambush the treasurer. The Governor has since distanced herself from her appointee with a rather straightforward statement. Since the censure was so juvenile, so “poultry”, ahem, paltry, as political vindictiveness goes, one can understand why the governor wouldn’t want to be associated with it. Same said for the state GOP.
Free-range chickens, I am told, are fond of gathering excelsior and other strands of dry waste when they make their nests. When will the pre”hen”sile lawyers begin wholesale shredding on the 15th floor? Inquiring AGs (Australorp Gallus) wanna know!
It was the Governor’s appointee who initiated the action against Loftis. Do you really think he would do that without good reason? I don’t. He was exercising his responsibility as a fiduciary of the fund. Loftis does not know what that means.
Chicken or egg is chairman Reynolds Williams. One would think that crook has something better to do that post on fits. Surely there is a wallet laying somewhere he can steal?
Mr. Giobbe may have introduced the resolution (from his sick bed, as it turns out) but it was Chairman Williams who, ahem, “hatched” the plot to ambush the treasurer. The Governor has since distanced herself from her appointee with a rather straightforward statement. Since the censure was so juvenile, so “poultry”, ahem, paltry, as political vindictiveness goes, one can understand why the governor wouldn’t want to be associated with it. Same said for the state GOP.
Free-range chickens, I am told, are fond of gathering excelsior and other strands of dry waste when they make their nests. When will the pre”hen”sile lawyers begin wholesale shredding on the 15th floor? Inquiring AGs (Australorp Gallus) wanna know!
I was, at first, impressed with Loftis. I continue to feel he thinks he is doing the right thing; but, I’m not so sure he is qualified either.
He has attacked some very knowledgeable and well respected folks. The integrity of those representing the employees and retirees is beyond reproach. He is way over the top insinuating anything corrupt or irresponsible in them or their actions.
I was, at first, impressed with Loftis. I continue to feel he thinks he is doing the right thing; but, I’m not so sure he is qualified either.
He has attacked some very knowledgeable and well respected folks. The integrity of those representing the employees and retirees is beyond reproach. He is way over the top insinuating anything corrupt or irresponsible in them or their actions.
Reynolds needs his ass kicked.
Reynolds needs his ass kicked.