For once a South Carolina Republican Party (SCGOP) official actually sounded off like they actually had a pair … rather than silently swallowing what this state’s status quo gives them.
SCGOP chairman Chad Connelly – who has devolved in recent months into a heaping mass of accommodating equivocation – took a rare principled stand this week, boldly defending State Treasurer Curtis Loftis against an assault launched by members of the state’s corrupt pension board.
“South Carolina’s unelected pension board voted to censure Treasurer Curtis Loftis in their latest attempt to discredit his push to bring meaningful transparency and accountability to the $26 billion Investment Commission,” Connelly said in a statement.
Connelly added Loftis should be commended “for not backing down in the face of enormous opposition in his pursuit to protect the taxpayers of our State.”
We concur … in fact we articulated the same sentiments in our report on the attack against Loftis.
What did Connelly neglect to mention? The censure resolution against Loftis – whose only crime has been exposing the corruption and mismanagement of the state’s pension fund – emanated from S.C. Gov. Nikki Haley’s appointee to the S.C. Retirement System Investment Commission (SCRSIC). That’s sad, but not surprising considering the starring role Haley played in the (failed) effort to trump up charges against Loftis a year ago.
Oh well …
All these corrupt pension fund managers did in censuring Loftis was to expose their fear of the truth – which is that their investments continue to underperform the rest of the market in general and large pension funds in particular. In fact had our state been able to achieve “average” status among pension plans, it would have earned another $175 million last year.
Props to Loftis for his ongoing efforts to expose these crooks … and props to the SCGOP for (at long last) engaging in a real fight against the status quo interests holding this state back. We’d like to see a lot more of that from establishment Republicans in the future.
UPDATE: To her credit, Haley told The (Columbia, S.C.) State newspaper that she “disagrees with the spirit” of the censure and is “disappointed in the disrespect shown to the treasurer.” Really? Then we trust she will immediately remove her appointment to this board, vice chairman Ed Giobbe, who introduced the resolution against Loftis.
38 comments
Curtis Loftis works hard. Knows his stuff and is honest as the day is long. Reynolds Williams is a well known crook that makes zillions of the backs of the retires.
Leadership is an uncommon trait these days. He has it and is fearless.
The worse thing about Reynolds Williams and what shines his guilt is Leatherman. Two turds in the same toilet.
Curtis Loftis works hard. Knows his stuff and is honest as the day is long. Reynolds Williams is a well known crook that makes zillions of the backs of the retires.
Leadership is an uncommon trait these days. He has it and is fearless.
The worse thing about Reynolds Williams and what shines his guilt is Leatherman. Two turds in the same toilet.
“censure resolution against Loftis……. emanated from S.C. Gov. Nikki Haley’s appointee to the S.C. Retirement System Investment Commission (SCRSIC)”
Thanks for the information. Another solid reason for 225,000 taxpayers not to vote for the Gypsy Queen in 2014.
If you deem it appropriate, how about the name of the appointee. I would like to make sure he/she makes my karma list for 2013
“censure resolution against Loftis……. emanated from S.C. Gov. Nikki Haley’s appointee to the S.C. Retirement System Investment Commission (SCRSIC)”
Thanks for the information. Another solid reason for 225,000 taxpayers not to vote for the Gypsy Queen in 2014.
If you deem it appropriate, how about the name of the appointee. I would like to make sure he/she makes my karma list for 2013
Glad here to add my friend Paul Gable’s post tonight at grandstranddaily.com on the same subject: http://grandstranddaily.com/treasurer-curtis-loftis-target-of-more-dirty-politics/ Transparency and accountability are two political principles all of us can unite on. Thank of that!
Glad here to add my friend Paul Gable’s post tonight at grandstranddaily.com on the same subject: http://grandstranddaily.com/treasurer-curtis-loftis-target-of-more-dirty-politics/ Transparency and accountability are two political principles all of us can unite on. Thank of that!
I am a broker and I tell you Loftis is exactly right .that Commission needs to be wiped clean and start over!
Big money makes people go crazy. Loftis is right to stay on top of them.
We need one person with honor to be there to keep them straight!
I am a broker and I tell you Loftis is exactly right .that Commission needs to be wiped clean and start over!
Big money makes people go crazy. Loftis is right to stay on top of them.
We need one person with honor to be there to keep them straight!
I don’t know who is dummer, Loftis or Connelly. It got explained to Loftis today by the Pension consultant that he was in favor of hiring, that the management fees paid by the Investment Commission are not excessive when compared to pension plans with similar asset allocations. He didn’t try to refute the information so we have to assume he accepted it. Of course maybe he just didn’t understand it, it being all kind of complicated.
Nothing like insiders to dish crap on others. The smell of self interest is awful. Especially when they fear they are losing the power over other people’s money.
Godspeed Mr. Loffis. Be strong.
Insider my hindfoot, I happen to be a retiree who very much appreciates the fine job being done by the Investment Commission staff, earning us a respectable return on investment at low to moderate risk. I do not appreciate Loftis’ bullshit grandstanding and that is all that it is. The man has issues. If someone on his level disagrees with him, they are part of a conspiracy and Loftis is the knight on a white horse, kinda like his hero, Mitt Romney. If he thinks you are below his level he tries to bully and berate.
Curmudgeon is one of the leaders of the SC Retirees Association. He and his bud “confederate liberal” are taken care of with cash and favors. They have sold their souls and organization for 12 pieces of silver. I will be reporting more next weeks. Stay tuned to how Wayne and Sam hit the lottery by selling out their SC Retirees Association.
Wow! I have always admired Wayne Bell and Sam Griswold to whom you must be referring. You say they are being paid off to support the Investment Commission? By whom? Have you asked them about that? That’s a pretty serious allegation to make without talking to them or providing even the hint of proof. Sounds illegal, too. Have you contacted SLED about this? And you make such allegations anonymously and thus COWARDLY. That adds a lot of credibility, no? They are easy to find. Just go to the Retirees Association web page (www.srasc.org) and get their contact information. I have no doubt they will be happy to “come clean” about the “sliver” they have received. What’s with all the biblical references, anyway? Trying to add credibility to a vacuous allegation? Most retirees I know, including me, hold them in rather high regard. My observation is that most of their silver is in their hair. Probably caused by dealing with people like you, Curtis…oops…DEHC Retired.
I don’t know who is dummer, Loftis or Connelly. It got explained to Loftis today by the Pension consultant that he was in favor of hiring, that the management fees paid by the Investment Commission are not excessive when compared to pension plans with similar asset allocations. He didn’t try to refute the information so we have to assume he accepted it. Of course maybe he just didn’t understand it, it being all kind of complicated.
Nothing like insiders to dish crap on others. The smell of self interest is awful. Especially when they fear they are losing the power over other people’s money.
Godspeed Mr. Loffis. Be strong.
Insider my hindfoot, I happen to be a retiree who very much appreciates the fine job being done by the Investment Commission staff, earning us a respectable return on investment at low to moderate risk. I do not appreciate Loftis’ bullshit grandstanding and that is all that it is. The man has issues. If someone on his level disagrees with him, they are part of a conspiracy and Loftis is the knight on a white horse, kinda like his hero, Mitt Romney. If he thinks you are below his level he tries to bully and berate.
Curmudgeon is one of the leaders of the SC Retirees Association. He and his bud “confederate liberal” are taken care of with cash and favors. They have sold their souls and organization for 12 pieces of silver. I will be reporting more next weeks. Stay tuned to how Wayne and Sam hit the lottery by selling out their SC Retirees Association.
Wow! I have always admired Wayne Bell and Sam Griswold to whom you must be referring. You say they are being paid off to support the Investment Commission? By whom? Have you asked them about that? That’s a pretty serious allegation to make without talking to them or providing even the hint of proof. Sounds illegal, too. Have you contacted SLED about this? And you make such allegations anonymously and thus COWARDLY. That adds a lot of credibility, no? They are easy to find. Just go to the Retirees Association web page (www.srasc.org) and get their contact information. I have no doubt they will be happy to “come clean” about the “sliver” they have received. What’s with all the biblical references, anyway? Trying to add credibility to a vacuous allegation? Most retirees I know, including me, hold them in rather high regard. My observation is that most of their silver is in their hair. Probably caused by dealing with people like you, Curtis…oops…DEHC Retired.
I guess Connelly forgot to mention that Republican Senators Greg Ryberg and Shane Massey tried to pass legislation to remove Loftis from the Investment Commission last year. This was after Loftis started questioning the fees and returns earned by the retirement fund.
Also V, Chairman Giobbe who introduced the resolution against Loftis is from Aiken like Ryberg and is a campaign contributor to Senator Massey.
Thank goodness we have someone in Columbia looking out for the taxpayers. Keep up the good work Curtis!
I guess Connelly forgot to mention that Republican Senators Greg Ryberg and Shane Massey tried to pass legislation to remove Loftis from the Investment Commission last year. This was after Loftis started questioning the fees and returns earned by the retirement fund.
Also V, Chairman Giobbe who introduced the resolution against Loftis is from Aiken like Ryberg and is a campaign contributor to Senator Massey.
Thank goodness we have someone in Columbia looking out for the taxpayers. Keep up the good work Curtis!
—- just for the hell of it because my morning caffeine just kicked in…..
How do you make an elephant fly? First you take a zipper about three feet long…….
—- just for the hell of it because my morning caffeine just kicked in…..
How do you make an elephant fly? First you take a zipper about three feet long…….
Rumor has it that Loftis is about to be investigated by the feds. Looks like getting “kick-backs” is wrong. Earlier this year his office got ripped apart by an audit he refuses to make public. There is a reason he still has a $600,000 debt. No one will give to this bum because he is about to begin his predictable downward spiral.
You must be an idiot. The Treasurer’s office had not had a full audit in over 20 years till Loftis demanded it and got it last year. Not only that but the CPA firm I work for was consulted by the Treasurer’s office (in addition to the contract firm) and it was clear Loftis wanted nothing but the most professional audit possible. He told the managing partner he wanted to know every flaw in the office.
We think the world of Loftis.
I heard the same thing but I don’t make allegations anonymously like DEHC Retired. So please disregard that I heard the same thing.
Rumor has it that Loftis is about to be investigated by the feds. Looks like getting “kick-backs” is wrong. Earlier this year his office got ripped apart by an audit he refuses to make public. There is a reason he still has a $600,000 debt. No one will give to this bum because he is about to begin his predictable downward spiral.
You must be an idiot. The Treasurer’s office had not had a full audit in over 20 years till Loftis demanded it and got it last year. Not only that but the CPA firm I work for was consulted by the Treasurer’s office (in addition to the contract firm) and it was clear Loftis wanted nothing but the most professional audit possible. He told the managing partner he wanted to know every flaw in the office.
We think the world of Loftis.
I heard the same thing but I don’t make allegations anonymously like DEHC Retired. So please disregard that I heard the same thing.
I just left a esturant where Loftis was having dinner. I do not know him but voted for him,
He barely got to eat. He was like a star… Everyone stopped by his table to speak to him. It was amazing. Censure must be a good thing.
Rarely do u get to see a real leader. He stands up to thd powerful and was gracious to average people like me!
I just left a esturant where Loftis was having dinner. I do not know him but voted for him,
He barely got to eat. He was like a star… Everyone stopped by his table to speak to him. It was amazing. Censure must be a good thing.
Rarely do u get to see a real leader. He stands up to thd powerful and was gracious to average people like me!
LMAO, low to moderate risk my a$$, they have managed to lose 7 billion over the course of investing. These guys have charged excessive fees and want more personnel to be able to charge even more. To get an 8% return is to engage in risky investments, what gets me is they lose billions and are allowed to get more funds and invest that as well. That’s just stupid.
LMAO, low to moderate risk my a$$, they have managed to lose 7 billion over the course of investing. These guys have charged excessive fees and want more personnel to be able to charge even more. To get an 8% return is to engage in risky investments, what gets me is they lose billions and are allowed to get more funds and invest that as well. That’s just stupid.
Republican Party? I must remind Mr. Connelly that most of these Commission members were appointed by elected Republican office holders–the Governor, the Comptroller General, the Chair of the Ways and Means Committee and the Chair of the Senate Finance Committee–all Republicans. It was Governor Haley’s appointee who introduced the censure resolution. I don’t know how you appoint a more Republican commission. Would you even remotely entertain the notion that Loftis is wrong in this instance? He has zero experience in the operations of such an investment effort while the rest of the members have the legally required credentials. Just saying.
Republican Party? I must remind Mr. Connelly that most of these Commission members were appointed by elected Republican office holders–the Governor, the Comptroller General, the Chair of the Ways and Means Committee and the Chair of the Senate Finance Committee–all Republicans. It was Governor Haley’s appointee who introduced the censure resolution. I don’t know how you appoint a more Republican commission. Would you even remotely entertain the notion that Loftis is wrong in this instance? He has zero experience in the operations of such an investment effort while the rest of the members have the legally required credentials. Just saying.
Nikki has shown real leadership on this issue. Her man issued a cowardly attack on treasurer Loftis and she dealt with him and in a public way. Nikki climbs up the later, Loftis climbs up the latter, Ed Giobee and his boobs on the Investment Commission get thrown off the ladder.
Nikki has shown real leadership on this issue. Her man issued a cowardly attack on treasurer Loftis and she dealt with him and in a public way. Nikki climbs up the later, Loftis climbs up the latter, Ed Giobee and his boobs on the Investment Commission get thrown off the ladder.