South Carolina’s retirement fund is one of the nation’s worst. For starters, no large state fund pays as much as ours does in fees – and yet we consistently rank among the worst-performing funds in the nation.
The latest evidence of this? A report released earlier this month by a Maryland-based think tank.
According to its findings, the S.C. Retirement System Investment Commission (SCRSIC) pays 1.3 percent of its total assets in fees each year – the highest percentage in the country. Yet our state’s 1.5 percent return rate over the last five years is among the worst in the nation – well behind the 2.4 percent five-year return rate of the ten states which pay the lowest fees.
Pretty pathetic, huh? Exactly …
Since his election three years ago, S.C. Treasurer Curtis Loftis has been dutifully exposing the myriad problems with the pension fund – which is managed by a corrupt, secretive and totally unaccountable commission run by one Reynolds Williams, an appointee of legendary scamster Hugh Leatherman (RINO-Florence).
Specifically, Loftis has been exposing how commissioners and their staff have been receiving all sorts of undisclosed perks from the firms they do business with – and in some cases profiting directly from deals. What has Loftis gotten for his efforts? A literally non-stop vendetta … one fueled by the Palmetto State’s “bought and paid for” mainstream media.
In fact earlier this year S.C. Gov. Nikki Haley’s appointee to the commission sponsored a resolution to censure Loftis …
Now Haley is shifting gears – trying to assist in a cover-up of the fund’s activities.
Allow us to explain …
In an effort to get to the bottom of this under-performing fund, South Carolina lawmakers directed the SCRSIC to transfer $700,000 to Haley’s Inspector General – an office which has accomplished a whole lotta nothing (and gone through three leaders) since the governor created it.
What was the money for?
“The funds transferred shall be utilized by the Inspector General to employ a private audit firm to perform the fiduciary audit on theRetirement System Investment Commission,” the budget proviso directing the transfer stated.
According to our sources, Haley’s office is doing everything within its power to stop the audit – which is strenuously opposed by powerful S.C. Senate finance committee chairman Hugh Leatherman (RINO- Florence)
Why? Because the “Republican” establishment in Florence, S.C. is looking out for its own.
“(GOP fundraiser) Eddie Floyd and the Florence crowd are concerned about the audit and what it would mean to prominent Florence leaders like Leatherman and Reynolds Williams,” one source familiar with Haley’s obstructionism tells FITS.
Why is Haley playing ball with them? And if she opposed the audit, why didn’t she veto the funding in the budget?
“She has some new deal going with Leatherman,” our source says. “Look at how weak her weak vetoes. She could have cut deep into spending – but didn’t. And she didn’t veto the audit money because Loftis and the transparency crowd would have rammed it down her throat. She’s trying to kill it by cover-up.”
That will be difficult to do, as fiduciary audits are all-encompassing and difficult to manipulate once they get rolling … and get a little light shone on them.
Haley has been on the side of secrecy, corruption and incompetence related to this fund ever since she took office. And now that an effort is underway to get to the bottom of the problem, she’s doing her best to thwart it.
That’s unacceptable … and decidedly anti-transparent.
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82 comments
Most of the tea party wing of the republican party are a bunch of loud mouth know nothings and Loftis gets his support from this base, but I do not trust Williams as far as I coud throw him. He is such a pompous ass, too. For the past few years while the equity markets have been providing substantial returns, Williams and the SC RSIC has been taking positions in altternative strategies. Their bad timing reflects poorly on their self-acclaimed brilliance.
You obviously don’t kow much a about SC politics. LOFTIS is one of the most popular politicians in the state. Tea party is just one section of voters that supports him.
He is preparing for his reflection campaign and his poll numbers are very, very good.
Most of the tea party wing of the republican party are a bunch of loud mouth know nothings and Loftis gets his support from this base, but I do not trust Williams as far as I coud throw him. He is such a pompous ass, too. For the past few years while the equity markets have been providing substantial returns, Williams and the SC RSIC has been taking positions in altternative strategies. Their bad timing reflects poorly on their self-acclaimed brilliance.
You obviously don’t kow much a about SC politics. LOFTIS is one of the most popular politicians in the state. Tea party is just one section of voters that supports him.
He is preparing for his reflection campaign and his poll numbers are very, very good.
Damn straight the Gypsy Queen is trying to block the audit
As a resident of Lexington County all I can do in regards to Reynolds Williams is walk down to my shed and drive another nail into his voodoo doll pegged on the wall
As a resident of Lexington County all I can do in regards to Senator Leatherman is walk down to my shed and drive another nail into his voodoo doll pegged on the wall
As a resident of Lexington County I can vote against Nikki Haley, I can encourage others to vote against Nikki Haley, I can give money to anyone who runs against Nikki Haley, I can campaign against Nikki Haley
Oh, I also can walk down to my shed and drive another nail into her voodoo doll pegged on the wall
There’s room on the doll left?
I am with you brother. She must be defeated.
Hopefully the one party lever pullers in the State will wake up!
I admit, being duped and voting for her last time, never again, find myself voting for the person and I totally screwed up voting for her.
?
There’s room on the doll left?
I am with you brother. She must be defeated.
Hopefully the one party lever pullers in the State will wake up!
I admit, being duped and voting for her last time, never again, find myself voting for the person and I totally screwed up voting for her.
Google: state pension fund is broke…
And I see Pennsylvania, Illinois, NY, California, Michigan, NJ. Also Detroit, Teamsters and we know about GM…
FITS: face it: your Liberal gods have bent you over and reamed you out..and you’re making a d@*n fool of yourself by flailing away at anything but the truth…
You dumbass son of a bitch, just because those sons of bitches have run their retirement systems into the ground is no cause for us to sit on our hands and watch Williams, Leatherman, Haley and the rest of the goddamn cockroaches do the same to our retirement system
I’m just telling you: Your idol and master FITS is talking how bad SC is…yet the leftwing, F*#*ed up Obama states he worships…are at the bottom of the barrel.
But don’t sweat it, Bo…truth won’t mean anything to ignorant idiots like you and the rest of FITS Dumb@$$ followers……
Corruption is corruption, period. I personally kinda like what Loftis has done for this state. I tell you this, as fucking liberal as I am, I hope he’s as sincere as he seems. You, Tangled Bunched Panties, make every damn problem in society deduced to OBAMA, OBAMA, OBAMA!
Au contraire…ignorant B@$*@*ds like you have failed on EVERY Occasion to account for the TOTAL F*#^!ng Mess your lord-god has made of this country’s economy, foreign policy and his perverting of the Constitution…
You squealed like Poked Korn-Hole jockeys over Bush’s 5 percent unemployment and $2-a-gal gas. Now you Brain-Dead cretins act as if the Total F*#k up of unemployment, decreased salaries, astronomical gas prices, demoralization, and fear of the hideous monster named Obama-Care…does not exist…
I don’t suffer Fools well..and I can’t stand a GD Liar, who has to take everybody else for being as F*^#in Stupid as you have to be…
I’m just gonna say that I concur with jimlewisowb on this.
Duh…You and a total imbecile agree…not a news flash…
PS: one of the most defining characteristics of you Ignorant, mind-less Obam-bots..is that no matter how bad the news, no matter how he F*#)$ up…you have ABSOLUTELY No Ability to admit even a fraction of the absolute pieces of $#!* you, and he, are…
It’s to the point where I’d slap the living F*#* out of you, if you got and my face and insulted my intelligence the way I see you doing on this website…
There comes a time: Like Americans had to do to Hitler, the taxing British Monarchy, or the democrat Slave owners…Kicking your @$$ is the only way to counter your complete Ignorance and stupidity….
Obam-bot? Yes, I’m Liberal, but I can be opened enough to realize guys like Loftis actually care about their public service positions. You’re a damn joke.
About that “slap the living F*#* out of me.” Beef ‘O Brady’s works for me as well as Jim if memory serves. You can take your pick whick one of us you think you can pull that off with.
Another Dumb@$$ who wants to fight…A liberal is bad enough…but a leftwing, Kook Redneck, is too funny….
Also: The second Loftis gains any stature to threaten a democrat, your stupid @$$ would $#!* all over yourself attacking him. FITS is an example…
To proclaim your self-described “open-mindedness” the way you are attempting, makes you look like a naïve punk…I’ve seen many like you. You are either a lair or stupid…(prolly both, if you are an Obam-bot liberal)….
You said you would slap me. Don’t talk shit if you can’t back it up.
I said if I were provoked.
In your case: You are like the common leftwing redneck. You just want to fight (or act like you do) because you ran your mouth, and I showed you to be a Dumb@$$…so now you’re mad becaus you could not independently handle what you are, w/o Liberals patting you on the back…
“It’s to the point where I’d slap the living F*#* out of you, if you got and my face and insulted my intelligence the way I see you doing on this website…”
So, if I called you a dumbass son of a bitch (see above) you would slap me? Because that’s how this “leftwing redneck” read that.
Like my Pa said “some people have skulls as thick as a brick. You know what else? You can’t argue with a brick.”
This is one matter that should be focused on. Bust it open, and many within likely will be facing years in federal prison.
What about the horrible audit Loftis has gotten on his first few years in office. Ya won’t see that on his website for sure. Loftis, the least educated, most inexperienced treasurer in the country, is doing a very bad job as treasurer. He tries to cover it up by distracting folks with his lies. You can’t cover up stupid for long. Bring back Ravenel, Eckstrom, Wingate, Chellis, Patterson (ok that’ll be tough). All did a better job!
You are joking right?…..Eckstrom (incompetent pervert, Ravenel coke head)
Your mama obviously dropped you on your head…..numerous times!
I’ll give you Patterson, an honorable and capable man.
Patterson, without question one of the most honorable men this State has ever elected to public office. Equally undisputed was his capabilities and his gentlemanly presence.
Produce the audit. Or admit you are a liar. I am familiar with the treasurer’s office and it is doing very well.
Than you aren’t really that familiar with the office
I will take your non proof as your admission you are a liar.
I feel strongly about this as I have good friends that work there and they say it has never been as good as it is now.
This is one matter that should be focused on. Bust it open, and many within likely will be facing years in federal prison.
What about the horrible audit Loftis has gotten on his first few years in office. Ya won’t see that on his website for sure. Loftis, the least educated, most inexperienced treasurer in the country, is doing a very bad job as treasurer. He tries to cover it up by distracting folks with his lies. You can’t cover up stupid for long. Bring back Ravenel, Eckstrom, Wingate, Chellis, Patterson (ok that’ll be tough). All did a better job!
You are joking right?…..Eckstrom (incompetent pervert, Ravenel coke head)
Your mama obviously dropped you on your head…..numerous times!
I’ll give you Patterson, an honorable and capable man.
Patterson, without question one of the most honorable men this State has ever elected to public office. Equally undisputed was his capabilities and his gentlemanly presence.
Produce the audit. Or admit you are a liar. I am familiar with the treasurer’s office and it is doing very well.
Than you aren’t really that familiar with the office
I will take your non proof as your admission you are a liar.
I feel strongly about this as I have good friends that work there and they say it has never been as good as it is now.
Btw … I saw Leatherman the other day. He looked like he had been drinking.
He probably had been! The guy is a crook. I had dealings with him once and he is crooked as a snake. He and Haley go together like cake and ice cream.
The biggest problem, unless we get rid of Harvey Peeler too, we get him to replace Leatherman and he is worse than Leatherman!
Btw … I saw Leatherman the other day. He looked like he had been drinking.
He probably had been! The guy is a crook. I had dealings with him once and he is crooked as a snake. He and Haley go together like cake and ice cream.
The biggest problem, unless we get rid of Harvey Peeler too, we get him to replace Leatherman and he is worse than Leatherman!
Curtis is a good friend of mine. He has been very quiet on the Investment Commission stuff for months. He is trying to work with the Commission. And what does he get for his trouble? Williams pushing made up bad story after story and Nikki Haley blocking audits.
I say Curtis, go back to the drawing board and give them hell.
Loftis is building a hell of a campaign. My son is a volunteer and they have made 10,000 calls already.
The thing I like best about Loftis is he does not gonna take shit from anybody and if somebody wants to rumble he will, or if they wanna get a long he will.
Bull shit. He wants to get along with no one other than his own reflection in the mirror. He acts like a 5 year on the playground who takes his ball and goes home when thugs don’t go his way.
And just look at the turmoil his own office is in…
Give proof of problems in his office or admit you are a liar.
Loftis could beat Haley in a primary and Sheheen in an election.
Curtis is a good friend of mine. He has been very quiet on the Investment Commission stuff for months. He is trying to work with the Commission. And what does he get for his trouble? Williams pushing made up bad story after story and Nikki Haley blocking audits.
I say Curtis, go back to the drawing board and give them hell.
Loftis is building a hell of a campaign. My son is a volunteer and they have made 10,000 calls already.
The thing I like best about Loftis is he does not gonna take shit from anybody and if somebody wants to rumble he will, or if they wanna get a long he will.
Bull shit. He wants to get along with no one other than his own reflection in the mirror. He acts like a 5 year on the playground who takes his ball and goes home when thugs don’t go his way.
And just look at the turmoil his own office is in…
Give proof of problems in his office or admit you are a liar.
Loftis could beat Haley in a primary and Sheheen in an election.
A picture is worth 1000 words. And, people would rather view a simple picture than suffer through 1000 words.
Pictures from the above mentioned Maryland think tank……
Comparison of Return Rates & Investment Expenses of State Pension Funds
http://paycheckeconomics.wordpress.com/tag/state-pension-funds/
A picture is worth 1000 words. And, people would rather view a simple picture than suffer through 1000 words.
Pictures from the above mentioned Maryland think tank……
Comparison of Return Rates & Investment Expenses of State Pension Funds
http://paycheckeconomics.wordpress.com/tag/state-pension-funds/
Look at all this out of state money she gets. How are these people writing 3500 checks to her? I wonder how many are tied to Wall Street Investment Banks?
Lots of people make money of an investment fund that big. I bet Haley has tapped that income stream
Look at all this out of state money she gets. How are these people writing 3500 checks to her? I wonder how many are tied to Wall Street Investment Banks?
Lots of people make money of an investment fund that big. I bet Haley has tapped that income stream
Why do you use a picture of foreign currency for you story? You investing in some other country’s currency. As for Loftis, looks good but I doubt his settlement he just accepted. Got 25 million for a 200 million loss and paid his buddies lots of bucks.
Why do you use a picture of foreign currency for you story? You investing in some other country’s currency. As for Loftis, looks good but I doubt his settlement he just accepted. Got 25 million for a 200 million loss and paid his buddies lots of bucks.
A Gedankenexperimente: A Democrat governor. Tim Scott gets killed by a stray bullet from a Justice Department AK-47 “anti-gun demonstration.”
Conclusion: DO we REALLY think the replacement would be a conservative Independent or even a Republican? Do you want the evil prince to have even more temporary power? If Haley must be replaced, she must be replaced with a NON-Democrat. At least until 2017.
A Gedankenexperimente: A Democrat governor. Lindsey Graham dies of a heart attack. Everybody celebrates for a week. But then..
Conclusion: DO we REALLY think the replacement would be a conservative Independent or even a Republican? Do you want the evil prince to have even more temporary power? If Haley must be replaced, she must be replaced with a NON-Democrat. At least until 2017.
IMO There is a reason for the audit block, the retirement investing team charges so much so the people getting a cut of the action can be paid. Why is it that the SC retirement system has the most costly fees and the least returns. The fees should be based on overall returns-if the system doesn’t make money then the investing company makes a basic fee agreed before hand, not sent a bill later for exorbitant fees later.
honest people want the audit. Dishonest people don’t.
IMO There is a reason for the audit block, the retirement investing team charges so much so the people getting a cut of the action can be paid. Why is it that the SC retirement system has the most costly fees and the least returns. The fees should be based on overall returns-if the system doesn’t make money then the investing company makes a basic fee agreed before hand, not sent a bill later for exorbitant fees later.
honest people want the audit. Dishonest people don’t.
$700,000.00 for this audit, I am not in the audit business but that sounds like a lot to me. I want to see the results of this audit but cant we get a good audit done for less $?
http://legal-dictionary.thefreedictionary.com/fiduciary
A fiduciary audit is a significant effort the above link shows that the aim is to find out if those in charge of the plan have used or abused the assets of the plan.
The mere fact the state wants this audit shows there is considerable doubt about the SC Investment Commission.
With Republicans in charge, we overpay for everything we buy from the private sector because the private sector is just so much better, right?
Any reason the LAC can’t do this?
$700,000.00 for this audit, I am not in the audit business but that sounds like a lot to me. I want to see the results of this audit but cant we get a good audit done for less $?
http://legal-dictionary.thefreedictionary.com/fiduciary
A fiduciary audit is a significant effort the above link shows that the aim is to find out if those in charge of the plan have used or abused the assets of the plan.
The mere fact the state wants this audit shows there is considerable doubt about the SC Investment Commission.
With Republicans in charge, we overpay for everything we buy from the private sector because the private sector is just so much better, right?
Any reason the LAC can’t do this?
She and her entire clan need to pack up and go back to wherever the hell they came from.
She and her entire clan need to pack up and go back to wherever the hell they came from.
Deloitte has released two audit reports of the RSIC, which I think I downloaded from the Treasurer’s website.
The findings are horrendous.
In the 2011 Deloitte audit, 7 of 11 operating areas at the RSIC were assessed as areas of HIGH RISK.
4 of 11 operating areas were assessed as areas of moderate risk.
No areas were assessed as low risk.
The 2012 Deloitte audit was just as horrible.
Don’t take my word for it. Go check it out.
Deloitte has released two audit reports of the RSIC, which I think I downloaded from the Treasurer’s website.
The findings are horrendous.
In the 2011 Deloitte audit, 7 of 11 operating areas at the RSIC were assessed as areas of HIGH RISK.
4 of 11 operating areas were assessed as areas of moderate risk.
No areas were assessed as low risk.
The 2012 Deloitte audit was just as horrible.
Don’t take my word for it. Go check it out.
Haley is not the sharpest knife in the drawer. We all know she couldn’t win a dime on Jeopardy. But surely she is not stupid enough to try to nix this audit
Why is anyone surprised by any of this. Members of the S.C. Legislature have been padding their pockets and taking kickbacks from their friends they put on commissions for decades. S.C. is one of the most corrupt states in the nation. Why does anyone think these crooks spend so much money to win a seat in a body that doesn’t pay much? So they can abuse the hell out of their office and f*ck the S.C. taxpayer left and right. Look at the Ag Dept. Chernoff-Silver gave Hugh Weatherman’s son a internship. They contribute tens of thousands to Hugh’s campaign fund. The Ag Dept. spends millions with Chernoff-Silver for Marketing but they never actually do anything. Hugh only hires relatives of campaign contributors for jobs even though they don’t know what the hell they are doing. Hugh Weathers is your typical crooked RINO like the rest of the SCGOP yet dumbass voters will keep voting them into office because they all carry that (R) next to their names. S.C. gets what it deserves.
Why is anyone surprised by any of this. Members of the S.C. Legislature have been padding their pockets and taking kickbacks from their friends they put on commissions for decades. S.C. is one of the most corrupt states in the nation. Why does anyone think these crooks spend so much money to win a seat in a body that doesn’t pay much? So they can abuse the hell out of their office and f*ck the S.C. taxpayer left and right. Look at the Ag Dept. Chernoff-Silver gave Hugh Weatherman’s son a internship. They contribute tens of thousands to Hugh’s campaign fund. The Ag Dept. spends millions with Chernoff-Silver for Marketing but they never actually do anything. Hugh only hires relatives of campaign contributors for jobs even though they don’t know what the hell they are doing. Hugh Weathers is your typical crooked RINO like the rest of the SCGOP yet dumbass voters will keep voting them into office because they all carry that (R) next to their names. S.C. gets what it deserves.