(Columbia, SC) – In retaliation for exposing the practice of rewarding poor performance and paying exorbitant fees, the Retirement Systems Investment Commission has resorted to more personal attacks on State Treasurer Curtis Loftis.
“Here we go again – another political stunt and personal attack from the entrenched establishment at the Retirement Systems Investment Commission for my shining the light of transparency on the way business has been conducted for far too long,” Loftis explained. “These tactics are nothing new, in fact with each success I have, the efforts to silence me have become more vicious. Chairman Reynolds Williams has stated that it’s his goal to ‘separate Loftis from the voters’, illustrating that he would rather play politics through the media and protect his $27 billion fiefdom from public scrutiny than to prudently invest the pension funds. Even after the Attorney General, Budget & Control Board, outside expert counsel and the Inspector General all found the Chairman in the wrong for restricting access to information; Williams continues to fight me at every turn to conceal his failures of leadership and continue business as usual.”
Loftis continued, “The Chairman has good reasons to hide behind the cloak of secrecy. He wants to hide that we pay over $300 million a year in investment fees to Wall Street. He wants to hide that South Carolina is ranked in the top 10% of highest investment fees in the nation while our returns regularly rank in the bottom 25%. He wants to hide that $1.4 million in bonuses were paid to fourteen staff members, including an employee who received a $300,000 bonus on top of his $300,000 salary while the pension underperformed.”
Treasurer Loftis further stated, “With each success I’ve had for transparency comes another political attack by the Chairman. He would be better served by joining my efforts to increase investment returns than to demagogue and employ childish and hostile personal attacks. These political stunts will neither silence me nor deter my resolve in fighting for the investment returns that retirees depend on and deserve.”
Loftis concluded, “My battles for transparency often involve 70 hour work weeks and countless artificial barriers placed in my way by the Chairman. However, I promised to protect the people’s money no matter how many bruises I collected along the way from the elite special interests that will stop at nothing to preserve their lavish lifestyles and power over the people’s tax dollars.”
Examples of Treasurer Loftis’ transparency achievements include exposing:
· $750 million of unreported investment fees and expenses;
· $300 million a year in investment fees and expenses paid to Wall Street;
· Pay top 10% of investment fees and expenses in the nation;
· Routinely rank in the bottom 25% in investment performance;
· $1.3 billion in unachieved returns due to below average investment returns over 3 years;
· Rank in the top 10% for bonuses awarded despite mediocre performance;
· $1.4 million in bonuses awarded to 14 staff.
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28 comments
Honey badger don’t care.
Loftis is fearless but he is fighting a battle he can’t win. He has won some impressive battles but in the end the corrupt bastards that run our state will win the day. It has to be that way. They hold all the cards and have all the money.
I respect Loftis a lot because I think he knows he will be taken out eventually but it still fights on.
Great job dumbass, now Greg Ryberg is running the show. You reap what you sow.
You may not like Greg Ryberg but many retirees do. We have not always agreed with the positions he takes and have even worked to defeat some of them. But he is an honorable man with honorable motives and not a grandstander like Loftis. Unlike Loftis, he listens to reason and is somebody you can work with. What more can you ask?
I have been involved with government for 40 years. I attend Investment Commission meetings. I have never seen more transparency than that exhibited by this Commission. Mr. Loftis is not so transparent about his own operations. What about that settlement with the Bank of NY and the attorney fees of $9 million taken from the settlement to retirees? How was that developed? Very shady dealings there and, after 5 months, still no implementing contract so no savings are apparent.
I don’t know much about Treasurer Loftis, but when I read these whinny insider comments it makes me like him and want to vote for him. It is so easy to see cowards sitting at their little computers spewing this bilge and feeling powerful. I love the comment section when the comments are funny or insightful. But the over and over crying of babies who must be vested insiders is just like the bitchy comments of the middle school bathroom wall.
M326 seems to be obsessed with Loftis. No doubt most of these other whinny post are from his computer too, I suppose he makes them in between porn breaks or as momma brings meals down to the basement when he lives.
Haley has her haters as does time Scott and most pols. I suppose it is something I will just have to tolerate.
Well said.
Get used to it. We are not going away. And I am a vested insider–what’s wrong with that? I am a retiree with real vested interests in how well the Investment Commission performs. Loftis threatens that and I am not the only one who sees that. And as far as whining goes, Loftis is the biggest whiner of all: “They are all out to get me; feel sorry for me; support me; pray for me; I stand for the little people.” You believe that hogwash and I have a bridge in Nevada I’d like to sell you. I at least try to educate myself on these issues. Do you? How many Commission meetings have you attended? You admit “I don’t know much about Treasurer Loftis…” and then go on to defend his foolish behavior. How can you do that without knowledge of the situation? And the only posts from my computer are under this name. How many alternative names to you have–you act knowledgeable enough to speak to the matter….Randall?
Wow, you don’t like Christians or “little people.” What an arrogant prick you are.
Nice you can read his mind and know what he thinks. Oh, I forgot, that is part of arrogance.
You must be Loftis in disguise as I suspect many of these posts are. That is the way he talks to people is how I know. Nowhere in my post do I mention Christians. I assumed you would accept prayers from any religion. However, if it is only Christians you want praying for you you need to spell that out so all other religions do not waste their time. And it is easy to feel arrogant when discussing Loftis.
I have been involved with government for 59 years. My first paid position was with the Berkeley County Courts at the age of 10 when I was the “official puller of names out of the hat for jurors“. Pay was $1.00 per trial.
Over the years I have watched the credibility integrity and morality of elected/appointed officials and their friends erode to the point that today it is expected for them to lie, cheat and steal taxpayer’s blind.
I used to go to meetings at the State House. I listened as Legislators commended the commitment of State Employees. I listened as Legislators decried the increases in health costs. I listened as Legislators promised Retirees cost of living increases.
I listened, I waited, I prayed, I hoped, I gave up
Today I wish no harm to any living creature that God has put on this earth. However, if I awake tomorrow to read that every last damn elected/appointed official and their friends have been turned into pillars of salt, I will step outside, look up in the sky and say, thank you Lord, thank you very much
40 years. Damn, M326, suck that tit of government. Wonder how much of our money you wasted?
My, my, Dicky. Why do you make such assumptions about state employees? Most I have met would make nice next door neighbors and take their jobs very seriously. Everybody sucks at some tit–what’s yours? Do you know what an ad hominem argument is? That’s Latin, look it up. It is what you are doing and it is the cheapest and least convincing form of debate. So, until you are able to have a reasonably intelligent argument, I would recommend you not display your ignorance so blatantly. Have a good day, Dicky. Oh, by the way, I can clearly prove–with hard data–that I have actually saved the State of SC many millions of dollars–far more than it ever paid me. I could document that but, because of your derogatory attitude and already preconceived notions about state employees, pray tell, why would I go to the effort? I couldn’t care less what you think because you obviously don’t think very much or very well. And Dicky, if you will only read, I did not say I worked for state government for 40 years. I said I was involved with state government for 40 years. And involved I remain though long ago retired. SC would be better off if more of its citizens were involved with their government. Why don’t you try it, Dicky? Get rid of some of that pent-up aggression and make a difference. Posting comments like this is hardly a contribution to the body politic, Curt–I mean Dicky.
Yep, nothing hinky about that $2 million payout to your college buddy, right??
Apparently Loftis believes if he keeps repeating over and over again the same BS about the retirement commission people will accept it as true.
It is all about making money, no paying fees. The investment commission has it backwards. That’s is why we are broke.
Dear Spawar ATLANTIC workers……..
We feel certain that most of you have not spent time following the Curtis Loftis “Badminton Fee SCAM” that he is trying to crow about.
Considering that we have a very important MISSION statement…:
“…Rapidly deliver and support solutions that enable information dominance for our Naval, Joint, National and Coalition Warfighters…”
How has this “Loftis pension dance” displayed informational DOMINANCE to the concerned warfighter and VETERAN pension funds..? Heck, how has LOFTIS been screaming about the 900 MILLION (and more) BOEING bribes that were never voted on by tax payers and warfighters in our state. Matter of FACT, where has Curtis Loftis been in getting in the FACE of US Senator Lindsey Graham about the campaign slush coming from Dubai PORTS operations that benefit terrorist heroin trading..!? What kind of Treasurer is this? Just because he can add 2 plus 2 and come up with four does not mean he knows how to show taxpayers WHO is getting 3 out of the four. WE….ARE….FED….UP…!!!
Did Loftis serve in the nation’s armed forces?
Dear Curtis Loftis………….so you are undeterred by PERSONAL Attacks…?
We hope you understand that there are a fair number of SPAWAR Atlantic informational warriors that understand how this article will be used and “shared” in a Cock-a-boose while Bud Lite beverages are being consumed. My friend, we like you; ….BUT…..when it comes to understanding that a PENSION FUnd is personal. It is clearly obvious that you do NOT understand how to PERSONALLY get in someones FACE…accountably. Curtis, do you not think that any fine educated government administrator would take a 300 MILLION fee personally..?Curtis, what do you think is going to happen when state politicians have to offer early retirements to concerned state workers and then find out that the 300 Million in fees have robbed the “principle and interest”….!?
Curtis………..how fast do you think Nancy Mace can pick up a phone and get concerned student interns at South Carolina State and USC and Clemson to voluntarily track down how those fees wound back up in a 6 million plus campaign war chest for US Senator Lindsey Graham..? (…….and Tim Scotts too)
Curtis, ……..I would wipe that smile off of my face if I were you. Nancy Mace is a FAST …”lerner”
He’s bigger drama queen than Nikki Palin Haley.
IMHO -The emails from him posted on The State regarding this issue make him look like a real whiny crybaby.
I thought they made Loftis look like a man determined to do a job and to make sure a man making $220,000 a year earned his pay.
Good job Mr. Loftis
Dear “Nikki” Moore………..
We wonder if you would stand for USC School of Business “directors” to fund themselves such perks?
How would John Stewart use a calculator to add up pension incentives and dare citizens to “laugh”…?
Wait, so we don’t want him to expose this or we do? Because I’m confused by the comments here.
Do believe for some who post on this blog that the only way to convince them Loftis has been taking the high road and Williams/Leatherpecker have been taking the low road is for all Retirees to get a letter on December 25, 2013, advising the Pension Fund is bankrupt and there will be no more checks deposited except for Retirees who are members of the Legislator Retirement Fund which is not only solvent but has a surplus
To some this may be far fetched but now that Carpetbagger Reichberg has joined Larry and Moe the goddamn son of bitch cockroaches ought to be able to clean out the vault by the end of the year, easily
The retirement fund is underfunded by 16 billion dollars. The investment commission earns below market rate. The budget Board authorized cost of living adjustments when we could not afford it. The system is a shambles.
I don’t live in Columbia. I live in Spartanburg and up here everybody I know is very supportive of Loftis. We don’t trust those old line politicians and commission members. I believe what he says and am proud of it.
Mr. Lewis, you are correct. The elected and unelected officials have sold us out. Loftis is new and the old line people hate him so that is the best recommendation I can think of!
http://www.charlotteobserver.com/2013/10/12/4382741/nc-increases-bets-on-private-equity.html#.UlwCKPjD-AI
They’re as stupid as we are in North Carolina.
Common factor…GOP legislative and gubernatorial control.
Per the Post and Courier in an op-ed by US Chamber of Commerce legal staff: ‘Loftis just the latest tainted by pay to play’
http://www.postandcourier.com/article/20131015/PC1002/131019652/1021/loftis-just-the-latest-tainted-by-x2018-pay-to-play-x2019