Curtis Loftis Assails Poor SC Pension Fund Performance
TREASURER: BAD INVESTMENTS LEFT $7 BILLION ON THE TABLE || By FITSNEWS || Ever since he took office You must Subscribe or log in to read the rest of this content.
TREASURER: BAD INVESTMENTS LEFT $7 BILLION ON THE TABLE || By FITSNEWS || Ever since he took office You must Subscribe or log in to read the rest of this content.
512 comments
Hmm…since this is a story about an elected official doing GREAT things, fighting liberal WASTE and corruption…FITSNews neglects to mention his party affiliation…Therefore: I think we can deduce which party Tres. Loftis is in.
If it’s a cheater, and a Republican, or one accused of some sort of malfeasance, FITSNews finds the “R” key early and often…
And if it’s a Democrat vermin or scandal (See Steve Benjamin) FITSNews is SURE to forget to include party affiliation…
If you are a Dumbass liberal, you’re the kind of fool that is saturated with the sort of ignorance FITSNews pushes..
But you have a Conservative bone in your body – and even half a brain – understand FITSNews is the enemy of you and your country.
He holds a statewide position, of course he is a Republican. This is South Carolina, a red state. All of us can figure that out on our own. It’s the magical gift called not being a dumbass.
There you go again, Fits.. Idiotically singing about Loftis and forgetting to mention the SC Ethics Commission hearing on Sept.16….Yes, mention it Fits… Loftis is shitting his pants. He thinks that posting this crap here on Fits will help him with the obvious violation…. Loftis cannot get respected press so he goes with Fits… and his Facebook. However, mixing the STO with his private posts may be a big mistake… Loftis sure is not a public servant… Far from it.
And do not forget his twitter account… Curtis Loftis@ Treasurer Loftis… I am watching black youths abuse police and white people. Randomly. It is disgusting #sctweets #scnews #scpol. July 2015… Racist Loftis.
Y’all are the real enemy of Conservatives and a friend of Liberals. What you breed causes Obama and other liberals. By the way here is FITS policy on the use of party labels.
https://www.fitsnews.com/2015/07/07/should-sc-politics-run-through-the-jungle/
Of course this is much too nuanced and complex for your simple brain to understand.
GrandTango and Flip are just liberal plants trying to make Conservatives and Republicans look bad. If you read their comments enough you start seeing some of their leftism leaking out, like when Flip gushes about raising taxes.
Exactly. He loves every tax ever raised by every PAC connected to the Chamber of Communists, which is given broad license to use the money of the people in any way it chooses — including spending it lavishly on no-bid contracts for goods and services from crony corporations. Sometimes those corporations are just shells, like the one in Myrtle Beach, run by a buy in Charlestons, but listing a local storage facility for its office location. Call their number and a rude woman answers the phone, with dogs barking and babies crying in the background. Yep, he loves the C of C, which colludes with government to screw the people, even its own small business members, and uses government to pick winners and losers in the marketplace.
I can understand why FitsNews doesn’t use party designation with political candidates.
FitsNews is a liberal website that functions to destroy Republicans and the party, while electing Democrats BY espousing nonsensical Libertarian horseshit.
We all know Democrats can’t get elected anymore.
Where’s Loftis’ solution? No point in making a bunch of noise unless you’ve got a plan to fix it.
Good question. He has certainly had enough time to come forth with a solution. What should our immediate next steps be? How should we change the investment allocation plan? Which “index” funds should we invest in now that the market is bombing? How can we expect a person with only a high school degree and no background in investments on this magnitude to be able to make any constructive criticism. WHAT IS HIS ALTERNATIVE PLAN??? SPECIFICALLY, WHAT SHOULD WE DO NOW??? From Loftis: SILENCE.
I think it is pretty clear he would like to index the funds.
Hasn’t he been talking about this for four years? Why hasn’t he fixed it?
He tried. The big guns wouldn’t let him.
He has fixed a lot of it but still has a ways to go.
SC made HALF of what the the average large pension plan made last year.
Half of the average. Not the top but the average! Awful returns.
Poor little Loftis… Where is your baby bottle? You sit on the investment commission… Senator Ryberg in his very detailed report, shows that Loftis has been given all due respect. Loftis is a violent man with a violent temper and chooses to walk out of meetings with veins ready to blow… Why, you may ask? Answer, Loftis does not have any idea, not even one that would be worth a shit..
Such despicable comments about a serious subject. The Commission has 7 billion reason to harris Loftis, but this is ridiculous.
Because he is a tea party dope. All talk and no action. Solutions never come from the tea party dopes. Haley and Loftis are both of low intelligence.
You must be joking! Have you seen his office’s returns? They’re next to nothing! He has some billion dollar unfunded liabilities too.
Typical republican.
What will happen on Sept 16th?
http://www.thestate.com/news/politics-government/politics-columns-blogs/the-buzz/article28405045.html
Plus he has Conservative “values!”
Yeah, California, Illinois, Michigan, are hotbeds of rampant Republicanism. Their unfundeds make SC look amateur novices.
Absolutely false.
Please call the Treasurer’s office tomorrow and you will be given the information needed to set the record straight.
Are you a Republican or Democrat? Democrats lie.
Why doesn’t Loftis just put it on his website? It’s already available on the state auditors website. It’s very transparent.
So called Leadership in America look out for their elite supporters and self. I honestly think America needs a Revolution.No one in so called leadership can show you where they look out for the average working American. Our laws protect illegals over us,Our President divides America and drives a wedge between us while all the while putting a target on the back of Police Officers. The well off escapes Criminal Charges at the expense of the American Citizen. Congress manipulates the laws and treaty’s they enact by fixing it where they do not have to vote on record so they will not be exposed. The same so called President and Congress do not take care of the Military who like the Police defend us.Lawyers are only interested in filling their pockets at the expense of Victims. The only time the Constitution is mentioned or adhered is when it defends those I have just mentioned. America,awake while you still have a small chance. Illegals in America have more rights than the families who have lost loved ones defending out country or communities. Remember,the legal system in America is controlled by lawyers from beginning to end and lawyers have the First and Final say and you very seldom see one of the going to jail!
So you want to start a revolution against everyone? Good luck, the sane population outnumbers you and is better armed. Thank God.
Who is it again that we want to have a revolution with? Ourselves? I think a good ballot might be the answer.
I see Curtis left out the billions in unfunded liabilities that his office is responsible for. OPEB? Unclaimed property? college savings? What’s he doing to address the debt in his office? Don’t we have to pay for that too?
I see you have no clue what your talking about.
That is false. Absolutely false.
Please call the Treasurer’s office tomorrow and the information will be given to you.
The unfunded liabilities are in the audits on the state auditors website. No need to call when it’s a click away.
Loftis is a master at lying and false accusations.. He has lost all credibility. Exposed as a cyberbully in 2003 and censured as a bully again last year…Loftis is a vicious man with a plain High School diploma. Public servant … my foot!
Anecdotal stories. I have two people i know who have had their union retirement accounts “disappear”. Different unions, different locals, same basic story. Left union jobs 20 years ago, received yearly statements with balances, last 4 years got papers every other year. One is retiring in the next 90 days and has been given the run around bouncing from person to person. Another heard about this, the other started checking, same thing “we don’t show you as ever having benefits”.
what type of unions?
One is a trade, the other manufactoring.
SC retirement contributions are similar to union states though our retirement pay is much less.
The taxpayers, government employees and retirees have been raped by the system.
Cronies of Investment Commission pays people to blog against the Treasurer. it is unfortunate that such behavior is endorsed by the Commission. The Commission has has 30 billion dollars of our money, and they are the sort of people that blog against someone fighting for the taxpayers and retirees.
Any proof? Or more slander against public servants at the commission?
Yes. A sign affidavit. I understand there may be more than one being presented to the grand jury.
I heard the same thing. In fact I heard there was a team of FBI agents coming here from NYC to set up shop. My course is a lawyer with close ties to the State.
Sure after they get done with Hillary’s ’server’. Unbelievable. Who writes this shit?
Oh, I bet it is Mike Montgomery … or Logan Simmons….Welcome FBI… Quick… SC needs you..
LOL… Loftis you are so stupid…You are not fighting for the taxpayers .. You have lost over 220 millions of the retirees and their trust fund. Shame on you…
That 220 million dollars was lost by Treasurer Converse Chellis and The Investment Commission in 2008 and 2009.
Loftis was not treasurer in 2009.
The Investment Commission lost 6 billion dollars in 2008 and 9. And still made their bonuses.
When can we get a polician with leadership? Instead of placing blame a leader moves forward with a plan.
NO..no. Loftis signed the contract with the Bank of NY in 2013… Loftis lost that money all by himself… You cannot buy intelligence and Loftis does not have much…
Absolutely false. Please call the treasurer’s office and you will be given the information.
California’s retirement fund has stopped investing in hedge funds because they figured out what a racket they are.
Our yahoos appear to still be struck stupid by them.
California will soon be exiting Private Equity too. Our Commission is throwing billions at it. The fees and risk are not worth the meager returns.
One state audited its private equity managers and received a $30 million refund!
New Jersey and Penn are performing audits now.
Will South Carolina? No, of course not.
South Carolina has paid $2.3 billion dollars in 10 years. That is simply astounding. And unbelievable.
More complaints and no solutions. This is not leadership.
Try reading his power point and blast.
It is clear he would like more indexing and less alternatives.
he says he has emails coming with more info and solutions.
Try reading more, talking less.
He’s been saying “stay tuned” for years. I’ll believe he has a plan when he puts one forward. I’m about results, not “staying tuned”
He has put forward many ideas and plans and many have been taken. But this last bit, the asset allocation, is his biggest challenge. He is but 1 of 7 Commissioners.
He was great at Rotary. Everyone was fired up and ready for change.
He has been complaining about the asset allocations for years without putting forth a plan. Years go by without any plan.
He is but one of 7 commissioners.
Does that mean he should abdicate responsibility and leadership by not putting forward a plan?
Little Loftis… All meetings have been recorded… You have nothing to contribute but lies, gross allegations. We know you, Loftis and you do not fool us .
The power point shows that over the last 10 years they made less money than any large pension plan.
The worst.
The bottom.
Last place.
The basement.
This is unbelievable.
What’s unbelievable is an elected official sitting on his hands and screaming about a problem without offering a solution.
This situation has gotten worse and worse. I have been following it for years.
They have suboptimal returns yet pay large salaries.
They never learn their lesson. The Governor needs to step in and fire the Commissioners. It is time for new leadership.
The Commission has slandered, libeled and maligned Loftis because he disagrees with them on policy issues. Loftis signs his letters and emails and speaks in public.
The Commission hires thugs to write filthy and disgusting comments about the treasurer on blogs. All under the view of anonymity.
it is clear who is trustworthy and who is not.
Any proof?
No proof. Just some crony of the investment commission filed a charge. Loftis will beat it like he did the last one. It is sport of the governemnt insiders that are protecting their money sources.
Hey, dumb curt, Houdini was asking for proof that the Commission slandered libeled, etc., your name. Judging by your comment, looks like someone is guilty as hell and nervous about the 16th,
Hope that he will speak in public on Sept. 16! Yes, Curtis Loftis, let the public hear what you have to say on Sept. 16.. Yes, Curtis Loftis let the public know what you have done… Trustworthy Loftis. on ethics violation…
I hope Loftis sent a copy of this to the SEC and the FBI. We need the feds to clean this up. $7 billion dollars is a lot of money and we, as taxpayers, are on the hook.
Slow news day?
South Carolina has paid over $2.3 billion in fees over the last 10 years. The FBI ought to be looking into that as that number is far beyond the bounds of a normal portfolio.
Far, far, far beyond the bounds!
The FBI is not needed! Inspector Loftis is on the case!
They are busy with Hillary.
Is it true our pension fund has gone from $30 billion to $28 billion in the last year?
It couldn’t be! That would mean Loftis is wrong!
Is it.Show us!
Public pension plans are a mess. Across the country they are struggling and I think the Federal Government will end up bailing out about half of them.
Missmanagement, fraud, lousy governance are only some of the reasons.
Exactly.Public sector workers retiring after 20 years and drawing a pension for 60 years just don’t add up.
Ask the car industry.
Why are these people attacking Loftis and not refuting his numbers. If he is wrong shouldn’t the Commission say so instead oh hiring thighs to slander the guy.
Aint hard to see that Loftis is the trustworthy one. Especially as the Commission is dead last in returns for ten years !
He appears to be on it. People better listen.A Democrat would have covered this up.
I bet these nasty Investment Commission bloggers just make Loftis more determined to beat that Commission. they have been blogging filthy stuff about him for two or three years. Seems they would figure out that it won’t make him stop.
I MAY support him as a potential VP candidate.The BIG news is Trump wrote Taylor a letter and Fits apparently bought her lunch and delivered it so he could apparently see her tits. :)
Trump would like Loftis and with Taylor and Fits, we have an ‘inside’.
People laugh at Loftis and talk behind his back. Loftis is a big joke on the Capitol ground and in all the state offices. He has destroyed the STO. The turn over is 99%. People cannot stand him and cannot put up with his shit…Mentally unstable and vicious.. Curtis Loftis, you , sir, are no Grady Patterson.
Thank god for that !
Where did Mike Hitchcock and Ed Giobbe find these whinny bloggers?
He appears to be on it? He cannot be on it with the big pile of shit in his over sized diaper. … Loftis cannot solve a thing…Loftis is a blind man who cannot see and will not see. A waste of our time and a waste of your time, Enough…
Mike Hitchcock and Hershel Harper ought to be ashamed of themselves to have these blogger out here. I is incomprehensible that they let this vulgar stuff continue.
Nevada just index its $35 billion dollar portfolio. Their chief investment officer, a former Wall Street Guy, said that public pension plans are crazy to take such risk with staff that are state employees and not investors with their own money in the deal. I agree.
You are not “invested” until you can lose your own money!
Tomorrow, the New York/Wall Street crowd will be reading this stuff. They will see Loftis’s info and see the Commission bloggers chasing him.
That is going to make Wall Street shudder at their “partner,” the Investment Commission.
Wall Street does not like this crap. I know, i worked there for several years.
Mike Hitchock and Ed Giobbe ought to be fired for allowing these blogger to run wild. Hitchcock and Giobbe lost 7 billion dollars over the last 10 years and they are mad at Loftis?
None of that will happen Curtis. Wall Street people don’t care about the loon in the SC treasury.
Loftis, be sure to show the NewYork/Wall street crowd this nice treaty and these enlightened comments. People of SC know you Loftis and they deserved to be heard by Wall Street. That is the least that you can do. A true public servant and tell them that you refused to have the Ethics hearing opened to the public……
I have never heard of an investment house that has been in last place for 10 years in a row. People, that is just about the most astounding and damning fact I have ever heard.
This place has got to be turned around. I don’t know by who, or how, but you can’t be last for 10 years in a row and expect to pay your bills!
Why did FITSNews fail to mention Treasurer Loftis, likely the most popular elected official in SC – and deservedly so – is a Republican?
Loftis is one man who got into office and did exactly what he said he would do. He is a credit to this state. He also is a Conservative and a REPUBLICAN. Two designations FITSNews, and the filthy asshole Democrats that worship FITSNews, hates.
You have to be a dirty son-of-a-bitch to use Loftis to pump this piece of shit website, but be so much of a fucking coward you won’t identify his party.
Ah, that’s total bullshit, poGo/flip. Who doesn’t know that Loftis is Republican? There is no need to state it, every time his name is mentioned. You are no better than the Commission creeps who keep attacking him. Who are probably a bunch of RINOs.
More and more, you seem like a liberal Dem (maybe a socialist) or RINO. yourself. One who is an agent provocateur, trying to make conservative Republicans look like crazed cretins.
The Buzzman • 7 minutes ago
It is not a crime to be a pedophile.
_________________________
Stick with a subject you are apparently an expert on.
///
pedophilia
sexual desire in an adult for a child.
///
You cannot criminalize a DESIRE. An ACT based on the desire is another matter.
Unless you’re a Republican, like Duggar, of course. In his case, apparently, pedophilia rape and incest are OK. In some other cases where it’s a Republican doing the raping, such as Sandusky, you automatically re-cast them as Democrats.
There is no honor or honesty in you.
Buzzman, they attack Curtis for the craziest shit. I can understand how anyone smart enough to type a sentence is dumb enough to believe anyone would believe their crap.
Ballyhoo Burlesque ?@BallyhooBurlyQ
Popular alternative model Mon Petite enthusiastically recommends Boz Martin, Certified Hypnotist
Boz is gonna HYPNOTIZE the enemy!
lol
That’s it. Keep building up the legend.
Loftis was elected without opposition and could not be reelected today,,,He does not have any education past the one he got in high school. He is not qualified to sit on the commission and should be removed…. Get him out and away from the tax payers and their money…
Loftis won his primary easily. He has been asked by 4 presidential campaigns to Chair their races. I would say, politically speaking, that he is doing very well.
Yes, Loftis will do a great job… Romney? What happened to him? Trump? He will self destruct ..Sarah Palin? Kissing Trump? a big help here. They need to know Loftis… Just show them these posts and this respected piece of journalism…. FITS..
Your guy is Obama, and look how he’s fucked up the country. And now you swear Hillary is the answer.
You look like a TOTAL Fucking Dumbass bashing Romney, Loftis, Palin or anyone.
ANY Republican would have been 100 times better than Obama, the WORST fucking president since Carter.
You idiot.
Yet these cockroaches get bonuses and the poor state retirees get nothing after the insurance is raised in them.
The staff will get millions in bonuses for poor performance. The state, county and city employees get peanuts. The retirees get peanuts.
Why don’t we take the $7 billion dollars out of the Commission’s hide?
Loftis said at the Rotary Club that the commission staff with get bonuses this year even though they made 1.6%. The average plan made 3.4%, so SC made less than half the average and less than 25% of the top.
Returns that low and those state employees will get paid million of dollars in bonuses. Now that is shit.
Loftis also stormed out of Rotary after a constituent asked him if he would allow his ethics trial to be held in public. It was an ugly sight to see.
Such a lie.
Loftis is a typical tea party dope. All talk but no substance. Anything to get his name in the paper.
Blah blah blah.
I was at Rotary and witnessed this. Why is he so afraid of transparency in his ethics hearing? The Ethics Commission found probable cause he violated the Ethics Law. He and only he can request that the hearing and his defense be held in a public forum. The King of Transparency refuses to do this. Why?
Me too. I was there. Loftis is afraid of transparency because he is guilty and he is caught with his pants down… We know Curtis Melvin Loftis from way back… We know his vile ways, his lies, his false accusations, accusations without proof., just accusations to destroy the life of others.. A big mouth full of spooge…Loftis must go … Period.
So, we are supposed to have $36 billion, but instead have $29 billion. $7 billion out the door for poor performance. isn’t the general fund of the state about $7 billion?
Wonder how many roads we could pave with $7 billion?
Wonder how many schools we could build with $7 billion?
Divide $7 billion by the number of retirees (I don’t know that number)and I bet they would be rich!
Curtis smelled the rat asap. You’re higher ups are the problem. No telling how many millions or billions have been spent on fees and lawsuits so they keep their job. Believe me Curtis is not the problem, you are.
Agreed. Curtis is fighting them but the Investment Commission has billions of dollars and that buys a lot of friends…and they all fight Curtis.
I think he is gearing up to ask the legislature, when they return this winter, to fix the problem
The problem is Curtis Loftis and the fact that he is not qualified to be treasurer and to sit on the commission. He has no degree, no credentials…and a vile temper and a vile life style. A sorry gay man
Mike Hitchock and Ed Giobbe ought to be ashamed of themselves for attacking Loftis via anonymous bloggers.
A fantastic article for some perspective on these pension plans.
From Forbes:
The Immorality Of Pushing Pension Debt Onto Millennials
A recent study pegged the debt of state and local government pension plans at $4.7 trillion. If politicians and voters fail to adopt reforms, younger people will be stuck paying off a massive and growing debt they did not create or approve.
State and local government workers receive generous defined-benefit pensions that guarantee specific monthly payments to retirees for life. In theory, these pensions are paid for by investing contributions from government agencies and their employees, and using the proceeds to pay the promised benefits after employees retire.
In reality, pension officials and politicians have increased benefit payouts and lowballed contributions. As a result, they now have inadequate funds to pay the promised benefits. This “unfunded pension liability” puts taxpayers on the hook to make up the difference between promises and assets.
New York and Illinois each have unfunded pension debts north of $300 billion. Texas, Ohio and New Jersey exceed $200 billion apiece. But nowhere is the problem worse than in California, underfunded by $550 billion to $750 billion, depending on the discount rate used to calculate liabilities.
Most states and localities are not doing enough to pay off this debt quickly. From 2001 through 2013, 64% of government pension plans failed to contribute enough money to pay off their debts even over a span of 30 years.
The unwillingness to properly manage pension plans pushes the cost onto younger people and future generations, and forces them to pay for promises they did not make and for services they did not approve. Older generations receive public services without paying the full cost. The injustice and immorality of using millennials as piggy banks should be apparent to all but the willfully blind.
Left unchanged, the pension burden will crush younger generations and deplete their future. The responsibility to fix this problem is as great as any moral imperative because it directly impacts the quality of life future generations will enjoy and their chances for upward mobility.
Today’s growing pension debt exceeds $20,000 per person in California, Illinois, New Jersey, Ohio and many other states. The University of California’s Board of Regents recently voted to increase student tuition up to 25% over the next five years to bail out the mismanaged pension system that covers retired UC employees.
Public pension funds should not be balanced on the backs of students or younger Americans. Fortunately, a handful of reforms would solve the pension crisis in a way that preserves pension benefits already earned, provides competitive pensions going forward, and grants needed flexibility so that future generations are not paying for deals they did not make.
The changes would require financial transparency and full annual funding of each pension plan without issuing “pension obligation bonds.” Unfunded liabilities should be paid off quickly in 15 to 20 years, as recommended by the Society of Actuaries, to minimize shifting the burden onto future generations.
State and local governments should also gain the flexibility to switch to 401(k)-type pension plans going forward for all employees. And voters should be required to pre-approve any pension-plan change that increases financial obligations.
In California, former San Jose Mayor Chuck Reed, a Democrat, is now leading an effort to craft a statewide pension-reform ballot measure for 2016. One needed change is to grant state and local governments the option of adjusting pension benefits for all employees on a go-forward basis, including a switch to 401(k)-type plans, which are more affordable, always fully funded, and limit long-term costs.
Traditional defined-benefit pensions made more sense under the old “hire-and-retire” model when workers stayed with the same employer for 30 to 40 years. Today, 401(k) plans make more sense for modern workers, who change jobs more frequently.
These common-sense reforms can save future generations from paying for promises they did not make. It’s time for politicians and voters to step up and fix this immoral national scourge.
Mr. McQuillan is also author of the new book “California Dreaming: Lessons on How to Resolve America’s Public Pension Crisis.”
Forbes is slanted towards investors…. they won’t always tell the absolute truth. Oh, and McQuillan is NOT unbiased, if you check his bio and previous works.
Loftis , Mike and Ed and Daniel and Cindy and million more are not attacking Loftis. Loftis is attacking himself and he will self destruct. Enough of his crap…
Dan, the silly rabbit. Please get some rest.
Loftis has lost control! Yep, check diaper… Yep, it is full and needs a changing. Pew… pew…
John Wagner to the rescue, Delinda, Ira, Cindy…. to the rescue. Loftis has lost it. Bob Barnwell to the rescue. Craig V Adams to the rescue… Loftis has lost it…..
Gay Dan, what is this repeated obsession with shit, diapers and butt smell. U have an anal fixation? Tossing a few salads?
NO… You, Curtis Melvin Loftis need to have a change, a big change… You stink… Period.. you stink.. You. Curtis Melvin Loftis have an anal fixation… Because you are a gay man.. i do not have an anal fixation because I am a woman. I would not have an anal fixation on Loftis because he has an infected ass and an oozing penis… Loftis in his own words… Incurable diseases… Yes, he has them… Enough of this crap… The tax payers of this State deserve better.. We are not going to take it any more… Donald Trump to the rescue… Donald Trump… We need your help. Donald Trump we need to investigate Curtis Loftis.. a vile man… Fire him.. Donald Trump.. Read this fine piece of journalism on FITS News.. DONALD TRUMP… Fire this vile man Curtis Melvin Loftis… He will not serve you well. He will shame on you . FIRE HIM… Good riddance..
Your comment makes no sense.
They are vulgar, paid subcontractors working for the cronies of the Investment Commission. Their job is to be filthy and bible Loftis, not to make sense.
College tuition is now being driven by the cost of pension benefits! Read this article.
http://www.theatlantic.com/education/archive/2015/08/entitlements-for-education-pension-universities/400820/
Another article concerning HUGE pension debts!
It’s well-known that there’s a huge financial hole in state-sponsored retirement plans for public employees, a hole that states will eventually have to fill with tax increases and spending cuts.
There is, however, still considerable debate as to the size of this government debt owed to public employees. In July 2015, the Pew Charitable Trusts released their latest issue brief, reporting that as of 2013, the nation’s state-run retirement systems had a $968 billion funding gap GPS +0.00 per cent, not far from the “Trillion Dollar Gap” they reported in 2010.
http://thenationonlineng.net/unfunded-us-pension-debts-exceed-3tr/
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And that is a lie. The “hole” comes from taking retirement plan money and using it for other purposes. Basically, theft.
Columbia did it with the Cotton Compress Warehouse building… over seven million taken from retiree medical funds to buy the building, then not quite all of it returned.
I suspect theft is involved too. But they state is not looking for theft. They are looking for a way out.
In two words…off shore.
Loftis is in violation of the laws . Mental problems are difficult to hide.. Loftis is suffering from some serious mental issues and some serious violations of equal protection laws. He cannot be treasurer in control of the many funds under the STO and must be removed from the Investment Commission.
Stop SPAMMING Boz!
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Mike Hitchcock should fire these vulgar bloggers and give the money to the retirees, They are gonna need it because the Investment Commission has the worst performance in the country.
Gay Dan, the gay runway queen that performs regularly in Atlanta’s hottest gay bar (the one that caters to homely fat gay men) is known to be quite the magician in the bathroom. I am not quite sure what that means, but i can post a pic of him in drag if you want?
Curtis Loftis is bashing gay men (He is gay himself) and violating the equal protection under the law. When will learn that moral turpitude in office cannot stand, that bashing gay men cannot stand, that bashing women cannot stand… He must be impeached.
Daniel. Go to bed. Get off those gay drugs that make you stay up all night. Why do you want to provoke more comments on your deviant lifestyle? Show Bob and Julie some respect. Stop posting on here and ruining your and their reputation.
Curtis Loftis is in violation of the oath of the office to which he was elected. Moral turpitude in office, abuse of power in office, sexual exploitation in office , sexual exploitation of staff and former staff are in violation of the laws. Curtis Loftis must be impeached. This behavior must be brought to FBI, SLED, Alan Wilson, the governor and the PRESS….
Daniel, Daniel, Daniel. Just because you say something in a drunken and druged haze does not mean that it is true. In fact, my experience is that most guys that do crystal meth all night never get anything right. Please go to bed. get some sleep.
The treas has better things to do than messing with this- this is my job–and I am going to call you out every chance I get.
PS It was good to see you in Charleston.
Loftis,Loftis,Loftis…. You are in violation of the constitution of the United States… You will never learn… You will be stopped soon. Moral turpitude is a vile thing. a creepy thing … and we know about this creepy in a ” Curtis Loftis creepy sort of way” August 2015 Cindy Ross Scoppe.
Dan, the silly rabbit.
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Mie Hitchcock, you make $275,000 per year at the investment commission. Please stop these vicious attacks.
Moral turpitude cannot stand… No vicious attacks just the facts according to the laws. Loftis is in violation of the laws. Period…
Internet troll, spreading lies.
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Curtis Loftis lied under oath to the Legislative oversight Committee.. Nothing new here. Loftis lies and lies some more. Loftis will self destruct like Thomas Ravenel, Anthony Weiner ,… Like Donald Trump will self destruct… Not good to lie under oath…
Too bad no legislators take him seriously. He complains without putting a plan forward. They don’t have time for that.
Curtis is part of the investment commission. He is part of the problem. The treasurers office has returns below .7%. My local government is pissed that the returns are so low. They keep getting lower and lower every year/month since he took office.
The problem wasn’t there before Curtis ? Blind sheep !
Keep your sex habits out of this! Can’t marry em YET!
This is on the money!
SC gambled and lost – and you owe $7 billion.
Over the last 10 years at least $7 billion of your money has been lost due to poor investment performance by the SC Investment Commission.
The Commission was created to invest your tax and retirement money. They gambled when they chose a complicated, expensive, “cutting edge” investment plan and they lost.
They rolled the dice and now you must pay their $7 billion dollar loss.
A simple but diversified selection of “indexed” funds would have made over $7 billion more than their “cutting edge” investment plan. In fact, the Investment Commission’s plan has ranked in the bottom 10% for 10 years in a row!
Even worse, their 10-year investment returns are dead last! That’s right, none of our peers have made less money than South Carolina.
Paying the Commission’s losses will require your taxes be raised or your existing tax dollars be diverted from roads, schools, police and health care to cover their $7 billion loss. It will require raising the retirement contributions; in fact, those raises are already scheduled.
There is more to this story and unfortunately it gets worse. I am not asking for money or votes, but I am asking that you study this issue so we can keep the retirement debt from consuming state government.
Sincerely,
Curtis Loftis
Treasurer, State of South Carolina
P.S. Coming soon…several short, informative emails concerning: Pension Debt; The Good and the Bad Actors; Fees and Expenses; Accountability for this $7 Billion Debacle.
This article is a deflection for Lofis. His and the other commission member’s decisions have got us in this mess. No solutions. Only throwing your bunk mates under the bus. Guess what. You are still in the same frat?
Mike Hitchcock and Ed Giobbe ought to be ashamed. Hiring creeps to blog against the treasurer is to low to go.
You can blame this on Curtis but I can assure you I ain’t he. I am just a fellow lover of truth and hate to see the Investment Commission hire bloggers to trash the treas.
The Commission earned less money than any large pension plan in the country. They have paid $2.3 billion in fees. This performance is terrible. Something must be done.
And Loftis was very helpful? He sits on the commission and that is the problem.. He is not qualified, no education, no college degree… no brain. no skill. … He has destroyed the STO… No one can work for him or with him… Go away Loftis,, you stink…
Loftis has been right for 4 years. They have been wrong. The losses prove it. The peer rankings prove it. The billions in fees prove it.
Loftis has been in violation of the laws for many years… from way back. Moral turpitude in office, bashing gay men, bashing black men, bashing women, bashing staff and former staff, bashing the investment commission, bashing senators, bashing veterans, bashing retirees, bashing the governor… We are not going to take it any more..
This ought to be required reading…
The Immorality Of Pushing Pension Debt Onto Millennials
A recent study pegged the debt of state and local government pension plans at $4.7 trillion. If politicians and voters fail to adopt reforms, younger people will be stuck paying off a massive and growing debt they did not create or approve.
State and local government workers receive generous defined-benefit pensions that guarantee specific monthly payments to retirees for life. In theory, these pensions are paid for by investing contributions from government agencies and their employees, and using the proceeds to pay the promised benefits after employees retire.
In reality, pension officials and politicians have increased benefit payouts and lowballed contributions. As a result, they now have inadequate funds to pay the promised benefits. This “unfunded pension liability” puts taxpayers on the hook to make up the difference between promises and assets.
New York and Illinois each have unfunded pension debts north of $300 billion. Texas, Ohio and New Jersey exceed $200 billion apiece. But nowhere is the problem worse than in California, underfunded by $550 billion to $750 billion, depending on the discount rate used to calculate liabilities.
Most states and localities are not doing enough to pay off this debt quickly. From 2001 through 2013, 64% of government pension plans failed to contribute enough money to pay off their debts even over a span of 30 years.
The unwillingness to properly manage pension plans pushes the cost onto younger people and future generations, and forces them to pay for promises they did not make and for services they did not approve. Older generations receive public services without paying the full cost. The injustice and immorality of using millennials as piggy banks should be apparent to all but the willfully blind.
Left unchanged, the pension burden will crush younger generations and deplete their future. The responsibility to fix this problem is as great as any moral imperative because it directly impacts the quality of life future generations will enjoy and their chances for upward mobility.
Today’s growing pension debt exceeds $20,000 per person in California, Illinois, New Jersey, Ohio and many other states. The University of California’s Board of Regents recently voted to increase student tuition up to 25% over the next five years to bail out the mismanaged pension system that covers retired UC employees.
Public pension funds should not be balanced on the backs of students or younger Americans. Fortunately, a handful of reforms would solve the pension crisis in a way that preserves pension benefits already earned, provides competitive pensions going forward, and grants needed flexibility so that future generations are not paying for deals they did not make.
The changes would require financial transparency and full annual funding of each pension plan without issuing “pension obligation bonds.” Unfunded liabilities should be paid off quickly in 15 to 20 years, as recommended by the Society of Actuaries, to minimize shifting the burden onto future generations.
State and local governments should also gain the flexibility to switch to 401(k)-type pension plans going forward for all employees. And voters should be required to pre-approve any pension-plan change that increases financial obligations.
In California, former San Jose Mayor Chuck Reed, a Democrat, is now leading an effort to craft a statewide pension-reform ballot measure for 2016. One needed change is to grant state and local governments the option of adjusting pension benefits for all employees on a go-forward basis, including a switch to 401(k)-type plans, which are more affordable, always fully funded, and limit long-term costs.
Traditional defined-benefit pensions made more sense under the old “hire-and-retire” model when workers stayed with the same employer for 30 to 40 years. Today, 401(k) plans make more sense for modern workers, who change jobs more frequently.
These common-sense reforms can save future generations from paying for promises they did not make. It’s time for politicians and voters to step up and fix this immoral national scourge.
Mr. McQuillan is also author of the new book “California Dreaming: Lessons on How to Resolve America’s Public Pension Crisis.”
Gay Daniel Brennan. Like spooge?
Gay Curtis Loftis.. Like spooge?
Simply more lies and distortions. The investments Commission should stop this nonsense and pay attention to our investments.
Losing 7 billion dollars through poor performance is a disgrace. Bashing our state treasurer is despicable.
I never knew such people existed. Thanks to my friend, Curtis. Maybe the people will help do something about it.
Thanks to my friend, Curtis… You must be Mike Montgomery or Logan Simmons… If Curtis is your friend , he has paid you from the State retirees trust fund. Sexual favors? Be careful… He is very sick and infected.
The Investment Commission bottom 105 returns for the last 10 years, their $2.3 billion dollars in fees, their 1.6% rate of return that is HALF the AVERAGE for their peers—will do the talking for him.
No one can defend that record unless you are a wall Street Investment Billionaire that just relieved the people of SC of $7 billion dollars.
Did Curtis hire his chief of staff’s niece? His office IT guy’s son,
and his friend Mike Montgomery’s daughter as paid interns this year?
Nepotism is illegal! Shame on you
Simply lies. Distortions.
Gay Dan Brennan of the Concerned Veterans of America has been working overtime. I guess that is what crystal meth does to the gay boys.
Maybe when Dan can’t work anymore Pete Hegeseth will hire a real veteran, one of the 400,000 veterans in SC that pete passed over to hire Dan, the man with no military service.
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A great article from Forbes.
The Immorality Of Pushing Pension Debt Onto Millennials
A recent study pegged the debt of state and local government pension plans at $4.7 trillion. If politicians and voters fail to adopt reforms, younger people will be stuck paying off a massive and growing debt they did not create or approve.
State and local government workers receive generous defined-benefit pensions that guarantee specific monthly payments to retirees for life. In theory, these pensions are paid for by investing contributions from government agencies and their employees, and using the proceeds to pay the promised benefits after employees retire.
In reality, pension officials and politicians have increased benefit payouts and lowballed contributions. As a result, they now have inadequate funds to pay the promised benefits. This “unfunded pension liability” puts taxpayers on the hook to make up the difference between promises and assets.
New York and Illinois each have unfunded pension debts north of $300 billion. Texas, Ohio and New Jersey exceed $200 billion apiece. But nowhere is the problem worse than in California, underfunded by $550 billion to $750 billion, depending on the discount rate used to calculate liabilities.
Most states and localities are not doing enough to pay off this debt quickly. From 2001 through 2013, 64% of government pension plans failed to contribute enough money to pay off their debts even over a span of 30 years.
The unwillingness to properly manage pension plans pushes the cost onto younger people and future generations, and forces them to pay for promises they did not make and for services they did not approve. Older generations receive public services without paying the full cost. The injustice and immorality of using millennials as piggy banks should be apparent to all but the willfully blind.
Left unchanged, the pension burden will crush younger generations and deplete their future. The responsibility to fix this problem is as great as any moral imperative because it directly impacts the quality of life future generations will enjoy and their chances for upward mobility.
Today’s growing pension debt exceeds $20,000 per person in California, Illinois, New Jersey, Ohio and many other states. The University of California’s Board of Regents recently voted to increase student tuition up to 25% over the next five years to bail out the mismanaged pension system that covers retired UC employees.
Public pension funds should not be balanced on the backs of students or younger Americans. Fortunately, a handful of reforms would solve the pension crisis in a way that preserves pension benefits already earned, provides competitive pensions going forward, and grants needed flexibility so that future generations are not paying for deals they did not make.
The changes would require financial transparency and full annual funding of each pension plan without issuing “pension obligation bonds.” Unfunded liabilities should be paid off quickly in 15 to 20 years, as recommended by the Society of Actuaries, to minimize shifting the burden onto future generations.
State and local governments should also gain the flexibility to switch to 401(k)-type pension plans going forward for all employees. And voters should be required to pre-approve any pension-plan change that increases financial obligations.
In California, former San Jose Mayor Chuck Reed, a Democrat, is now leading an effort to craft a statewide pension-reform ballot measure for 2016. One needed change is to grant state and local governments the option of adjusting pension benefits for all employees on a go-forward basis, including a switch to 401(k)-type plans, which are more affordable, always fully funded, and limit long-term costs.
Traditional defined-benefit pensions made more sense under the old “hire-and-retire” model when workers stayed with the same employer for 30 to 40 years. Today, 401(k) plans make more sense for modern workers, who change jobs more frequently.
These common-sense reforms can save future generations from paying for promises they did not make. It’s time for politicians and voters to step up and fix this immoral national scourge.
Mr. McQuillan is also author of the new book “California Dreaming: Lessons on How to Resolve America’s Public Pension Crisis.”
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Pension systems can be stable when funded properly and not used as “piggy banks” for pet projects. Further, several studies (including one by Boston College) clearly demonstrated that pension plans were generally cheaper than 401K plans for larger businesses and government. Most people pushing 401K have a financial interest…. usually high administrative fees or re-investing the 401K money into a specific business (usually the one sponsoring the plan). This of course helps to artificially drive up stock prices and helps increase bonuses to management.
That said, 401K was NEVER intended as a retirement plan, but rather as a savings plan for the wealthy to avoid/ delay tax liability. And people move job-to-job these days simply BECAUSE up-front compensation has become so important due to businesses cutting benefits to increase profits and bonuses. People WOULD stay with companies if management would play the long game and retain employees/ strengthen businesses again instead of focus on short-term profits, bonuses, and high turnover.
Curtis Loftis must stop posting on Fits. When will he learn that he has violated the Constitution of the United States and the civil rights laws, , the employment laws, equal protection laws.. When will he learn? Never. He is not a public servant . He is a criminal. He needs to be stopped.
Blah blah blah.
Investment Commission Crony go away. We can’t afford you and your huge salary and bonuses and your ability to lose our money.
& billion is a lot of money to lose!
Looks like your free money may be drying up
Daniel Brennan, get off those gay men drugs and go to bed!
Loftis will never learn that harassing staff and former staff is in violation of the laws… Moral turpitude in office cannot stand…
SC gambled and lost – and you owe $7 billion.
Over the last 10 years at least $7 billion of your money has been lost due to poor investment performance by the SC Investment Commission.
The Commission was created to invest your tax and retirement money. They gambled when they chose a complicated, expensive, “cutting edge” investment plan and they lost.
They rolled the dice and now you must pay their $7 billion dollar loss.
A simple but diversified selection of “indexed” funds would have made over $7 billion more than their “cutting edge” investment plan. In fact, the Investment Commission’s plan has ranked in the bottom 10% for 10 years in a row!
Even worse, their 10-year investment returns are dead last! That’s right, none of our peers have made less money than South Carolina.
Paying the Commission’s losses will require your taxes be raised or your existing tax dollars be diverted from roads, schools, police and health care to cover their $7 billion loss. It will require raising the retirement contributions; in fact, those raises are already scheduled.
There is more to this story and unfortunately it gets worse. I am not asking for money or votes, but I am asking that you study this issue so we can keep the retirement debt from consuming state government.
Sincerely,
Curtis Loftis
Treasurer, State of South Carolina
P.S. Coming soon…several short, informative emails concerning: Pension Debt; The Good and the Bad Actors; Fees and Expenses; Accountability for this $7 Billion Debacle.
The SC Association of Retirees should read this article. That small group has backed the Investment Commission 100% in their disastrous investment plan and in doing so have saddled their kids and grands kids with billions of dollars of debt.
——————-
The Immorality Of Pushing Pension Debt Onto Millennials
A recent study pegged the debt of state and local government pension plans at $4.7 trillion. If politicians and voters fail to adopt reforms, younger people will be stuck paying off a massive and growing debt they did not create or approve.
State and local government workers receive generous defined-benefit pensions that guarantee specific monthly payments to retirees for life. In theory, these pensions are paid for by investing contributions from government agencies and their employees, and using the proceeds to pay the promised benefits after employees retire.
In reality, pension officials and politicians have increased benefit payouts and lowballed contributions. As a result, they now have inadequate funds to pay the promised benefits. This “unfunded pension liability” puts taxpayers on the hook to make up the difference between promises and assets.
New York and Illinois each have unfunded pension debts north of $300 billion. Texas, Ohio and New Jersey exceed $200 billion apiece. But nowhere is the problem worse than in California, underfunded by $550 billion to $750 billion, depending on the discount rate used to calculate liabilities.
Most states and localities are not doing enough to pay off this debt quickly. From 2001 through 2013, 64% of government pension plans failed to contribute enough money to pay off their debts even over a span of 30 years.
The unwillingness to properly manage pension plans pushes the cost onto younger people and future generations, and forces them to pay for promises they did not make and for services they did not approve. Older generations receive public services without paying the full cost. The injustice and immorality of using millennials as piggy banks should be apparent to all but the willfully blind.
Left unchanged, the pension burden will crush younger generations and deplete their future. The responsibility to fix this problem is as great as any moral imperative because it directly impacts the quality of life future generations will enjoy and their chances for upward mobility.
Today’s growing pension debt exceeds $20,000 per person in California, Illinois, New Jersey, Ohio and many other states. The University of California’s Board of Regents recently voted to increase student tuition up to 25% over the next five years to bail out the mismanaged pension system that covers retired UC employees.
Public pension funds should not be balanced on the backs of students or younger Americans. Fortunately, a handful of reforms would solve the pension crisis in a way that preserves pension benefits already earned, provides competitive pensions going forward, and grants needed flexibility so that future generations are not paying for deals they did not make.
The changes would require financial transparency and full annual funding of each pension plan without issuing “pension obligation bonds.” Unfunded liabilities should be paid off quickly in 15 to 20 years, as recommended by the Society of Actuaries, to minimize shifting the burden onto future generations.
State and local governments should also gain the flexibility to switch to 401(k)-type pension plans going forward for all employees. And voters should be required to pre-approve any pension-plan change that increases financial obligations.
In California, former San Jose Mayor Chuck Reed, a Democrat, is now leading an effort to craft a statewide pension-reform ballot measure for 2016. One needed change is to grant state and local governments the option of adjusting pension benefits for all employees on a go-forward basis, including a switch to 401(k)-type plans, which are more affordable, always fully funded, and limit long-term costs.
Traditional defined-benefit pensions made more sense under the old “hire-and-retire” model when workers stayed with the same employer for 30 to 40 years. Today, 401(k) plans make more sense for modern workers, who change jobs more frequently.
These common-sense reforms can save future generations from paying for promises they did not make. It’s time for politicians and voters to step up and fix this immoral national scourge.
Mr. McQuillan is also author of the new book “California Dreaming: Lessons on How to Resolve America’s Public Pension Crisis.”
Wow, read this about one of the largest pension funds in America!
CalPERS’ Private Equity, Exposed: Executive Summary
Posted on August 30, 2015 by Yves Smith
Over the course of this week and next week, we will examine a recording from the most recent meeting of the Investment Committee of CalPERS’ Board of Directors, This session was part of the regular process of the review and oversight of CalPERS’ portfolio. We will focus on the agenda items related to private equity.
This video demonstrates that:
¶ Senior private equity professionals at CalPERS do not understand the economics of private equity funds, raising questions about the staff’s competence
¶ CalPERS’ staff made significant misrepresentations to the board about the private equity practices and current legal/regulatory issues, either overtly or via omission of important information
¶ CalPERS’ staff appears to be largely captured by the private equity industry. It has internalized the viewpoint of the private equity general partners who manage the funds and recites their talking points when challenged
¶ When CalPERS’ staff faces questions that have the potential to expose either the limits of their expertise or questionable private equity industry practices, staff members become highly evasive at best and at worst, insubordinate and overtly defiant
¶ Most CalPERS board members lack sufficient knowledge of private equity to compensate for the failings of staff. That means they are not able to adequately supervise CalPERS’ substantial private equity investments or judge whether staff members have succeeded at, or are even capable of fulfilling that duty. It also means that the overwhelming majority of the board members are also effectively captured by virtue of having to rely on staff members that are themselves captured.
It is hard to overstate how damning these findings are. CalPERS is widely recognized as one of the largest, most disciplined, and most experienced investors in private equity. CalPERS goes to considerable lengths to identify what it believes to be the best advisors to assist with program design, manager selection, negotiation of agreements, and ongoing oversight. It also has a far larger staff than the overwhelming majority of private equity investors (“limited partners” of “LPs”), including a team that specializes solely in private equity. And CalPERS does in fact hew to what are widely considered to be high standards for oversight procedures: well-established policies and processes, extensive data gathering and reporting, and a strong focus on cost minimization. Even in my limited dealings with CalPERS, over a series of Public Records Act requests, CalPERS, in striking contrast to other governmental bodies I have dealt with, has been meticulous about the formalities of handling the requests, even when we have disagreed strongly about the substance of the response.*
But CalPERS, like many other private equity limited partners, has blinded itself to the fact that adherence to formal procedures offers no protection from being swindled in private equity. The SEC expressed what came close to shock, when you translated former examination chief Andrew Bowden’s famous May 2014 speech, “Spreading Sunshine in Private Equity” out of bureaucrat-speak, over how one-sided private equity contracts are and how little private equity investors do in the way of oversight after they hand over their money.
The reality is that private equity is an extraordinarily one-sided arrangement that no sane person, let alone a fiduciary, should enter into. One economic researcher, when first told how strong the rights the general partners are to get their funds (capital calls with five- to at most ten-day notices, with draconian consequences if the money is not delivered on time), that the general partners have very broad latitude within their mandate, that they provide very little information about the investee companies, and that they control of when the limited partners get their money back, said “It’s like being married to a drug addict.”
To help obscure this power imbalance, the private equity firms tout the limited-partner-flattering line that the contracts with them are heavily negotiated. In reality, as Oxford professor Ludovic Phalippou, who has read over 300 private equity agreements, has said, “Contracts in PE are basically take it or leave it.” Private equity insiders say the same thing, that the negotiations focus on a few “headline” figures and terms, when the real artwork typically lies in other technical, legally dense parts of the contracts, such as the definitions of terms or convoluted tax language. To conclude the deal, the general partners make some minor tactical concessions so that the limited partners can tell themselves and their constituencies that they’ve gotten their interests protected, when in fact virtually nothing of substance has changed.
As former banker Peter Morris, who now provides independent research on private equity, explains:
The video helps to explain a longstanding so-called “puzzle.” Academics and policy makers alike make it an article of faith that big investors like CalPERS are “sophisticated.” This is a code word meaning that on average, big investors know what they are doing and can safely be left alone to make good investment decisions.
The so-called “puzzle” arises because it is hard to square the actual results in private equity over time with the belief that big investors are “sophisticated.” Stubbornly excessive fees have meant that investors on average have received mediocre net returns. The “puzzle” has been why “sophisticated” investors would allow this to go on happening.
In reality, it was never much of a puzzle. It has long been an open secret among anyone who knows about private equity that the prevailing article of faith is simply wrong. Many big investors just do not behave in the way academics and policy makers assume they do. In other words, they cannot be relied on to make good investment decisions. In private, other people involved in the market (both investors and managers) will readily admit this. The CalPERS video is a piece of direct evidence.
Or as a former private equity partner stated:
The essential, unspeakable truth of private equity is simply that the investors generally have no idea what they are doing.
For example, the problematic tax behavior of private equity managers is clearly able to flourish, to a large degree, because the limited partner investors don’t at all understand the tax stuff. Similarly, the egregious related party transactions with the portfolio companies have gone unchallenged because, again, the LPs don’t really understand them. Ultimately, because the LPs don’t understand how private equity managers make money, the LPs are unable to recognize the complete inconsistency between professing to be dependent on the long-term health of the overall economy and allocating capital to strategies that undermine that health.
What is striking about this board meeting is how much of the damage was self inflicted. You will see that the presentations and exchanges that are the most damning focus on private equity fees. This topic is so prominent at this August board meeting in large measure because CalPERS’ staff failed to deal openly and honestly with a major embarrassment at a board meeting earlier this year. Then, Chief Operating Investment Officer Wylie Tollette not only admitted that the giant public pension fund did not track the very sizable private equity profit-share generally called “carry fees” but also made the remarkable claim that no one in the industry could obtain the information. After we broke this story in June, a firestorm of expert and media consternation ensued. CalPERS backtracked rapidly, and asked all of its fund managers to provide the data for the entire history of all of their funds.
As you’ll see over this series of posts, rather than simply ‘fess up to a long-standing error and say it was well on its way to rectifying the matter, CalPERS’ staff instead engaged in the bizarre diversionary tactic of serving up what ought to have been an insultingly basic tutorial to the board on how carried interest works, which as we’ll show was so oversimplified as to be misleading. The fact that the board seemed unaware of how badly this reflected on what the staff appears to have correctly judged to be their level of expertise was also damning. As Professor Phalippou said of the presentation, “So simple it is incorrect, but if they have to show something that simple this indeed shows that Investment Committee has zero knowledge. All my MBA students after the first session of my private equity course would know more.”
More generally, the fact that pulling on such a thin thread would produce such defensive responses shows how brittle is the pretense of limited partner expertise. It is well nigh certain that CalPERS will go into intense denial about what their own conduct at this board meeting says about the institution. The staff would have to admit to themselves, and the board would have to acknowledge about the staff, that:
¶ CalPERS is not a leader in this area; they know vastly less about private equity than they think they do
¶ CalPERS’ staff regularly provide the board with materially incomplete or false information
¶ As it is currently practiced, private equity is so full of now well-understood contradictions that CalPERS can no longer discuss the topic in public, on camera, without opening themselves up to embarrassment and serious criticism
¶ Unbeknown to themselves, the board and staff have become so badly captured that some of their actions serve the interests of private equity managers more than CalPERS’ beneficiaries
¶ They have lost control of a situation that has become volatile and somewhat dangerous to them
Obviously, no one wants to admit such negative things about themselves. It is also very difficult for the board to think so poorly of the people to whom they have entrusted their fate. That means that this site and the media will need to keep putting the mirror in front of CalPERS’ face until it can see itself accurately and take remedial action
Moreover, CalPERS must be made to recognize what is at stake, which goes far beyond the success or failure of the organization’s private equity investment program. For the last quarter century, CalPERS has wielded significant and generally very positive influence in the world of finance. It has been a global leader in corporate governance and also in encouraging investors to think about the economic impact of long-term issues like global warming.
CalPERS acquired this influence for two main reasons: first, because other investors and opinion leaders generally viewed the organization as sophisticated and knowledgeable; second, because CalPERS views were widely viewed as righteous – the organization was seen as essentially “the good guy of finance.”
If CalPERS continues to be unwilling to grapple with what the public can now see are both a huge expertise gap in private equity and a propensity to side with private equity general partners over its own beneficiaries’ interests, the organization will lose its power in the wider world. Indeed, one can sense that is already starting to occur. Needless to say, we at Naked Capitalism do not want that to happen.
____
* To CalPERS’ credit, even though I lost a suit against them over them for private equity data with prejudice, meaning CalPERS could then have ignored me, it had told the judge it intended to fulfill the request. And CalPERS did live up to its word in the end, although it took a further six months of often heated exchanges with CalPERS’ counsel to wrest all the information from them.
And from a different and equally well respected site:
Melody Petersen of the Los Angeles Times reports, In strategy shift, CalPERS looks to cut financial risk:
California taxpayers have never paid more for public worker pensions, but it’s still not enough to cover the rising number of retirement checks written by the state’s largest pension plan.
Even before the stock market’s recent fall, staffers at the California Public Employees’ Retirement System were worried about what they call “negative cash flows.”
The shortfalls — which totaled $5 billion last year — are created when contributions from taxpayers and public employees who are still working aren’t enough to cover monthly checks sent to retirees.
To make up the difference, CalPERS must liquidate investments.
With more than $300 billion in investments, the nation’s largest public pension fund is in no danger of suddenly running out of cash.
But even its staff acknowledges in a recent report that despite fast-rising contributions from taxpayers, the pension fund faces “a significant amount of risk.”
To reduce that financial risk, CalPERS has been working for months on a plan that could cause government pension funds across the country to rethink their investment strategies.
The plan would increase payments from taxpayers even more in coming years with the goal of mitigating the severe financial pain that would happen with another recession and stock market crash.
Under the proposal, CalPERS would begin slowly moving more money into safer investments such as bonds, which aren’t usually subject to the severe losses that stocks face.
People, i have been reading this stuff all night. Take look at this except…the link to the article is below. This pension stuff is going to bankrupt SC!
http://www.theatlantic.com/education/archive/2015/08/entitlements-for-education-pension-universities/400820/
But the problem is playing out across the country. States are collectively on the hook for nearly $1.4 trillion in pension promises and retiree health care, according to the Pew Center on the States. Other estimates put the total debt at as much as $3 trillion. And while many states are scrambling to roll back benefits for current and future employees—raising the age at which a pension can begin to be collected, increasing employee contributions, and eliminating cost-of-living increases, for example—rarely can pensions be changed for people who’ve already retired. That means there’s little that can be done about the costs already on the books.
No, taking money from the programs will bankrupt them. It’s called delayed compensation. There’s a reason the average public employee makes less up-front than the average private employee. The difference is in the fact that the public employee gets paid the remainder at a later time, while the private employee gets it all up-front. It’s part of the cost of the employee, not some magical cost that simply appears.
Look at it another way, too. Do you want a cop dealing with your problems who has limited education and little or no experience? Or would you prefer an experienced and educated officer who has a thorough understanding of law and procedure? You have to attract and retain that talent, and a pension system for a job with no real equivilent in the private sector is one way of retaining officers. Oh, and one on Nikki Haley’s idiot moves (cutting both retirement benefits AND benefits to disabled officers while increasing costs) has hurt recruiting for law enforcement. She cut benefits to officers crippled in the line of duty by over 17%, and made it harder to qualify. Now, it’s quite possible to become disabled and unable to work as a police officer, but not quite disabled enough to collect disability. You suddenly lose everything you had worked for because YOU DID YOUR DUTY. Even if you get disability, you lose medical insurance and have to buy it yourself. If you CAN find a job to help make up the difference, they cut your disability. Catch 22 for getting shot/stabbed/beaten doing your job. Funny how they never whine about military benefits… right, Nikki?
Now read this about sexual exploitation in office, bashing staff and former staff. Curtis Loftis is out of control . Read this about moral turpitude while in office… Curtis Loftis read this…
Dan, you silly rabbit. Come see me today. We can do a few bong hits.
Violation of the laws . Loftis… Harassing your staff and former staff is in violation of the laws. Moral turpitude in office cannot stand. We are not going to take anymore…
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Damn. I actually agree with you on something. Maybe you finally got one right.
Hello,
I did a search for computer/tech/support/geeks etc. and I found your email address. These internet searches are definitely far from perfect so if this is not the type of business you’re in, I apologize and please disregard this email.
I’m looking to buy some software that will turn my laptop into a digital voice recorder. If you sell software that will do this, please let me know. I take a lot of classes and it would be really handy if I could record them with the laptop. I haven’t been able to find anything that does that. The closest thing that I found to it is Microsoft’s built-in Sound Recorder but it is limited to 60 seconds! I actually two laptops one is a Toshiba Satellite A205-S5825, running Vista Home Premium, which has a plug for a microphone and the other laptop is an Asus Eee PC (a tiny little guy), running Win XP, which has a built-in mic for the webcam.
Along these lines, I am also looking to purchase a good dictation program, where I talk to it and it types what I say, preferably into Word. I’ve heard of Dragon Naturally Speaking, is this a good program?
If you don’t mind, I wanted to ask a couple of quick questions. I am having some issues with my Toshiba, sometimes when it boots up, it may take literally up to 30 minutes or never finishes booting at all, I have to reset it. Do you know what that could be?
Also on the Toshiba, I have this REALLY annoying program that starts up every time start the laptop, it is called Microsoft Narrator. I looked in Startup programs and MSCONFIG and I can’t find it and it’s like the terminator, I can’t find a way to kill it! There isn’t even an option in the program itself to stop it from launching on startup.
Do you think it is okay to run more than one anti-virus program? I have AVG free and I wanted to install McAfee. My mother and some friends got some really nasty virus called Antivirus Plus, it disguised itself as a program to get rid of viruses, meanwhile it was the virus and it was a big pain in the butt to remove!
My boss needs a audio driver for her computer and I found out what the name of the driver is and I went to download it but I keep winding up at sites that make me register and then want me to pay like $30.00…are there any good, free sites where you can download drivers?
What are the top five or so things that I can do to speed up my laptops? And lastly, what are the top five must have PC utilities or apps?
Am Samstag, 8. Januar 2005 22:55 schrieb Fajar Priyanto:
> On Sunday 09 January 2005 04:47 am, Matt Kettler wrote:
[..]
> > Train spam as spam, train ham as ham. Let the statistics deal with the
> > overlap. By trying to avoid training “spamish” ham or “hamish” spam
> > you’re just doing your training a big disservice by making it
> > unrealistic.
>
> Thanks Matt,
> So talking statistically, does it mean I have to train SA about ‘ham’ as
> many as ’spam’? Right now, I train SA mostly on spams.
You must train ham and spam. How should the Bayes filter now what is ham if
you didn’t train it?
As far as I understand the Bayes filter searches for tokens in the email. If a
token was found in 30 spam and 10 ham mails then the propability for being
spam is 75%. But if you only train spam the Bayes filter would say: if have
learned 30 spam mails but no ham so the propability for being spam is 100%.
(The bayes calculation is done with some ham/spam tokens. How many tokens are
taken into account I don’t know)
If you only / mostly train spam this will poison your database and the
FalsePositves will grow. To keep FalsePositive low, you should teach SA all
ham.
Its unlikely to train as much ham as spam because there is more spam. But this
is no harm. The Bayesian filter work on tokens found. Lets assume you have
teached 200 spam and 100 ham. 100 spam and 100 ham contained the token x. If
x is found in an new message, then the spam prob is 50% even if the
propability of being in a ham message is 100%.
If you teach only half the ham messages the spam-ham ratio would be 100 to 50
which gives a propability of 66% for being spam.
Regards
Thomas
These personal attacks on Loftis are shameful. It shows what the character of his foes and highlights the problems — SC gave billions to people that have little or no character and now the money has gone and the bills are starting to roll in.
The Investment Commission has squandered our money and there seems no penalty. They get large salaries and bonuses and the taxpayers get the bill.
The State of Nevada just indexed their pension fund. $35 billion dollars. They realized that state employees masquerading was Wall Street investors was not working and will not work. They have charted a path toward sanity. SC should follow!
So attacking Loftis is shameful, but attacking Dan, Commission members and staff is ok? Clearly those comments are coming straight from the hypocrite himself, Curtis Loftis. The gay bashing and accusations of drug abuse are also indicators of where the comments are coming from, and are quite unbecoming of an elected official. Childish embicile.
Curtis Loftis has violated the oath of the office to which he was elected. He has violated the Constitution of this State and of the United States. He promised to protect and defend the Constitution of South Carolina and of the United States but he has violated that oath many times. Moral turpitude in office, sexual exploitation while in office, abuse of power while in office, bashing gay men, bashing black men, bashing women… and more. Curtis Melvin Loftis must be impeached.
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The rat is Curtis melvin Loftis.. The bugman of West Columbia, with a high school degree from Brookland Cayce high School… No more , no less. Just a vile man with the brain of a roach.. the bugman of West Columbia..with many lawsuits against him . Many lawsuits against him.. Believe me Curtis Melvin Loftis is the problem… Curtis Loftis is the problem from way back… A vile man ” Is Curtis Loftis Gay? Alt.talk.royalty. Groups.1/18/04.”
In two weeks Curtis Loftis will have a list of names , the bad and the good in the Investment Commission… Two weeks is September 26, 2015. Loftis promised this list this morning on Fox radio… We are looking forward to that list, so we can take action. If he has a list why wait ? Names, please, now names. Why wait? Curtis , give us the names now! the good and the bad…
I almost didn’t post because refuting Loftis is such an annoying exercise. He makes up his numbers and then uses fake names to congratulate himself for doing such a great job. This guy is a gigantic embarrassment.
Who is using fake names?
Mike Hitchcock and Ed Giobbe ought to be ashamed of themselves for employing these bloggers.
Now that makes sense
Stand down Private Pyle!
You know better, Scuzzy
I know.
mike Hitchock and Ed Giobbe have control of 29 billion dollars and they will do anything to protect that money—from us, the rightful owners!
Senator Leatherman sent Hitchcock to protect his honeypot. His cash machine. Everyone around the statehouse knows that.
I don’t even know who Mike Hitchcock is. I am posting strictly on my own. However, my bet is that “Frank” here is really Curtis. How pathetic.
And you, a paid social media hack. Leave my fits alone !
$2.3 billion dollars in fees on our portfolio? This is criminal! It is almost impossible to pay such a fantastic amount!
Someone ought to be in jail.
Any sophomore finance student could tho darts and the Wall Street journal and do better.
The Investment commission is in last place for 10 years in a row.
Make that a money throwing darts!
So does this mean Illinois and New Jersey pension plans made more money than SC? Gesso, that is disgraceful.
It is lonely down there in last place.
They need to gut that Investment Commission and start over. This state cannot afford poor investment performance like this. And to think we pay those people millions in bonuses!
Millions in bonuses to state employees at the investment Commission for doing a lousy job of investing the money of underpaid state employees.
The irony of ti all
There is no more powerful group in SC than the Investment Commission. They are part of the Leatherman team, they are well funded and have many many rich and powerful friends. Loftis needs to be careful or he will end up going for a swim in cement shoes.
Now we know ! Is Nikki in ? She’s gotta be !
Nikki never does anything.
I will gladly put them on.him… Curt, Pretty shoes, here,,here, pretty shoes.
It is interesting to hear that Nevada has gone all index funds. I am surprised it has taken that long for the states to see that.
The Investment Commission made 1.6% last year, I made 7.9%. I have beaten the Investment Commission 10 years in a row.
Anyone with a financial background can see this Investment Commission has run afoul of any reasonable investment plan. I used to follow the Commission and even went to a few meetings. But it is all a show and the underlying investment plans are flawed. South Carolina will be paying for these mistake for a very long time…especially if we head into recession as Canada has. A recession could double our debt and thereby cripple our state.
And Curtis Loftis was a big help! Curtis impressed you with his numerous and splendid ideas! Curtis does not have any ideas… He is part of the problem or part of the solution…Loftis is just criticism… He is too stupid to know that he is stupid… Loftis should STFU since he offers no help. He should be removed from the commission.
You are a true idiot.
Curtis used to cut my grass when he was in middle school. He was always on time, always did something extra, and gave me a written receipt (yea, a written receipt from a 7 grader) and shook my hand before he left. I knew then he was going to to great things and now he is looking after my retirement money! (Alpine Drive with the step yard)
BC Bearcat .. Was he also your babysitter? and did he play doctor with you also… Hell, he babysat Alan Wilson…. No joke… He is not looking after your retirement money,,, He lost over 220 million , plus fees, and more. He is just looking after himself and his minions…Million lost.. Loftis should be investigated by Alan Wilson…
You one of the paid hacks ?
Mike Hitchcock and Ed Giobbe ought to be ashamed for hiring these bloggers.
65 makes you, and your ilk, look like the low-rent cretins you are.
Learn some respect. You represent yourself as someone who hates himself. This country, because of Barack Obama, and the Democrat Party, has taken on the persona of self-loathing ingrates like you. We need to be rid of you.
Well said!
Oh my!
I just hope the Treasurer is not spending money on this site. But I cannot imagine FITSNews not bashing the hell out of Loftis, unless he’s being paid not to.
Loftis represents EVERYTHING FITSNews HATES.
But: the media HATES Loftis, so play for pay may be the only way to contact the people. But the people who take FITSNews seriously despise Loftis, and responsible government, as much as FITSNews.
Anyone that wants road or schools better start accepting that there will be now new ones for a long time.
“Paying the Commission’s losses will require your taxes be raised or your existing tax dollars be diverted from roads, schools, police and health care to cover their $7 billion loss. It will require raising the retirement contributions; in fact, those raises are already scheduled.”
I hear the deputy treasurer (CD) in the office has some ethics issue about to come up too. Hiring of friends is a no-no when they are solely hired because. She is best friends with a new hirees spouse.
Cynthia? Please tell.
Why won’t Curtis allow the public to attend his ethics trial? It’s solely up to him and yet he says no to transparency.
Transparency in name only!! Like when he removed the Ed McMullen trip from his calendar. Using Ed’s villa overseas. Shame on curt.
Just lies.
OMG you’re right! His whole November calendar is missing on his own website.
Curtis Loftis was was on two panels at the World Pension Forum and he also gave one speech. Before that conference I had never meet Curtis, but it became clear to me why he is so well respected. He understood and could illustrate the more complex problems with private equity agreements and the problems attendant to reporting and custody of those investments. He must have answered 20 questions and received applause after each panel. Many people in the pension and investment world are watching SC as it finds itself in an unenviable and uncomfortable position. I wish SC well and know that Loftis will be a great help to turning that fund around.
Give it a rest Curtis. You live in your own make believe fantasy world where you are worshipped by all. You’d be a great cult leader. Treasurer not so much.
All talk. No substance. Name one thing you have accomplished since becoming treasurer?
Dream on… Loftis cannot turn anything around… He took state computers to have the hard drives destroyed… after a FOIA requesting to show how times Loftis had posted on Fits, using state owned computers, in the state owned office, on tax payers dime.. He did not want to be caught so he destroyed the hard drives…Yes, a great man… Vile,sick,, stupid… He thinks that he can fool us…
Gay Daniel Brennan. Are you and Linda Champion Gamble opening a chapter of the Log Cabin Republicans? I can only imagine what will go on in that Log Cabin!
Any crystal Meth for sale? You going back to the place where you almost OD in the middle of the street, Draped over the wheel of the car? (see Cola PD report on line)
if you score some big let me know.
Good men are hard to find
But hard men are good to find.
$2.3 billion in fees. Has the FBI looked into this? Someone must be taking payoffs?
Like Princess Linda was? Right curt!
It is incredible that these people not only keep their jobs but they get he bonuses.
The government employees doing hard and dangerous work barely make a living. Throw money into a dumpster and you ,make a fortune!
Curtis just gave his new bodyman a pretty handsome bonus this summer. Is that shameful too?
Bottom 10% for 10 years in a row.
Dead last for 10 year period.
Why does anyone still have a job?
Curt should be fired for these low returns.
This from Curtis Loftis? The same man who is scheduled to be the dependent in a criminal ethics trial on September 16? I’d take what that corrupt politician says with a grain of salt.
Does Linda Champion Gambrell work for the Investment Commission? Did she pass a SLED check? How can find that out?
Just call the commission and sled. Kind of obvious Curtis.
They will let us know if Linda can pass a SLED check? Did she get that job at the commission she applied for?
No, she did not get the job, so I guess she could not pass the test. She works for that flamboyant guy Daniel Brennan. Pete Hegeseth hire Daniel even though Daniel has no military service experience. There are 400,000 veterans in SC and Pete Hegeseth hired gay Dan.
STFU Loftis. Vile accusations on former staffers reflect negatively on you… Daniel was hired by you… He did a lot of favors for you… took your clothes to the laundry… did errands for you, walked your dog…went to the beach house… Then… he left. Why… He could not stand your shit… Sordid, Loftis,, very sordid Daniel worked for you Loftis…Get your facts right… You are gay Loftis… admit it . ” Is Curtis Loftis Gay” 1/18/04 Groups Alt.talk.royalty.
Dan Brennan is a gay man without veterans experience and Pete Hegeseth hired him over the 400,000 straight veterans in SC.
Some outfit that bunch is…and they say “hire vets first.” Unless there is a gay one with no military service and then they hire him/her first!
Loftis bashes gay people, bashes black people, bashes his staff, bashes everyone except his own incompetence. This news article is about him bashing the group he belongs to — the investment commission.
Gay Daniel Brennan was in love with Loftis and Loftis wanted nothing to do with it.
Gay Daniel Brennan was in love with Jim McInnis and something happened there but I do not know what.
Gay Daniel Brennan went on vacation to a country whereto laws if legal consent for gay sex is 14. how sick is that.
Loftis , you are delusional. You have an infected butt and an oozing penis… Please, stay away from young men, underage boys in Ukraine … No man, child, woman want you. Sexual harassment in office is against the law…Sexual harassment of staff is against the law
Linda passed the SLED background Curtis. The Governor recently appointed her to the Consumer Affairs Commission.
Keep trying to trash good people you buffoon.
It’s pretty sad that the commission has such low returns. The only thing sadder is the even lower returns Loftis gets with the money his team invests.
Two different investments pools. One is an pension investment pool with a long term horizon.
One is a bank that invest short term money.
The former should be making 7.5 % and is not.
The second one should be making about 50bps to 1%, and it is
So how many of you paid hacks are on now ?
The sto returns are very low. Below .7%. And the investments software system is about to crash due to curt blowing all the money on $350K SAP contractors.
It is so funny to see Daniel Brennan blowing his life like this. What employer would pay a man that has turned on his last three employers.
No one, that is who.
He is a fool.
There is nothing more virulent for a gay man than being rejected by a gay man. Get over it Loftis… You are virulent.. with an infected ass. Leave Daniel alone.. Leave Linda alone… Pay attention to your 2 C girls in your office. They are leaking information., along with the new hired…
The one C girl needs to change her emergency contact from KK’s wife before ethics gets to her.
Pete Hegseth and Gay Daniel Brennan. Why dd Pete hire Dan, with no military service over 400,000 SC veterans?
Ask Pete about his first marriage.
Dan, when you come down from your crystal meth (see City of Cola PD report online), come to the hood. I got a package for you. Just like you like them!
Did Curtis hire his chief of staff’s niece? His office IT guy’s son, and his friend Mike Montgomery’s daughter as paid interns this year?
Nepotism is illegal! Shame on you
Simply lies from Daniel Brennan, the gay employe of Pete Hegseth of the Concern Veterans for America.
Nepotism. IT guy’s son… in IT. Deputy’s best friends husband… in debt.
Simply lies paid for by Mike Hitchcock and Ed Giobbe.
So is Chuck Fallow’s son working there or not? Is Kevin Kibler working there or not? I’m confused.
Yes they both are.
Wow, can’t wait
Simply lies paid for by mike Hitchcock and Ed Giobbe.
Is Loftis term limited?
NO.
Loftis may run, and self fund. He hates crooks and these bastards that hire these bloggers are the type Curt will go after. One day people will realize Curt says what he means and does what he says. Pissing him off like this for no reason is what really motivates him.
Unfortunately it isn’t. Good news is that Curt term limited himself to 2 terms when he ran the first time. He’ll be out soon enough.
Is it just me or dose Leatherman’s name keep popping up every time there is mention of something crooked and underhanded ? I told Curtis that he needs to run for governor in 18. But he would still be on the BCB.
Loftis is a very good friend of Thomas Ravenel.. Two treasurers, two peas in a pod, two drinking buddies, two drug buddies… See “Voting under the influence” Ravenel did go to jail. Loftis is next…
You make me laugh, young gay fool.
The Investment Commission ’s Mike Hitchcock and Ed Giobbe ought to be ashamed for hiring these bloggers and setting them loose on Loftis
Is it Mike, Pete, Ed, Daniel, Linda, commission paid bloggers, Hugh, commission subcontractors, special interests or someone else? Who is the anti-Loftis person?
It’s Converse!
It is gay Daniel Brennan, the gay man with no military service that git hired before 400,000 military veterans in SC.
Why did Pete hire Gay Dan, and then let Gay Dan go to a county where the legal age of homosexual sex is 14?
Ask Pete Hegeseth and while you are at it ask him what happened to Pete’s first marriage.
How about your marriage Loftis.? Pretty sick
It is Senator Ryberg, Senators Lourie and Bryant, the entire Senate of SC., the veterans, the black men, the women, the press , Cindy, Sheana, the house oversight committee, the governor, the retirees, Princess Linda of the Saluda Foundation…
The laziest man in the history of SC
It’s Reynolds!
It’s black youths!
Rumor around the state house is that Loftis is being investigated by the special house oversight committee. Let’s see what happen in January
rumor has it that the Investment Commission is being investigated by the SEC and FBI.
Mike Hitchcock and Ed Giobbe ought to be ashamed for hiring these filthy bloggers to trash the treasurer.
Loftis will have to testify under oath…. Should be very interesting…
Hitchcock and Giobee will have to be under oath. T=should be very interesting.
$2.3 billion dollar in investment fees for the last 10 years.
Bottom 10% for 10 years in rate of return.
Dead last place in rate of return for last 10 years.
They lost billions of our dollars and yet they can hire these sick bloggers to trash the treasurer.
Sick, veryvery sick.
Loftis lost us $220 million!
Simply a lie.
Converse Chellis and the SC Investment Commission lost that in 2009…2 years before Loftis was elected.
Mike Hitchcock and Ed Giobbe ought to be ashamed for hiring these filthy bloggers.
Curtis signed a new contract with the same bank after losing $220 million.
http://www.treasurer.sc.gov/media-center/state-treasurers-office-signs-custody-agreement-with-bny-mellon/
He signed a new contract.
Dan signed a new contract with the “Gay fat boys brigade?”
Great! Where are the dancing next? Cause I like them soft squishy white boy butts!
State Treasurer Converse Chellis and the SC Investment Commission (Reynolds Williams Chairman) lost the money in 2018 and 2009.
You lie!
ut the Club for Growth, a Super PAC
that frequently supports Republican politicians and policies, took
issue with Trump’s charges. The conservative advocacy group fired back
at the real estate mogul, saying “Actually, @realDonaldTrump asked for
that mtg & then asked for races he could support. Thought he could
buy us off. Worst Kind of Politician.” Curtis Lofits @treasurerloftis
Dan Brennan is my gay bitch.
Tryone BePudding
Curtis, you lost the money when you agreed with the Bank of NY.
Loftis settled and lost this money in 2013. Gave $9million to his friends too
that is a lie. A judge and the Bank awarded and paid those fees.
Curtis has his signature on the dotted line.
Curtis is on record at the investment commission meeting defending his actions on settling the lawsuit. Watch it online for yourself.
He banged his fist on the table to get all he could . He said it was economic development.
Loftis should be ashamed of these low returns. He is part of the problem.
How can anybody defend 2.3 billion dollars in fess and being the bottom performed for the last ten years.
Oh, I know how, that all got raises.
Curtis voted for it before he was against it. Three times.
Fat fingers type poorly.
The SC Investment cannot be dec=fended unless you are a aWall Street millionaire and you are raping the pension fund. Then you love it!
Is Will doing a follow up article looking into Treasurer Loftis investments and unfunded liabilities?
Simply lies founded by the Investment Commission’s Mike Hitchcock and Ed Giobbe.
It makes sense no. Gay Pete Hegseth compensates for his sexual deviancy by hiring gay Daniel Brennan who has no military history. He passed over 400,000 veterans to hire Gay Dan.
The Concerned Veterans for America slogan is “hire gay and no military experience first!”
Curtis, were you ever in the military? Thought so.
Curtis Melvin Loftis… You are in violation of the laws of the state and the laws of the United States. Moral turpitude in office, harassing staff and former staff is against the law… You need to be impeached
The treasurer’s office ended the last reported year in a deficit. He couldn’t even operate within his budget. Looks up the STO financials on the state auditor’s website.
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Where did the Investment Commission’s bloggers go? Don’t leave- I want to hit 1000 spot tonight. I want everyone to see how crazy you guys are. it is my job to keep you posting! Come on out and play.
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Did Curtis hire his chief of staff’s niece? His office IT guy’s son,
and his friend Mike Montgomery’s daughter as paid interns this year?
Nepotism is illegal! Shame on you
Simply lies.
The investment Commission’s Director Mike Hitchcock and Chairman Giobbe should be ashamed for hiring these filth mongers.
Kevin Kibler’s wife is on Cynthia Dannels emergency contact.
Chuck Fallaw’s sons is here as well.
I saw where West’s son, West Jr., was hired by the contractor for the 529 fund whose owner also owns an Italian villa where Loftis vacations. Doesn’t that seem a little too close for comfort? One big happy family. Only in SC government could this happen. Here’s just a thought: CONFLICT OF INTEREST!
Simply lies by the Investment Commission’s Ed Giobbe and Mike Hitchcok.
All of this craziness because an elected official is doing what he said he would. He said he would fight fraud waste and abuse and he has. He said he would fight mismanagement and he has.
The email he sent out today was about numbers and policy and the Investment Commission sends out paid filthy bloggers to attack him.
Mike Hitchcock and Ed Giobbe should be ashamed.
He also promised transparency back then. Now he won’t even allow his ethics trial to be open to the public.
Dan Brennan and Linda Champion Gamble. Did either of them pass the SLED test? Do they actually work or just get paid to blog against Loftis? Do they have job duties?
Did they pay their taxes last year?
Why does concerned Veterans for America allow Pete Hegseth to refuse to file his taxes?
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Dream on, you fool. Loftis has not done one thing for the tax payers of SC. Elected official screwing people and preying on young men… Loftis is a “dum Fuk.” Instead of posting on Fits, he should have a plan and show some brain… But he has “SHIT FOR BRAIN” 2003. Serbia forum
Dan, you and Linda Champion Gamble together tonight? You thinking about jumping sides and going straight?
Good for you son, but you may lose your job. I liked you the way you were.
I heard She was a bump bump fan. True?
Dan,
Such a nice vocabulary you have..
http://www.treasurer.sc.gov/media-center/state-treasurers-office-signs-custody-agreement-with-bny-mellon/
Curtis signed a new contract with the same bank after losing $220 million.
He signed a new contract in 2014
The bank is the worlds largest and most respected custodian.
He was smart to do so.
The Commission’s Director Mike Hitchcock and Chairman Ed Giobbe should resign for hiring these filthy bloggers.
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Converse Chellis and the Investment Commission (Reynolds Williams Chairman) Lost 6 billion dollars in 2009.
Loftis was elected in 2011.
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Curtis Loftis settled this lawsuit in 2013 and resigned with BNYM in 2014. @treasurerlofits
And was very wise to do so.
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The smartest thing said all night!
The Investment Commission lost $7 billion in 10 years, paid $2.3 billion in fees and still has money to pay filthy bloggers to trash the treasurer. The Commission Chairman Ed Giobbe and Director Mike Hitchcock should resign.
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Even Smarter!
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Genius!
It is gay Daniel Brennan, the gay man with no military service that git hired before 400,000 military veterans in SC.
Why did Pete hire Gay Dan, and then let Gay Dan go to a county where the legal age of homosexual sex is 14?
Ask Pete Hegeseth and while you are at it ask him what happened to Pete’s first marriage.
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How did Gay Daniel Brennan pass a SLED check when he was found drugged out of his mind, sleeping at the wheel, with his car parked in the middle of a black neighborhood? One would think that 4 nights in jail would show up on a SLED test.
But Pete Hegeseth and his Concerned Veterans though Dan was a better employee than the 400,000 veterans in SC. So mush for Pete Hegseth’s pledge to hire Vets first. I guess it is hire gay first, Vets second.
One wonders how Curtis Loftis justifies his behavior toward his former wife and her boyfriend. One wonders how Curtis Loftis justifies paying his best buddy $2 million off the state books. One wonders why Curtis Loftis has not offered one piece of advice as to what the Investment Commission should do. One wonders how this fool can criticize a man who is dedicating his career to helping veterans. One wonders how this joke of a man is qualified to hold the Treasurer’s job in the wake of Grady Patterson. A pitiful shame.
Yes, yes, blame this on the treas. Blame everything on the treas. No one gives a shit what you say. The Treas aint interested in you. He fired you because you were a pompous little trick that could not be trusted.
I love to make you mad and make you post crap and make that fat face go red and you stomp around the gay hood saying “I am special, I am good, I am worthy.”
Grow up you little shit. Get off crystal met, off the computer and go live a real life instead of posting comments about your 4 month service to veterans. Especially since you lay around all day in your pajamas.
And especially since a real veterans lost a good job because you took it!
Dan, you can claim that every post is the treasurer, but that does not make it so. That is just another of your gay fantasies.
The Immorality Of Pushing Pension Debt Onto Millennials
A recent study pegged the debt of state and local government pension plans at $4.7 trillion. If politicians and voters fail to adopt reforms, younger people will be stuck paying off a massive and growing debt they did not create or approve.
State and local government workers receive generous defined-benefit pensions that guarantee specific monthly payments to retirees for life. In theory, these pensions are paid for by investing contributions from government agencies and their employees, and using the proceeds to pay the promised benefits after employees retire.
In reality, pension officials and politicians have increased benefit payouts and lowballed contributions. As a result, they now have inadequate funds to pay the promised benefits. This “unfunded pension liability” puts taxpayers on the hook to make up the difference between promises and assets.
New York and Illinois each have unfunded pension debts north of $300 billion. Texas, Ohio and New Jersey exceed $200 billion apiece. But nowhere is the problem worse than in California, underfunded by $550 billion to $750 billion, depending on the discount rate used to calculate liabilities.
Most states and localities are not doing enough to pay off this debt quickly. From 2001 through 2013, 64% of government pension plans failed to contribute enough money to pay off their debts even over a span of 30 years.
The unwillingness to properly manage pension plans pushes the cost onto younger people and future generations, and forces them to pay for promises they did not make and for services they did not approve. Older generations receive public services without paying the full cost. The injustice and immorality of using millennials as piggy banks should be apparent to all but the willfully blind.
Left unchanged, the pension burden will crush younger generations and deplete their future. The responsibility to fix this problem is as great as any moral imperative because it directly impacts the quality of life future generations will enjoy and their chances for upward mobility.
Today’s growing pension debt exceeds $20,000 per person in California, Illinois, New Jersey, Ohio and many other states. The University of California’s Board of Regents recently voted to increase student tuition up to 25% over the next five years to bail out the mismanaged pension system that covers retired UC employees.
Public pension funds should not be balanced on the backs of students or younger Americans. Fortunately, a handful of reforms would solve the pension crisis in a way that preserves pension benefits already earned, provides competitive pensions going forward, and grants needed flexibility so that future generations are not paying for deals they did not make.
The changes would require financial transparency and full annual funding of each pension plan without issuing “pension obligation bonds.” Unfunded liabilities should be paid off quickly in 15 to 20 years, as recommended by the Society of Actuaries, to minimize shifting the burden onto future generations.
State and local governments should also gain the flexibility to switch to 401(k)-type pension plans going forward for all employees. And voters should be required to pre-approve any pension-plan change that increases financial obligations.
In California, former San Jose Mayor Chuck Reed, a Democrat, is now leading an effort to craft a statewide pension-reform ballot measure for 2016. One needed change is to grant state and local governments the option of adjusting pension benefits for all employees on a go-forward basis, including a switch to 401(k)-type plans, which are more affordable, always fully funded, and limit long-term costs.
Traditional defined-benefit pensions made more sense under the old “hire-and-retire” model when workers stayed with the same employer for 30 to 40 years. Today, 401(k) plans make more sense for modern workers, who change jobs more frequently.
These common-sense reforms can save future generations from paying for promises they did not make. It’s time for politicians and voters to step up and fix this immoral national scourge.
Mr. McQuillan is also author of the new book “California Dreaming: Lessons on How to Resolve America’s Public Pension Crisis.”
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Is Pete Hegseth gay? Pete Hegseth of the Concerned Veterans for America? Wow,
The Immorality Of Pushing Pension Debt Onto Millennials
The Immorality Of Pushing Pension Debt Onto Millennials
A recent study pegged the debt of state and local government pension plans at $4.7 trillion. If politicians and voters fail to adopt reforms, younger people will be stuck paying off a massive and growing debt they did not create or approve.
State and local government workers receive generous defined-benefit pensions that guarantee specific monthly payments to retirees for life. In theory, these pensions are paid for by investing contributions from government agencies and their employees, and using the proceeds to pay the promised benefits after employees retire.
In reality, pension officials and politicians have increased benefit payouts and lowballed contributions. As a result, they now have inadequate funds to pay the promised benefits. This “unfunded pension liability” puts taxpayers on the hook to make up the difference between promises and assets.
New York and Illinois each have unfunded pension debts north of $300 billion. Texas, Ohio and New Jersey exceed $200 billion apiece. But nowhere is the problem worse than in California, underfunded by $550 billion to $750 billion, depending on the discount rate used to calculate liabilities.
Most states and localities are not doing enough to pay off this debt quickly. From 2001 through 2013, 64% of government pension plans failed to contribute enough money to pay off their debts even over a span of 30 years.
The unwillingness to properly manage pension plans pushes the cost onto younger people and future generations, and forces them to pay for promises they did not make and for services they did not approve. Older generations receive public services without paying the full cost. The injustice and immorality of using millennials as piggy banks should be apparent to all but the willfully blind.
Left unchanged, the pension burden will crush younger generations and deplete their future. The responsibility to fix this problem is as great as any moral imperative because it directly impacts the quality of life future generations will enjoy and their chances for upward mobility.
Today’s growing pension debt exceeds $20,000 per person in California, Illinois, New Jersey, Ohio and many other states. The University of California’s Board of Regents recently voted to increase student tuition up to 25% over the next five years to bail out the mismanaged pension system that covers retired UC employees.
Public pension funds should not be balanced on the backs of students or younger Americans. Fortunately, a handful of reforms would solve the pension crisis in a way that preserves pension benefits already earned, provides competitive pensions going forward, and grants needed flexibility so that future generations are not paying for deals they did not make.
The changes would require financial transparency and full annual funding of each pension plan without issuing “pension obligation bonds.” Unfunded liabilities should be paid off quickly in 15 to 20 years, as recommended by the Society of Actuaries, to minimize shifting the burden onto future generations.
State and local governments should also gain the flexibility to switch to 401(k)-type pension plans going forward for all employees. And voters should be required to pre-approve any pension-plan change that increases financial obligations.
In California, former San Jose Mayor Chuck Reed, a Democrat, is now leading an effort to craft a statewide pension-reform ballot measure for 2016. One needed change is to grant state and local governments the option of adjusting pension benefits for all employees on a go-forward basis, including a switch to 401(k)-type plans, which are more affordable, always fully funded, and limit long-term costs.
Traditional defined-benefit pensions made more sense under the old “hire-and-retire” model when workers stayed with the same employer for 30 to 40 years. Today, 401(k) plans make more sense for modern workers, who change jobs more frequently.
These common-sense reforms can save future generations from paying for promises they did not make. It’s time for politicians and voters to step up and fix this immoral national scourge.
Mr. McQuillan is also author of the new book “California Dreaming: Lessons on How to Resolve America’s Public Pension Crisis.”
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ut the Club for Growth, a Super PAC
that frequently supports Republican politicians and policies, took
issue with Trump’s charges. The conservative advocacy group fired back
at the real estate mogul, saying “Actually, @realDonaldTrump asked for
that mtg & then azzzzzzzzzzzzzzzzzzzzzzzzzzzzz
Curtis Loftis @treasurerloftis
Daniel Brennan took time off from gay sex to post the above. I hope he washed his hands first.
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Dan, I told you the orgy was at 10 and you started early. Tell the boys to reload and I will be right there.
Don’t forget to double check your posts before you publish them Curtis! You forgot to delete some of that copy/paste!
Silly rabbit. You thing you are cleaver by slipping in that fake address.
Poor silly gay rabbit.
Get help. Fight gay drugs.
Just how much military service does Loftis have??? I think it was all in high school. As a former officer in the army field artillery I get upset when Loftis criticizes somebody trying to help veterans. Daniel Brennan has done far more for his country and veterans than Loftis ever dreamed of doing.
Exactly. Veterans needs all the support and help we can provide. Don’t listen to the military bashers out there like Curtis Loftis.
Dan love military supports. he likes to smell them, lick them, wear them-the wash them and put them back on the private’ privates.
Curtis, even for you this is beyond the pale. What does this have to do with the condition of the retirement fund? You are disgusting.
You can say I am Curtis but you are wrong. YI am retired. I have lots of time. I will be here while everyone is working, playing etc.
You are silly, You are not funny, but tragic.
Crystal meth can doom you. Please get help.
Dan Brennan has relieved more men, has been “back up” to more burly sergeants, has been a face target for more hot sweaty shooters than anyone I know. Dan is my hero.
or some background on these state pension plans…
The Immorality Of Pushing Pension Debt Onto Millennials
A recent study pegged the debt of state and local government pension plans at $4.7 trillion. If politicians and voters fail to adopt reforms, younger people will be stuck paying off a massive and growing debt they did not create or approve.
State and local government workers receive generous defined-benefit pensions that guarantee specific monthly payments to retirees for life. In theory, these pensions are paid for by investing contributions from government agencies and their employees, and using the proceeds to pay the promised benefits after employees retire.
In reality, pension officials and politicians have increased benefit payouts and lowballed contributions. As a result, they now have inadequate funds to pay the promised benefits. This “unfunded pension liability” puts taxpayers on the hook to make up the difference between promises and assets.
New York and Illinois each have unfunded pension debts north of $300 billion. Texas, Ohio and New Jersey exceed $200 billion apiece. But nowhere is the problem worse than in California, underfunded by $550 billion to $750 billion, depending on the discount rate used to calculate liabilities.
Most states and localities are not doing enough to pay off this debt quickly. From 2001 through 2013, 64% of government pension plans failed to contribute enough money to pay off their debts even over a span of 30 years.
The unwillingness to properly manage pension plans pushes the cost onto younger people and future generations, and forces them to pay for promises they did not make and for services they did not approve. Older generations receive public services without paying the full cost. The injustice and immorality of using millennials as piggy banks should be apparent to all but the willfully blind.
Left unchanged, the pension burden will crush younger generations and deplete their future. The responsibility to fix this problem is as great as any moral imperative because it directly impacts the quality of life future generations will enjoy and their chances for upward mobility.
Today’s growing pension debt exceeds $20,000 per person in California, Illinois, New Jersey, Ohio and many other states. The University of California’s Board of Regents recently voted to increase student tuition up to 25% over the next five years to bail out the mismanaged pension system that covers retired UC employees.
Public pension funds should not be balanced on the backs of students or younger Americans. Fortunately, a handful of reforms would solve the pension crisis in a way that preserves pension benefits already earned, provides competitive pensions going forward, and grants needed flexibility so that future generations are not paying for deals they did not make.
The changes would require financial transparency and full annual funding of each pension plan without issuing “pension obligation bonds.” Unfunded liabilities should be paid off quickly in 15 to 20 years, as recommended by the Society of Actuaries, to minimize shifting the burden onto future generations.
State and local governments should also gain the flexibility to switch to 401(k)-type pension plans going forward for all employees. And voters should be required to pre-approve any pension-plan change that increases financial obligations.
In California, former San Jose Mayor Chuck Reed, a Democrat, is now leading an effort to craft a statewide pension-reform ballot measure for 2016. One needed change is to grant state and local governments the option of adjusting pension benefits for all employees on a go-forward basis, including a switch to 401(k)-type plans, which are more affordable, always fully funded, and limit long-term costs.
Traditional defined-benefit pensions made more sense under the old “hire-and-retire” model when workers stayed with the same employer for 30 to 40 years. Today, 401(k) plans make more sense for modern workers, who change jobs more frequently.
These common-sense reforms can save future generations from paying for promises they did not make. It’s time for politicians and voters to step up and fix this immoral national scourge.
Mr. McQuillan is also author of the new book “California Dreaming: Lessons on How to Resolve America’s Public Pension Crisis.”
The 400,000 veterans of SC, who were honorably discharged from their military service, were passed over for a job so that Daniel Brennan, a gay drag queen, could have the job and its $60,000 a year pay check (plus benefits). The average veteran in SC make $33,000.
Pete Hegseth and the Concerned Veterans of America have a motto: “hire the drag queen without military service first, then veterans second.”
Disgusting, yes. Pete should say he is sorry to the vets. Or maybe Dan can sign you up for benefits while he is vacationing in a country that allows gay sex at 14.
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(CNN)The Club for Growth became the latest target of Donald Trump’s Twitter ire on Tuesday night after being drawn into a spat over an alleged fundraising request, trading shots with the GOP front-runner about the truthfulness of his accusation and exchanging insults.
Trump, without apparent provocation, tweeted shortly after 10 p.m.: “The president of the pathetic Club For Growth came to my office in N.Y.C. and asked for a ridiculous $1,000,000 contribution. I said no way!”
Minutes later, he added “When I intelligently turned down The Club For Growth crazy request for $1,000,000, they got nasty. What a waste of money that would have been.”
But the Club for Growth, a Super PAC that frequently supports Republican politicians and policies, took issue with Trump’s charges. The conservative advocacy group fired back at the real estate mogul, saying “Actually, @realDonaldTrump asked for that mtg & then asked for races he could support. Thought he could buy us off. Worst Kind of Politician.”
Minutes later, he added “When I intelligently turned down The Club
For Growth crazy request for $1,000,000, they got nasty. What a waste of
money that would have been.”
But the Club for Growth, a Super PAC
that frequently supports Republican politicians and policies, took
issue with Trump’s charges. The conservative advocacy group fired back
at the real estate mogul, saying “Actually, @realDonaldTrump asked for
that mtg & then asked for races he could support. Thought he could
buy us off. Worst Kind of Politician.”
The Club for Growth then tweeted a link to an op-ed it penned in 2011, at which time Trump was weighing a run for president, adding “Club first criticized liberal policies of @realDonaldTrump in 2011.” The op-ed blasts Trump for policies he advocated in his book “The America We Deserve,” released in 2000, including a one-time tax hike on wealthy individuals and organizations to pay down the national debt and fund Social Security, universal healthcare and tariffs on Chinese imports.
The “pathetic Club For Growth” and the “Worst Kind of Politician” appeared to holster their tweets after the exchange — but given the bad blood between the warring parties and Trump’s appetite for Twitter feuds, it’s likely not the last we’ll hear from either side this election cycle.
Jeb Bush or Hillary Clinton? Trump picks ‘the Republican’
ut the Club for Growth, a Super PAC
that frequently supports Republican politicians and policies, took
issue with Trump’s charges. The conservative advocacy group fired back
at the real estate mogul, saying “Actually, @realDonaldTrump asked for
that mtg & then asked for races he could support. Thought he could
buy us off. Worst Kind of Politician.”Minutes later, he added “When I intelligently turned down The Club
For Growth crazy request for $1,000,000, they got nasty. What a waste of
money that would have been.”
But the Club for Grut the Club for Growth, a Super PAC
that frequently supports Republican politicians and policies, took
issue with Trump’s charges. The conservative advocacy group fired back
at the real estate mogul, saying “Actually, @realDonaldTrump asked for
that mtg & then asked for races he could support. Thought he could
buy us off. Worst Kind of Politician.”owth, a Super PAC
that frequently supports Republican politicians and policies, took
issue with Trump’s charges. The conservative advocacy group fired back
at the real estate mogul, saying “Actually, @realDonaldTrump asked for
that mtg & then asked for races he could support. Thought he could
buy us off. Worst Kind of Politician.”
(CNN)A controversial logo for the 2020 Tokyo Olympics has been scrapped amid allegations of plagiarism against designer Kenjiro Sano, the Tokyo Olympics organizing committee has said.
Organizers had defended Sano’s stylized “T” as recently as last Friday against accusations of copying from Belgian designer Olivier Debie, who had designed a similarly stylized logo for the Theatre de Liege in his country.
Sano denied the allegations, saying he had never seen the Belgian design and that the red circle in his design was meant to evoke the Japanese flag.
But with criticism mounting, Tokyo organizing committee head Toshio Muto announced at a press conference Tuesday that the logo had been withdrawn by Sano. He said the committee would “respect the decision” and develop a new design.
Belgian designer Olivier Debie poses with Tokyo’s 2020 Olympic emblem and the logo of the Theatre de Liege.
“Using the logo that is not supported by the public is not quite suitable (for the success of the Olympics),” he said.
Muto added that he hoped a new logo, “loved and supported by the public,” would be chosen soon.
In the meantime, the Tokyo Olympics would use a logo from a past bid.
Designer issues apology
Kenjiro Sano, who did not appear at the conference, posted an apology on his website on Tuesday.
While insisting he “never copied or plagiarized” the design, Sano said he “failed to properly handle jobs other than the logo.”
That referred to accusations aimed at some of his other designs, including a tote bag found to have used others’ images without permission — a controversy that emerged as Internet users began to dig into Sano’s previous work.
Sano said he made the decision to scrap the Tokyo logo in part to “protect his family and staff from criticism and bashings,” adding “I have reached my limit where I can no longer endure as a human being.”
Stadium scrapped
ndened a similarly stylized logo for the Theatre de Liege in his
country.
Sano denied the allegations, saying he had never seen the
Belgian design and that the red circle in his design was meant to evoke
the Japanese flag.But with criticism mounting, Tokyo organizing
committee head Toshio Muto announced at a press conference Tuesday that
the logo had been withdrawn by Sano. He said the committee would
“respect the decision” and develop a new desd Sano’s stylized “T” as recently as last Friday against
accusations of copying from Belgian designer Olivier Debie, who had
designed a similarly stylized logo for the Theatre de Liege in his
country.
Sano denied the allegations, saying he had never seen the
Belgian design and that the red circle in his design was meant to evoke
the Japanese flag.But with criticism mounting, Tokyo organizing
committee head Toshio Muto announced at a press conference Tuesday that
the logo had been withdrawn by Sano. He said the committee would
“respect the decision” and develop a new des
Five Chinese navy ships are currently operating in the Bering Sea off the coast of Alaska, Pentagon officials said Wednesday, marking the first time the U.S. military has seen them in the area.
The officials have been tracking the movements in recent days of three Chinese combat ships, a replenishment vessel and an amphibious landing ship after observing them moving toward the Aleutian Islands, which are split between U.S. and Russian control.
“This would be a first in the vicinity of the Aleutian Islands,” one defense official said of the Chinese ships, which have been operating in international waters. “I don’t think we’d characterize anything they’re doing as threatening,” the official said.
A spokesman for the Chinese embassy in Washington couldn’t immediately be reached to comment.
Chinese officials have complained in the past that the U.S. is meddling in their affairs by flying military jets near a chain of islands known as the Spratlys in the South China Sea.
Arctic Ocean
CANADA
Chukchi Sea
ALASKA
RUSSIA
Bering
Strait
U.S.
Nome
Anchorage
Bering Sea
Pacific
Ocean
The presence of the Chinese ships so close to U.S. shores is the latest demonstration of howChina’s military is rapidly expanding its operationsfar from its own coast to oversee the nation’s growing global interests.
U.S. officials were at a loss to explain the Chinese naval movements, which came as President Barack Obama was visiting Alaska and the Arctic region on a three-day trip to address climate change.
The naval operation took place just before Chinese President Xi Jinping was set to preside over a World War II Victory Day paradeThursday in Beijing, an event that the U.S. and its allies fear is being used to showcase China’s new military strength and ambition.
Mr. Xi also is heading to the U.S. later this month for a state visit, which has already been overshadowed by tensions over Chinese military activity, including alleged cyberattacks on the U.S. and island-building in the South China Sea.
China has repeatedly said that its military activities aren’t designed to threaten any other nation but are expanding in tandem with its economic power, as well as its interests and responsibilities around the world.
Pentagon officials said Wednesday that the Chinese ships were still in the area, but declined to specify when the vessels were first spotted or how far they were from the coast of Alaska, where Mr. Obama wound up his visit Wednesday.
Pentagon officials also said there was no information suggesting the Chinese ships had gone through the Bering Strait, a narrow waterway north of the sea that abuts Alaska.
“We respect the freedom of all nations to operate military vessels in international waters in accordance with international law,” said Cmdr. Bill Urban, a Pentagon spokesman, noting: “This is the first time we have observed [People’s Liberation Army Navy] ships in the Bering Sea.”
U.S. government officials acknowledged the curious timing of the Chinese ships navigating in the waters near Alaska at a time when President Obama is there, but White House spokesman Josh Earnest said Beijing’s intent was still unclear.
The Pentagon official said there were a “variety of opinions” on how to interpret the Chinese ships’ deployment.
“It’s difficult to tell exactly, but it indicates some interest in the Arctic region,” the official said. “It’s different.”
China has made clear its intentions to become a so-called blue water navy, traveling far from its coastline, said Bonnie Glaser, a senior adviser on Asia for the Center for Strategic and International Studies in Washington.
“We better get used to it,” Ms. Glaser said. “The Chinese navy is taking on more and more of an expeditionary character… the Chinese navy is going global.”
Ms. Glaser noted that she didn’t see the navigation of the Chinese vessels as particularly threatening. “China’s navy is going to increasingly become a blue water navy,” she said. “I don’t think we should be alarmed by it.”
The Pentagon has been scrutinizing China’s military activities outside its immediate region for some time. In recent months, defense officials have tracked those movements with increasing wariness.
China has been particularly active in the South China Sea, where it has been expanding a chain of islands by piling materials dredged from the ocean floor atop of natural reefs and rocks.
According to the Pentagon, China has expanded significantly its claims to these islands, known as the Spratlys, from about 500 acres at the end of last year to about 2,500 acres as of last month.
Defense officials are concerned that China’s island-building campaign has military aims that could create instability in one of the region’s biggest shipping routes.
Beijing acknowledged it was building the islands in part for military use, but said it can make territorial claims to the islands, which sit about 700 miles off the Chinese coastline.
While Beijing has since said it has stopped construction, a Pentagon senior official said last month that it remained unclear just what work Beijing had ceased doing in the Spratlys.
China has shown growing interest in using the so-called Northern Sea Route to transport goods between Asia and the West via the Arctic in recent years as melting polar ice has eased access for shipping. The route can take several days less than the journey via the Suez Canal.
The first Chinese vessel to sail the entire Northern Sea Route was an icebreaker called the Snow Dragon in 2012, and some Chinese commercial ships have used the route since, according to state media.
Beijing also has shown growing interest in exploiting energy resources in the Arctic region and in 2013 became a permanent observer to the Arctic Council, whose members are Canada, Denmark, Finland, Iceland, Norway, Russia, Sweden and the U.S.
China and Russia held joint naval exercises off the Russian Pacific coast—about 2,000 miles west of the Bering Sea—between August 20 and 28, according to the official Xinhua News Agency.
Seven Chinese ships took part, including two destroyers, two frigates, two landing ships and one supply ship, Xinhua said but it gave no details about where the vessels went afterward.
China’s navy confined itself to patrolling its own coast for the first five decades after the Communist takeover in 1949.
But in the past few years, it has ventured deep in the Pacific and Indian oceans, and the Mediterranean Sea.
Last year, Chinese navy ships made their debut at U.S.-led Rim of the Pacific, or Rimpac, joint naval drills in Hawaii.
As part of that exercise, three of those ships participated in a special “communications drill” with the U.S. and then made a port call in San Diego, Calif., according to a Pentagon report that was released earlier this year.
U.S. officials said an uninvited Chinese spy ship observed the Rimpac drills from international waters just off Hawaii. China’s defense ministry said at the time that its ship operations complied with international law.
Write to Jeremy Page at jeremy.page@wsj.com and Gordon Lubold at Gordon.Lubold@wsj.com
A huge military parade rolls through Tiananmen Square on Thursday as Beijing commemorates the 70th anniversary of Japan’s WWII defeat, but major Western leaders are staying away from the show of strength.
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President Xi Jinping will oversee the spectacle featuring 12,000 Chinese soldiers, 500 pieces of hardware and almost 200 aircraft, which comes as Beijing takes a more assertive diplomatic stance.
Key leaders from Western democracies will be absent, such as US President Barack Obama, German Chancellor Angela Merkel and Japanese Prime Minister Shinzo Abe, who has drawn Beijing’s ire for beefing up his country’s security policies.
Xi is China’s commander-in-chief as the chairman of the Communist Party’s Central Military Commission, since the People’s Liberation Army (PLA) is technically the armed force of the Party.
Under him, Beijing is moving farther away from former leader Deng Xiaoping’s dictum to “hide one’s capabilities, bide one’s time” and is becoming more willing to take harder lines, both externally and against domestic opponents.
It is engaged in high-profile maritime disputes with neighbours in the South China Sea, where it is building artificial islands and facilities with military uses, and with Japan over disputed outcrops.
View gallery
Chinese military guards stand in Tiananmen Square in Beijing on September 1, 2015 (AFP Photo/Fred Du …
John Delury, an expert on China at Yonsei University in Seoul, told AFP the limited international guest list was because “it’s a very nationalistic and militaristic event”.
“Across Asia and certainly in the United States there are all these concerns about the hard power side of China’s rise,” he said.
– Military display –
The PLA has promised that 84 percent of the equipment on display will be seen in public for the first time.
According to state media, carrier-based aircraft, long distance bombers and various missiles will be shown — possibly including the DF-21D, a long-rumoured ballistic “carrier-killer” that could change the balance of power in the Pacific Ocean.
View gallery
Chinese military arrive in Tiananmen Square to check shops around the square in Beijing on September …
But Chinese foreign ministry spokeswoman Hua Chunying said those viewing the parade as an aggressive gesture had “a mentality that is not so bright”.
“The Chinese troops are troops for peace” she told a regular briefing. “The stronger this kind of force grows, the more guarantees it will be able to provide for world peace.”
Almost 1,000 foreign soldiers will also take part, including a Russian detachment, and President Vladimir Putin is by far the most high-profile foreign leader.
Xi went to a similar event in Moscow in May, which was also shunned by major Western leaders over the annexation of Crimea and fighting in eastern Ukraine.
More mainstream guests include South Korea’s Park Geun-Hye, whose country was colonised by Japan, Jacob Zuma of South Africa — which with China is part of the BRICS groups of major emerging economies — and UN Secretary General Ban Ki-moon. French Foreign Minister Laurent Fabius will also attend.
China has held military parades roughly once a decade but previously for the foundation of the People’s Republic on October 1.
Thursday’s parade comes the day after Japan formally surrendered 70 years ago on the USS Missouri in Tokyo Bay, which Beijing marks as the end of the “Chinese People’s War of Resistance against Japanese Aggression and the World Anti-Fascist War”, as it officially calls the conflict.
The undoubted star of China’s giant military parade marking 70 years since Japan’s World War II defeat — and countless television shows on the conflict — will be the ruling Communist Party, celebrating a victory historians say was largely won by others.
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The display will feature 12,000 Chinese troops marching through Tiananmen Square alongside gleaming tanks and missiles, as fighter jets scream overhead.
It will all be overseen by President Xi Jinping — head of the People’s Liberation Army, the ruling party and the government — in what commentators say is an effort to bend history to bolster the Party’s legitimacy.
The parade aims to dramatise “this idea that without the Communist Party, there would be no new China”, said Willy Lam, an expert on Chinese politics at the Chinese University of Hong Kong.
“Xi Jinping and the Communist Party wants to claim the credit for vanquishing the Japanese, even though there is a big question mark over this claim,” he added.
Tokyo launched a full-scale invasion of China in 1937 and, according to Beijing, the eight bitter years of fighting left 35 million civilians and soldiers dead or injured.
View gallery
Chinese military guards stand in Tiananmen Square in Beijing prior to a military parade to be held o …
In official materials given to journalists ahead of the event, the Communist Party is described as the “leader” of China’s resistance, with its guerrillas fighting “the main form of the war against Japan”.
But the major battles in China were fought by the forces of the Nationalist government of the time, led by Generalissimo Chiang Kai-shek, the Communists’ bitter enemy.
Mao Zedong’s army went on to defeat him in 1949 after a civil war, leaving Chiang exiled to Taiwan.
Ever since, the role of the Nationalists has been largely played down in the official narrative.
For Beijing pastrymaker TT Chen, the Communist Party’s distortion of history is an affront to his family — two of his uncles held senior positions in the Nationalist regime.
View gallery
The Chinese flag flies over Tiananmen Square in Beijing (AFP Photo/Mark Ralston)
“I don’t consider the parade patriotic, I think it’s a show of ignorance,” he said.
– Savage war crimes –
Japanese forces committed savage war crimes that still fuel national resentment, and are regularly highlighted by the Communist Party.
Dramas about the “Chinese People’s War of Resistance against Japanese Aggression”, as Beijing officially calls the conflict, are a mainstay on Chinese screens, with broadcasts heightened for the anniversary.
By far the majority depict the Communist struggle, although there are tentative nods to the Nationalists’ contribution and authorities have now renovated Chiang’s residence in wartime capital Chongqing.
View gallery
A Chinese policeman checks pedestrians at an entrance to Tiananmen Square in Beijing on September 1, …
Some senior Communist Party members quietly acknowledge the differing take on history.
Li Nanyang’s father Li Rui was a secretary to Mao Zedong, and organised Communist soldiers to fight inside a Kuomintang (Nationalist) regiment, under Chiang’s ultimate command, in the late 1930s.
But the unit fled just two days later, and Li returned to the Communists’ remote mountain headquarters in northern China, where “he didn’t do anything to directly attack the Japanese”, she said.
“Looking at my father’s account, its clear that the war against Japan wasn’t led by the Communist Party,” she told AFP.
Rana Mitter, an Oxford University historian of the period, estimates that 15 to 20 million Chinese people died in the conflict.
View gallery
Onlookers take photographs near to an area where access has been blocked to the public in Tiananmen …
While joint efforts by the Communists and Nationalists staved off defeat, he said, “the international element of Allied assistance was the factor which really tipped the balance towards victory”.
– ‘Communist propaganda’ –
Since coming to power in 2012, Xi has centralised power and cracked down on critics of the ruling party, and Thursday’s spectacle will also act as a “coronation”, symbolising his position as party supremo, said Lam at the Chinese University of Hong Kong.
“A military parade is a well entrenched political ritual, until a top leader has held the ritual he cannot be an undisputed strongman,” Lam added.
For baker TT Chen, the biggest impact will be on his business.
Now 69, he escaped to Taiwan at the age of three with his uncles, who were the core of one of the “four big families” of the Nationalist government.
He returned to Beijing a decade ago to open his bakery, but shops across the capital will close on Thursday, when police will flood the streets — blocking access to ordinary citizens — and swathes of the city will be closed to traffic.
“There are so many controls, I will have to close the store,” he said.
“China has restored my uncle’s old residence, so you can see that the Communist Party has some acknowledgement of the Nationalists. But it’s all in the service of Communist propaganda.”
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The Investment Commission should be careful when screwing retirees out of what is owed them while providing bonuses to poorly-performing managers. There’s more than one way to deal with thieves.
The average salary of the government employees at the Investment Commission is $145,000 per year, NOT COUNTING bonuses which can be up to $300,000!
That dolor amount is going up this year as they are increasing pay. When I worked there they had interns making as much as $30 per hour.
They hired Senator Malloy’s son and are paying him $21 per hour as a college intern. Most interns in state governemnt work for free but they are paying $21 per hour!
318 comments tells me someone doesn’t like the fact that Curtis Loftis is doing or at least attempting to do his job. I wonder how much over time is being paid by the
State Fiscal Accountability Authority, to have low level staffers spam FITS?
Like your photo, dear.
Trying to shred a reformers reputation is one of the oldest tricks in the book. When a reform politician hits the target the whisper campaigns start. Nowadays it is a blog campaign. 2 or 3 people post hundreds of negative comments and presto- the politicians has to deal with it.
Loftis is the honey badger of SC politics. He just keeps moving forward and that is why I support him.
A better description of Loftis is “the sludge of SC politics.”
LMAO! It appears 3 people are posting! Dumb ass.
You got that bass-ackerds! There so many posts because he’s doing it all wrong! You never hear from people unless things are going badly. This is just an indication of how much Loftis has mucked up for our state. Will take years to fix all he has destroyed.
Holy shit! It’s obvious that if comments make or break the usefulness of a story on here, all the troll comments on this one, mostly from what is probably a very small handful of anti-Loftis peeps, are taking this one to new levels.
Loftis has been pelted by these Investment Commission bloggers for about 3 years. They have alleged just about everything possible and he keeps charging forward. Hats off to him, I don’t know how he manages it. He is a lot tougher than I am.
Your comments are routinely just as asinine as these anti-Loftis fools.
And: You normally scream like a giddy little cheerleader, when these same brainless assholes ridiculously tell us what a great job Obama is doing.
But since FITSNews tells you Loftis is not bad, you dutifully follow. How vapid can you get?
Clue: Loftis is a Republican. You would normally HATE him just for that, while you jerk off on Obama, despite the fact Obama is ripping our nation apart, socially and economically.
Start thinking for yourself.
U scared heh rat ?
You got that right.Just yesterday The Buzzman dude was defending pedophiles and calling a writer for FitsNews a Nazi supporter.He may have HYPNOTIZED himself into a state of delusional asinine-ness:
Ballyhoo Burlesque ?@BallyhooBurlyQ
Popular alternative model Mon Petite enthusiastically recommends Boz Martin, Certified Hypnotist
Fact: I’ve posted more rational reasons to oppose Obama than you could ever even conceive with your limited mind. Never voted for the man. Never would in the future, for anything, if he ever ran for anything. This is another product of your imagination. Point me to a post where I came even close to praising Obama. You can’t.
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A Pension Fund simply can not earn so little in returns and pay so much in fees. South Carolina is clearly in a “death spiral” and is headed to a Detroit style bankruptcy.
Whatelse could happen? The system is broken and all that can be done is to buy our way out of this problem. That means the taxpayers must cough up billions.
2016 is an election year. Lets get the names of the people responsible and throw them out of office.
This is a great article about these pension plans.
The Immorality Of Pushing Pension Debt Onto Millennials
A recent study pegged the debt of state and local government pension plans at $4.7 trillion. If politicians and voters fail to adopt reforms, younger people will be stuck paying off a massive and growing debt they did not create or approve.
State and local government workers receive generous defined-benefit pensions that guarantee specific monthly payments to retirees for life. In theory, these pensions are paid for by investing contributions from government agencies and their employees, and using the proceeds to pay the promised benefits after employees retire.
In reality, pension officials and politicians have increased benefit payouts and lowballed contributions. As a result, they now have inadequate funds to pay the promised benefits. This “unfunded pension liability” puts taxpayers on the hook to make up the difference between promises and assets.
New York and Illinois each have unfunded pension debts north of $300 billion. Texas, Ohio and New Jersey exceed $200 billion apiece. But nowhere is the problem worse than in California, underfunded by $550 billion to $750 billion, depending on the discount rate used to calculate liabilities.
Most states and localities are not doing enough to pay off this debt quickly. From 2001 through 2013, 64% of government pension plans failed to contribute enough money to pay off their debts even over a span of 30 years.
The unwillingness to properly manage pension plans pushes the cost onto younger people and future generations, and forces them to pay for promises they did not make and for services they did not approve. Older generations receive public services without paying the full cost. The injustice and immorality of using millennials as piggy banks should be apparent to all but the willfully blind.
Left unchanged, the pension burden will crush younger generations and deplete their future. The responsibility to fix this problem is as great as any moral imperative because it directly impacts the quality of life future generations will enjoy and their chances for upward mobility.
Today’s growing pension debt exceeds $20,000 per person in California, Illinois, New Jersey, Ohio and many other states. The University of California’s Board of Regents recently voted to increase student tuition up to 25% over the next five years to bail out the mismanaged pension system that covers retired UC employees.
Public pension funds should not be balanced on the backs of students or younger Americans. Fortunately, a handful of reforms would solve the pension crisis in a way that preserves pension benefits already earned, provides competitive pensions going forward, and grants needed flexibility so that future generations are not paying for deals they did not make.
The changes would require financial transparency and full annual funding of each pension plan without issuing “pension obligation bonds.” Unfunded liabilities should be paid off quickly in 15 to 20 years, as recommended by the Society of Actuaries, to minimize shifting the burden onto future generations.
State and local governments should also gain the flexibility to switch to 401(k)-type pension plans going forward for all employees. And voters should be required to pre-approve any pension-plan change that increases financial obligations.
In California, former San Jose Mayor Chuck Reed, a Democrat, is now leading an effort to craft a statewide pension-reform ballot measure for 2016. One needed change is to grant state and local governments the option of adjusting pension benefits for all employees on a go-forward basis, including a switch to 401(k)-type plans, which are more affordable, always fully funded, and limit long-term costs.
Traditional defined-benefit pensions made more sense under the old “hire-and-retire” model when workers stayed with the same employer for 30 to 40 years. Today, 401(k) plans make more sense for modern workers, who change jobs more frequently.
These common-sense reforms can save future generations from paying for promises they did not make. It’s time for politicians and voters to step up and fix this immoral national scourge.
Mr. McQuillan is also author of the new book “California Dreaming: Lessons on How to Resolve America’s Public Pension Crisis.”
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Indexing Funds has been discussed by the Commission before. But the “active management crowd” always wins the argument because it is where the glory and large salaries and bonuses are.
The state has to make up the difference and $7 billion is a lot of money. The taxpayer can do it but will have to forgo many of the necessities of normal government.
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Common sense dictates that a pension fund can’t pay $2.3 billion dollars in fees and be dead last in returns and then pay its bills.
It must reply on tax dollars and employee contributions to keep it afloat and they will skyrocket. I bet SC will have the most costly pension plan in the country because of this failure by the Investment Commission.
All we can do about this is pray because the powers that be will never get off this grave train.
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Mental issues, Curtee
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Serious , very serious mental issues. Pity, That these come from Curtis Melvin Loftis, an elected official , Treasurer of SC, in charge of many funds in the STO. Scary, very scary. Loftis must go.
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Investment Commission troll go home. Go back to Mike Hitchcock and see how he is spending his $270,000 a year salary …all paid by the retirees!
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Jason=Curtis , jealous? Very jealous Loftis…very dirty Loftis, very sick Loftis, very stupid Loftis with mental illness, very gross Loftis, very vulgar gay Loftis, in violation of the laws. The supreme court has ruled and Civil Rights laws are in force…Resign Loftis and go get help…
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I like that Loftis signs his work. The investment commission sends out thug bloggers to trash him…under false names.
SC gambled and lost – and you owe $7 billion.
Over the last 10 years at least $7 billion of your money has been lost due to poor investment performance by the SC Investment Commission.
The Commission was created to invest your tax and retirement money. They gambled when they chose a complicated, expensive, “cutting edge” investment plan and they lost.
They rolled the dice and now you must pay their $7 billion dollar loss.
A simple but diversified selection of “indexed” funds would have made over $7 billion more than their “cutting edge” investment plan. In fact, the Investment Commission’s plan has ranked in the bottom 10% for 10 years in a row!
Even worse, their 10-year investment returns are dead last! That’s right, none of our peers have made less money than South Carolina.
Paying the Commission’s losses will require your taxes be raised or your existing tax dollars be diverted from roads, schools, police and health care to cover their $7 billion loss. It will require raising the retirement contributions; in fact, those raises are already scheduled.
There is more to this story and unfortunately it gets worse. I am not asking for money or votes, but I am asking that you study this issue so we can keep the retirement debt from consuming state government.
Sincerely,
Curtis Loftis
Treasurer, State of South Carolina
P.S. Coming soon…several short, informative emails concerning: Pension Debt; The Good and the Bad Actors; Fees and Expenses; Accountability for this $7 Billion Debacle.
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ISIS transmissions to Obama in Alaska?
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I like that he signs his work too
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Let me guess.Number of undocumented workers living in Rocky Verdad’s compound? A clue?
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“‘From my family to yours, Eid Mubarak!’ – to Muslims celebrating Eid-ul-Fitr.” –
Back at ya!
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Serious mental issues, Loftis
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Investment Commission trolls diagnose elected official who is after there ass for the worst investment performance in the country.
Hardly surprising.
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FITS clearly struck a nerve.
Trolls are pathetic.
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I feel for my buddy Curtis, it went on all night.
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You must be Mike Montgomery… Logan Simmons… How was your nice escapade together… You and Loftis… He takes good care of you, doesn’t he?
Pretty bold statement, you must be the big kahuna of the comm hacks.
hahaha. that was funny
They have ben after Curt for three years. He told me it makes him more resolved to beat those crooks.
Treas. Loftis may have struck a nerve, FITSNews is just riding on the Treasurer’s back.
But the trolls are always with us. You’re are one of them. FITSNews just happens to be on the right side for once in a blue moon, so you follow, because he tells y’all how to think.
But typically: You hate reality and facts, and serve at the feet of Obama, in defiance of the truth.
Your gods have destroyed this country, and all you and your band of Democrat trolls ever do is LIE about it.
Take a look at those ignorant and backward trolls, that is you, and the Democrat Party, 99% of the time.
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Serious mental illness, here Curtis Melvin Loftis… serious
Just 13 days until Curtis’ ethics trial that he won’t open to the public. If he claims innocence then why hide behind closed doors?
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Investment Commission troll…don’t you guys hibernate in the daytime? Go to sleep and stop spreading your lies and deception.
Man, they are even worse than the political robocall trolls.
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They never stop because they are paid. If you don’t see them for a while they are working on a different site or a different state.
They hire our for money. They lie for a living. It is a big business.
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funny, considering Loftis pays interns to sit and post on all these sites for him. tax dollars hard at work.
Lies, lies and more lies.
Not a dime paid and not a dime taken… Just the urgency of the truth to be heard now… Loftis is paid by FITS and he is paying FITS… Loftis cannot get reputable press so he goes to FITS…, Unbalance and unfair… Poor Loftis… Unbalance and violent sick man. Fits, you post on Thomas Ravenel… you must post on Loftis and Thomas Ravenel.. Two state treasurers, two peas in the pod, two drug smoking partners,… One was in jail, one must go to jail… A matter of time…
Man, Loftis is insane….worse than the political robocall trolls… Yes, worse… Curtis Loftis is mentally unstable… a vile violent temper beyond control… yes, beyond control… Many have seen his violent beyond control temper. Ask his ex wife… Police report with violence against women . Violence against his staff and former staff. Lies, false accusations against people… against senators, against state officials, against veterans, against people making a difference in this State… against Rick Quinn, against Cindiy Ross Scoppe , against Seanna AP. against so many people and he does not have one solution… A high school degree from Brookland Cayce high school does not prepare you for the world of finance in SC and in NY. He lost over 220 millions from the trust fund of retirees… Shame… He will go to hell…
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Jake, er, Curtis, of what lies and deception do you speak? VIII simply posed the following question: “If he claims innocence then why hide behind closed doors?” How does that translate to lies and deception?
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Timing is everything in politics. Curtis attacks the IC exactly two weeks from their meeting. I guess he’s too big of a wuss to do it in person.
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That describes most politicians, but not Curtis Loftis. he is a honey badger-he will take them on then as he has many times before.
I wish him the best, otherwise the state will go bust over this thing.
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The problem is the legislators that allow this to continue, why is there bills that would reduce the expected outcome to be reduced and the fund not overseen by Loftis, and done every 4 years or so. The pension fund only creates big bonuses for the investing company-if the fund loses money the investor is given new money to invest rather than denying him more-there is no limit on the funds to invest.
$2.3 billion in fees over a ten year period. That is unbelievable. And last place in rates or return for 10 years too!
Awful
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Simply more dishonorable lies by the Investment Commission’s Ed Giobbe and Mike Hitchcock!
$2.3 billion dollars in fees. Last place in rates of returns. First placed in arrogance.
Something must change!
Simply more sinful lies by the Investment Commission’s Ed Giobbe and Mike Hitchcock.
Isn’t there someone out there who can get Loftis off the RSIC. Can the Commission get a vote of no confidence? Can the Senate and Housr members do something? I’ve never known Loftis to do anything other than whine, bitch and try to discredit others. He is an embarrassment to our state.
Troll,
Please listen.
The fund has lost over 7 billion dollars in underperformance. It is dead last in rates of return for the 10 year period, and in the bottom 10% for each of the years individually.
For the privilege of being in last the fund paid $2.3 billion in fees.
This is a disaster. The rest of the Commission should step down. Not Loftis.
If anyone wants roads, school, medical care, etc, the pension plan must get fixed. The debt is growing at an unprecedented rate.
This fund is going to bankrupt this state if we don’t act quickly.
Simply more vile lies by the Investment Commission’s Ed Giobbe and Mike HitchCOCK!
Loftis might want to quit throwing stones considering he lives in a glass house.
Isn’t he the guy that ran off 2 seasoned and well respected investment professionals from his own office, only to replace them with 2 individuals with NO institutional investment experience, one of which was an unemployed blogger, and paid the newbies much more than the prior staff.
might not be on the same scale as the RSIC, but he has plenty of in-house issues he should be focused on.
STO has literally had more than 100% turnover since he took office, yet “it’s everyone else’s fault”. No one wants to be around this temperamental, volatile, unethical moron!
He is a criminal and has robbed the State blind from inside the STO.
The trolls are back.
The treasurer fights to protect our money and the people wasting the money fight back with a filthy smear campaign.
Spreading deception and lies: paid by the cronies of the Investment Commission. Mike Hitchcock ought to stop this or resign his office.
People that sanction lies like this ought not to have positions of responsibility.
Why should Mike quit? You’ve provided no evidence to support your latest conspiracy theory that people are being paid to be smear you. Give it a rest bugman
Silly, pathetic troll. Attacking a well respected , state wide officer must somehow make you feel like a man.
Cant see how. Only cowards stick the knife in a mans back.
Poor poor pitiful troll.
Sounds to me like you lost your job because of poor performance. Don’t have sour grapes, just work hard on your skills, read a few self-help books and remember to show up on time and don’t sleep at our desk.
Hard work will solve your problems. Bitching won’t. Those that bitch and gossip are the first to be pushed out, in my experience.
Curtis has fired two people. The other 62 people resigned or retired. Only Curtis can believe that a 100% turnover = 100% other peoples fault. Don’t take my word, ask State Human Resources or anyone you know that’s resigned. People keep their resignation letters and acceptance letters. Curtis has to lie to prevent his reputation from being further damaged.
Sad little troll. Lies and deception are you way of life.
Sad little troll.
How can any State have an investment commission that is last in earnings and expect to pay their bills?
How can any state pay $2.3 billion in fees for the privilege of being in last place and expect not to raise taxes?
This state must act now or it will be bankrupted by this pension system.
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Why is it that people that want to be heard on a subject do so under the evil on anonymity?
If they have something worthy of saying, and being heard, why do they not use their own name?
Why no go to the “offending” office or person?
Cowards assail people under false names. The love anonymity because in the end they know their bitching is nothing more that gossip and lies
You have that correct.
People that are failures in life attack people using a blog. What man or woman with self respect would do that? No one, that is who.
People that are “life’s losers” often lash out on blogs. It makes them feel smart and good-looking and desirable and powerful. But their feelings can’t change reality and so they will always be losers until they take responsibility for their own life and improve it.
Sadly, that almost never happens so the losers keep gossiping and deceiving and lashing out and they keep wondering why no one care about me? Why am I a loser?
They just never connect the dots. They are pathetic reject from main stream life.
All that will happen when the subpoenas are issued “Tammy”. Loftis will be toast once people will be under oath.
Troll. I pity you and your sad soul.
I just can’t understand the $2.3 billion in fees. That is an extraordinary amount of fees.
The plan is supposed to be for the participants, not the Wall Street tycoons that are piling us for every dime we have.
This must stop.
$7 billion lost through poor performance and $2.3 billion dollars in fees to their Wall Street buddies .
The Investment Commission is friendlier with Wall Street Investment Bankers that with the taxpayers.
The Investment Commission has made billionaires out of certain people on Wall Street while making paupers out of South Carolinians.
Drama queen alert. Making it up as you go Curt?
Look back for a moment on Curtis Loftis (internet) and you will have some serious questions about money, possessions and response before he became SC State Treasurer. I’m just saying.
And of course we believe you are a liar and a deceiver and anything you say is dripping with evil intent. Believing the internet in matter such as these is a fool’s errand and only a fool would peddle such trash.
Any person that devotes their life to gossip mongering and deceiving is a lost soul. You are to be pitied, not believed.
Never comment if you don’t have the facts. I am correct and have a file to prove it. I like Curtis Loftis a lot but I never turn a blind eye to the truth.
” Any person that devotes their life to gossip… is a lost soul” Yes, Loftis you are a lost soul and a sick devil. Anyone can look at the internet and read about Richinus2003 and get to the Alt.talk.royalty. and the many group forum. like Serbia: Orthodox church. Ukraine.. These posts exposed Curtis for the creepy man, disgusting man that he is. Read also Tony Snell ’s post on Curtis Loftis @TreasurerLoftis ” I am watching black youths abuse police and white people. Randomly. It’s disgusting .” Read James Akers,Jr. July/20/2015/Politics. Racist Loftis…. No doubt about these posts… Read Senator Ryberg’s report and watch it since it was taped… Not gossip but true facts about Curtis Loftis . Do not trust him… He lies and he has caused so much harm to many people.
The Investment Commission spent $2.6 billion in fees to end up in last place. How can anyone waste so much money?
I understand that the Commission has been in the bottom 10% for 10 years in a row. How is that possible?
How can any State have an investment commission that is last in earnings and expect to pay their bills?
How can any state pay $2.3 billion in fees for the privilege of being in last place and expect not to raise taxes?
This state must act now or it will be bankrupted by this pension system.