Last month this website broke the news of massive bureaucratic bonuses at South Carolina’s corrupt, underperforming pension fund.
All told, fourteen staffers at the S.C. Retirement System Investment Commission (SCRSIC) received $1.4 million in bonus pay – which is pretty impressive when you consider this fund ranks in the bottom 25 percent of all large pension funds (this despite paying the highest fees of any fund in the nation).
This month another website is exposing similar “bureaucratic bonuses” at a state government agency.
Which one? The S.C. Research Authority (SCRA) – a shady “public-private” organization we exposed five years ago as nothing but a taxpayer-funded scam.
According to The Nerve, SCRA doled out $1.1 million in bonuses to its top executives and other employees over the last year-and-a-half.
One of those employees – communications director Micki MacNaughton – also sent a whiny email to the website which was clearly intended to dissuade it from publishing the information.
“Please do not underestimate SCRA’s commitment or resources to cover damages, should the use of this data by you or your organization lead to any cancellation or modification of any SCRA contract, reduction in SCRA’s ability to perform sensitive work for the US government or in any other way inhibit fulfillment of our lawful public mission,” MacNaughton wrote.
Sheesh … sensitive.
“SCRA does not receive, nor does it seek, annual appropriations of taxpayer dollars from the SC state government,” she added. “There is no line item or proviso in the state budget regarding SCRA.”
Maybe not … but the agency has no problem stealing proceeds from the S.C. “Education” Lottery and routing those funds to firms with connections to some of South Carolina’s most powerful politicians.
25 comments
These Boards and commissions operate with impunity. They prefer darkness and veils of secrecy. It takes People like our State Treasurer Curtis Loftis to stand four square in opposition to business as usual, In my opinion we should have a citizen member of all of these boards, commisions, public privare entities, not to influence their decision making process,, but to report to the citizens what they are up to and their compensation packages. Who is watching the foxes?
“Who is watching the foxes?”
What does the fox say?
http://www.youtube.com/watch?v=jofNR_WkoCE
Curtis–is that you?
Lol, probably is Loftis. Dude is desperate to have his name in the media.
Look at the Norm-Nav’s profile and posting history and you see he has nothing to do with Loftis.
Norm,
You are 100% correct.
Bad people in government do bad things because there is no one to stand up to them. They steal from the taxpayer and they hate it when a man of honor stands against them.
We need more people that will stand up to these thieves.
Paul
So the government shouldn’t give out bonuses to people who make mistakes like the private world does? I thought private was better?
At least when a private company gives away bonuses it’s not our money they are giving away.
If a private company/corporations actual tax rate is lower than what an individual’s rate is – like GE’s 0 rate – then to my way of thinking, that’s a governmental subsidy and it is my money.
That’s because you don’t start out from a place where any money earned by anyone or any corporation is theirs first instead of the governments.
You find it acceptable for government to take what they want to take.
Probably because you feel like they’ll redistribute it in a “fair” manner so the theft is justified, and you call that “compassion”.
I think his point is that if GE is paying 0, that taxable income is going to be taken out of someone else’s pocket to make up for the income GE would have otherwise been paying.
GE’s “profit” is paid in dividends to share holders who in turn do pay taxes. Do you advocate taxing the same money twice?
You don’t understand how corporate taxes work.
I really don’t think that’s his “point” Jackie, but if you want to attribute such intelligence to Nitrat feel free. (not that it justifies taking away GE’s crony awarded “0”, I’d just assume everyone have the same “0” rate)
I find it scandalous, superfluous, and serendipitous.
:)
Until they come to the taxpayers and ask for a bailout.
There’s also the issue that the supposed “private world” bonuses are from companies that really aren’t private in a traditional sense.
For instance, all the TBTF banks or Government Motors that only now exist because Uncle Sam printed up dollars as well as using some that it took from us to bail them out….all those loser “private” companies handed out bonuses to their loser CEO’s, high level administrative staff, etc.
In the real private sector, not supported by government or our tax dollars, CEO’s that do that shit with a failing company get sued if public, or “claw backs” in bankruptcy court, and simply fail by giving out bonuses while their company is losing money and get liquidated.
There is no such thing as the real private sector anymore.
Probably pretty close to truth…you might be able to find obscure pockets…but based on my own experience I can’t find one market that completely excludes any government involvement/distortion so you might be right….but my point is that those markets that are not heavily influenced wouldn’t have those ridiculous bonuses going on.
What mistake?
“SCRA’s ability to perform sensitive work for the US government”
OK Micki. I guess when you and your fellow cockroaches ain’t sodomizing South Carolina taxpayers y’all take a trip North to get a little out of town strange bunghole
From my bunghole to you, thanks
Dis sum real live fuck shit!
It is time to rise up and force warrants to be issued for the arrest of these rogues. If needed, we will bombard the US District Court with dozens of petitions seeking orders to jail these peoples. Enough is enough. SLED better get moving or dozens of careers will be destroyed in the process. The People Cometh!
Ha Micki, that is one strongly worded letter. You really scared the shit out of Fits. Fuck you, you whiny little bitch!
Who pays for the insurance and retirement for the SCRA staff if it doesn’t get “state appropriations”?
Bonuses are merited if employees are berated by the media and the treasurer. You are complaining about the returns relative to other states. Where does it say that the SC pension plan is competing against other states? To fully understand portfolio returns, you must consider the overall strategy, assumptions, risk, volatility, alpha, beta, overweight positions, underweight positions and the the like. For all you know, the commission could have executed the investment strategy perfectly. After all, no one can predict the future of markets. Sorry Willie, you aren’t qualified to throw stones here.