Every since he got out from under the thumb of the big government-loving liberals at The (Columbia, S.C.) State newspaper, political cartoonist Robert Ariail has been doing some great work on behalf of reformers in the Palmetto State.
For example this cartoon – which depicts the shameful corruption and incompetence demonstrated by Reynolds Williams and other leaders of South Carolina’s $25 billion pension fund (a.k.a. Retirement System Investment Commission).
These buffoons pay out the highest fees in the nation – as well as exorbitant bonuses to the numbskulls who dole out those exorbitant fees – yet the Palmetto State’s fund continually produces some of the worst returns in the entire country.
Props to Ariail for hitting the nail on the head …
Now if only S.C. Gov. Nikki Haley (whose appointee to this board has been a big part of the problem) and leaders in the S.C. General Assembly would support efforts by S.C. Treasurer Curtis Loftis to hold the leaders of this fund accountable.
You know … as opposed to fighting those efforts.
27 comments
Has it ever dawned on you that the GOP is so corrupt and so far gone that maybe it is time for a new party in South Carolina? If you are a true reformer, as you assert with great narcissism, you would actually study that option and address it. You would ponder a 3rd party. You would ponder and support a solid Democrat to address the state’s concerns. You are a dyed in the wool Republican, and you are having a ball making money off the conflicts in this state. You bloggers are the problem. It’s a fun way to enjoy free enterprise, right?
The problem is not just one of which party dominates. It is one of the system itself in which the abuses can occur.
Simply put, it is the power awarded to these people that is the problem. When you glorify the state over everything else it doesn’t matter which party is in control as the power itself is what corrupts.
Parties don’t matter. The voters are the problem.
Said by what must be an insider. Arrogance like that (voters are the problem) shows the mind set of an unelected autocrat that believes he is smarter than anyone else.
They are usually overpaid guys that have lost their sensitivity to right and wrong after years of compromising with other people’s moneys and freedoms.
So you don’t think the electorate is an issue?
I suspect the “issue” is a complicated mess more easily defined as “government”, which includes the electorate AND those in power.
Thanks for the link, Sic. Ariail nails it with today’s cartoon. Don Beatty is so dumb, he doesn’t even comprehend that Toal has promised the chief justice seat to Hearn in exchange for her husband getting Toal some critical Pee Dee votes. Toal already has the black caucus votes with her connections with IS Leevy Johnson, so she doesn’t need Beatty any longer. Kittredge is floating around in his own world and is not a player. Inside straw votes still indicate Pleicones is in the lead. Jean – just go away. Your days of corruption and playing politics are over. Those who vote for you will have to answer to their hometown lawyers and judges who are all tired of your tyranny and playing political games.
“Every since he got out from under the thumb of the big government-loving liberals at The (Columbia, S.C.) State newspaper, political cartoonist Robert Ariail has been doing some great work on behalf of reformers in the Palmetto State.”
Robert Arial was doing great work long before he “got out from under” The State. I don’t think it has anything to do with the venue, but instead with his talent and wit.
The State would never have approved several of his latest drawings.
As a longtime fan of Ariail’s, I agree. I don’t believe working at The State ever really had any impact on his cartooning whatsoever, although you’d have to ask him yourself if he feels like he has any more freedom now.
(Just a note, he does respond to comments on his website fairly often.)
Isn’t the scarecrow on the commission?
Yep, he makes $161,000 just to bash Treasurer Loftis. Bringing Ryberg on board was a mistake as the General Assembly does not like him. They put up with him while he was there but now that he is no longer a member they don’t have to.
At least two powerful member of the General Assembly are going to raise the issue public ally when the session starts.
True, we gave a multi millionaire a cushy State job to supplement his cush and exhorbitent Senate retirement and his multi millions! But, he is another Haley ass kisser!
Again with the hate speak? Your benchmark is not accurate. I am honestly not affiliated with the IC in any way however I am an educated party. If you want to hold them accountable, here is what you need to do:
1. Read the Statement of Investment Objectives and Policies & Annual Investment Plan
2. Read the Annual and Quarterly Investment and Performance Reports
A. One weakness in their reporting is that the Plan Policy Benchmark is not clearly disclosed. They should adhere to all CFA reporting standards.
3. Ask for disclosure of Alpha, Beta & Standard Deviation numbers for the entire portfolio as well as each individual investment. (This is where you actually see how well the investments are being managed) Often times returns is a poor indicator of portfolio management. Ex. In any given year, a manager may have great returns however they may have taken on more risk to get those returns. Beta and STD Dev is a good indication of risk. Alpha is the measure of how the investment performed on a risk basis.
4. Read the CFA reporting standards.
“I am honestly not affiliated with the IC in any way however I am an educated party”
Yeah, we all believe that.
Also, CFA designates are expensive. If you want to most educated personnel, you have to pay for them. The CFA is probably the most difficult designation to get. It’s like 3 bar exams and the CPA wrapped into one.
Shaddup shill.
CFA’s are smart people. But a designation does not denote intergity or ability to actually make money.
The investment commission has several CFA’s, one being a friend of mine. He refuses to defend the Commission’s statedgy as he agrees that it is unsound, pays to much in fees and is poorly executed.
@tyronebutteredbutt
South Carolinians are corrupt Democrats. They wear the Republican brand loosely and without honor. Think of it this way, butterbutthead, South Carolina has been Democrat since someone invented protestantism. They took the GOP affiliation when it was obvious the Republicans under Ronald Reagan were winning elections, the late Carroll Campbell excluded.
The Commission pays the highest fees in the country and it’s returns (money making) is in the bottom 20%. Any fool can tell you that is a prescription for disaster.
Last year, according to their financials, they paid $420 million in fees. That is an unheard of amount for a plan this size. The Retirees are getting raped.
I was on the Street for 16 years and I can assure you that the SC investment commission has for 7 years been considered a buffet of ignorance, self-interest and greed.
I remember seeing Bob Borden and Hershal Harper walking out of J.P. Morgan, happy as clams and hopping into a limo. A limo owned by JP. A practice, living off the investment firms, they maintained for as long as I was I the City.
Stories of greedy pension officials were the stuff of daily lunch and water cooler talk. They were famous, or should I say, infamous.
Borden wasn’t driving a Lambo because he was good at anything. He simply had no principles or morals and as such capable of selling whatever he could get his hands on to those willing to pay him for his favor.
That amount of fees boggles the mind. They are blowing all averages or benchmarks. Wall Street has got to love the Investment Commission for that!
Great cartoon. Arial is really one of the best. But he needs to update it with Ryberg. He has risen from the tomb of the rich and is back to do Reynolds Williams’s political bidding.
I love the irony. After Ryberg screws the retirees with his last act as a senator, he takes a job with RISC at $160K a year. So he can make sure the retirees continue to get screwed! Just awesome!
Curtis Loftis now as Toto?
That boggles this small mind.
Hell, Curt, is also Mr. Moto,
A sleuth, one wants to say.
Yes, make the clues real hard to find,
But Cairn Terriers do love to dig
And if you block their way,
They’ll micturate on your Armani-swathed leg.
A Boeing Dreamliner crashes into the State Capitol
Senator Leatherpecker is among those killed and the Devil arrives to personally escort him to his rightful place of eternal torment
As Senator Leatherpecker and the Devil pass by the sulphorous pits full shrieking members of the Legislature Leatherpecker sees Reynolds Williams on a bench snuggling up to Governor Haley
“That’s unfair” cries the Senator, “I have to roast for all eternity while Williams gets to spend it with a beautiful woman:”
“Shut up” barked the devil jabbing Leatherpecker with his pitchfork
“Who in the Hell are you to question that woman’s punishment”
They don’t pay Bob enough. Never have.