|| By FITSNEWS || South Carolina treasurer Curtis Loftis is once again having to fight for his oversight role on the notoriously corrupt S.C. Retirement System Investment Commission (SCRSIC).
Readers will recall we recently addressed the latest effort by the shady managers of this fund to oust Loftis – which he successfully beat back.
At least for a time …
Like a game of crony capitalist “whack-a-mole,” the scammers are back … and ready to shove Loftis off to the side so they can continue their dirty dealing with this $30 billion fund.
According to our sources at the S.C. State House, the pension fund scammers who’ve been running the Palmetto State’s investments into the ground – rewarding themselves richly in the process – are once again pushing anti-reform legislation.
“They’ve revived (their bill),” one source told us.
We reached out to Loftis but apparently he was already on top of it …
In an email to members of the S.C. Senate finance committee (who are considering the legislation), Loftis noted that the “the bill appears to remove the State Treasurer as custodian and transfer that authority to the very people that make large salaries and bonuses off of the investments.”
Sound remotely sensible? Of course not. That would be turning over total control of a $30 billion asset to the people directly responsible for producing some of the worst results of any large pension fund in America (at the highest price).
Loftis reinforced those numbers in his email.
“For the current fiscal year, (the fund) in the bottom 15 percent of its peers in the rate of return performance,” he wrote.
According to data from the treasurer’s office, the fund returned only 1.63 percent for the current fiscal year compared to the national average of 3.02 percent. It also paid out a whopping $450 million in fees over that time period.
Insane …
“The State Treasurer as custodian is the ONLY meaningful oversight that the people of South Carolina have over (their) largest asset – and largest debt,” Loftis continued. “The separation of duties and the safeguarding of assets must remain open, transparent and accountable.”
We agree … which is why we’ve backed Loftis in his battle for years.
The self-serving scammers on this commission – led by super shady puppet master Reynolds Williams – simply cannot be allowed to operate with impunity.
There’s just far too much money at stake …
326 comments
This blog and the “obamatrade” one are obviously too deep for the progressive liberals on this site to go near? Just too ignorant to go near either one. How about “grand tango” are you going to go after them?
Back on the kneepads to suck up to GT, I see, pogo/Flip. Right on time.
http://www.treasurer.sc.gov/media/27683/s-527-and-the-continuing-poor-performance-of-the-sc-investment-commission.pdf
Link to letter.
The fund must make money or we are going to have a huge tax and contribution increase.
I worked too had for my retirement to see it wasted.
Those are terrible numbers. Being in the bottom 10% is awful!
My IRA was almost three times that much. Thank God I am not a government employee.
Custody should defiantly stay with the Treasurer.
The separation of duties is important. No changes!
In the 1700’s they had a method of dealing with people like Reynolds Williams. Although he prefers fancier rides, he should be rode out of town on a rail. Sometimes this was done in connection with tar and feathering.
Bottom 10% performance and no one is getting fired? This is a disgrace. Our retirement money is being stolen or wasted, or both!
I have been following this for several years and now believe the pension fund cannot be fixed and it should be converted to a defined contribution fund. If not, this disaster of a fund is going to cost this state billions of dollars!
Ned/curt, explain and prove your “disaster of a fund going to cost .. ‘ if you cannot prove it, STFU and get lost.
I’m getting 5% on my little biddy retirement account. I’m not the brightest light on the block. Someone should be under the jail for doing this to 30 billion. Time to redo the entire retirement system. Why can’t state employees take a lump sum when they retire ? It happens every day in industry. Keep up the good work Curtis. More of our lawmakers need to be on board with him.
Everyone makes more money than these Investment Commission clowns!
We must do something or we will lose our money!
I am not sure why I even bother to keep posting since my comments appear to be falling on deaf ears. But, let me try one more time: Loftis and his sidekick FITS are wrong about the retirement commission and about fund performance. Either Loftis is crazy or dumb but whatever the reason, he has demonstrated that he is not qualified to serve on the commission. Instead, the Treasurer should appoint a qualified designee. That would put a stop to this nonsense.
As far as I can tell none of them are qualified. I can make more money in a simple IRA than these guys can make with a huge portfolio! If somebody aint fired, taxpayers should reign hell on this people.
Loftis has fought these bastards and caused hundreds of changes. Loftis is on the money and I support him 100%!
Pete and Tiger Tim? Are you using new names Curtis?
Loftis and Folks share a roughly equivalent understanding of the investment Commission, which is to say – less than rudimentary.
Bottom 10% in returns.
All anyone needs to know.
Should have added your name too I suppose.
I know top 10% is better than bottom 10%.
Maybe some basic math could help you?
The Koch Brothers check cleared the bank today we see.
I was in banking for 20 years and I can tell you no one would or could survive these numbers. Bottom 10%. Almost 500,000,000 dollars in fees. This is incredible!
Agreed! Amazing incompetence if not worse.
These are incredibly bad statistics. Why aren’t these people getting fired?
? SC, for the current fiscal year, is in the bottom 15% of its peers in the rate of return
performance,
? SC, for 1, 3 and 5 year periods is in the bottom 10% of its peers. For the 10 year period it is in last place,
? SC, for the current fiscal year returned only 1.63%, compared with the average of 3.02%,
or the highest at 5.11%,
? SC, for the last fiscal year, paid over $450,000,000 in fees to money managers and was
in the bottom 20% of earners.
Why hasn’t Curtis been held accountable for his lack of transparency? None, and I mean none, of this information is available on his website either.
-Where does the STO, for the current fiscal year rank compared to its peers in the rate of return/investment performance?
-Where does the STO for 1, 3 and 5 year periods rank compared to it’s peers? What about 10 year period?
-What is the STO’s rate of return for the current fiscal year? What is the average of its peers? What about the outlier that’s the highest and lowest?
-How much did the STO pay in fees in the last fiscal year to money managers and where does the STO rank as an earner?
The Investment Commission is used by rich people to make money, get their friends and family hired by New York firms and to curry favor with Wall Street and their friends.
It sticks to high heaven.
Government employees are being paid to rob us blind. I find it all disgusting.
Keep fighting Mr. Treasurer. That is why we sent you to Columbia. Fight, fight, fight!
Frank. Loftis is not a fighter. Period. He is a bully without balls. He was not in the room today facing the senators. He was not in the room when this bill was discussed. He sent a candy faced boy with a letter but that poor guy could not talk about it because he was not allowed to discuss it. A bully without balls and a bully without brain. And Fits is laughing all the way to the bank.
hahaha
So silly. Loftis is smart, and fights at the right time. That is why they are working so hard to get rid of him!
Frank/Curtis. Curtis is very sick. Violent temper beyond control, Imbalanced mental ability, throwing things at staff, red face and veins swelling on the neck.. Asperger/Autism spectrum syndrome comes to mind.. Violating the funds in his office must stop and he must resign. We do not trust him and he must resign, since he has destroy the STO. People leaving the ship as fast as they can. Most of the original staff has gone along with the expertise and knowledge.. Curtis cannot handle the STO and its functions. He cannot sit on the investment commisson because he cannot provide positive ideas since he is too limited.
You sound like someone fired for not doing their job at the treasurer’s office. How sad for you, unable to do your job properly. I hope you find help to rehabilitate your work and personal habits.
Stephen/Curtis. He has destroyed the STO and it will take years to bring it back to working stability and respect. Cameras are in the offices and hallways and he has a direct feed to his computer.. Who wants to work for him and with him? He is not a leader and never will be. People do not trust him and hate him. He is described as a monster .
Reynolds, Reynolds, Reynolds. Please don’t be the Champion for proper that are angry, mean spirited and spiteful.
Isn’t it just amazing how every time someone leaves the STO, Curtis starts making up lies and starts spreading rumors about them? Neat thing about that is those people were in state government long before Curtis was, and guess what? Is hasn’t taken long for everyone to figure out who the “bad guy” is in all of those situations. When you have such a huge turnover in a small office, the common factor becomes obvious. Hey curt, look in the mirror sometime and see if you recognize the bullying coward. Then ask yourself if you’ve made your Mother & Father proud. I think not.
S527, which just unanimously passed the Senate Finance Committee, includes the recommendations of the Funston Group, a nationally recognized pension fund consultant. The General Assembly last year directed the Inspector General to contract for a fiduciary audit with a qualified firm for both the Retirement System Investment Commission and the Public Employees Benefits Authority. It was done this way to have arms length objectivity. This bill simply codifies the recommendations from these two studies. Fits and Mr. Loftis demonstrate that 1. they know nothing about the investment of retirement funds and 2. they are trying to inject politics into these objective recommendations. Loftis is no different than any other two-bit politician. He is losing influence and is lying to try to preserve it. Let’s hope he is not successful. He doesn’t even meet the minimum qualifications other Investment Commission members must have to qualify to sit on the Commission. His two year associate degree can’t meet those professional qualifications. This legislation requires him to appoint a person who meets those qualifications. Seems reasonable to me.
Blah Blah Blah.
Your comments show a bureaucratic mindset, building useless fact on useless fact.
What we know is that the state is bleeding money. It is in the bottom 10% of performers and the tax payers and government employees will have to make up the difference.
Funston will not pay more in tax. Retired Sam Griswold will not pay more in taxes, Retired Don Tudor will not pay more in taxes…the working people of this state will pay for this outrage.
All I want to know is will you, Curtis Loftis, pay more taxes? It appears the Blah Blah Blah is from your mouth, Curtis. Prove it to us that you and the working people will pay more taxes. Erased any hard disks lately, Curtis? hehehe.
Blah blah blah.
You are a Champion of lying. And sleeping with your Lt.
So keep it up, and I will tell everyone!
Do tell all. I really don’t think you want to go there, Curtis. For it is the knowledge I have, and am capable of sharing, that should be your foremost concern and worry. Don’t believe me? Test me.
The Funston Company has made 1.5 million dollars off of the Retirement System in less than 1.5 years. Yea, I would say they are going to be helpful to the powers that be. Very helpful.
We pay these experts $1.5 million and then don’t follow their advice? Doesn’t sound very smart to me.
Finance industry making more money for other finance industry people.
Friends taking care of friends. And making lots of money too!
Looks like the entire world is crooked to you, Oscar (Curtis). Why would we exempt you?
Oh Reynolds, don’t be foolish.
I don’t see why I would not pay more taxes, Curtis. I am a very healthy taxpayer in SC. Can you explain that to me? You may not like it but our retirement system is on a very positive plan to insure fiscal stability. You voted for the current investment mix.
Reynolds, It takes years for the shortfalls to go through the system. Reynolds, you are an old man now. You will be dead by the time the taxes are raised.
Not reynolds. Sorry.
Sure it is. Who else is so greedy and crooked to write like that?
So, who are you, Nick? (Curtis)
Reynolds, please stop blogging and go on another trip out of the country to visit your money. We know that is why you leave so often.
Hard to spend all that money here in the US, isn’t it. That is, without being found out.
FACT: the commission reports every single fee it pays out (this was what Loftis demanded when he first took office). No other pension funds reports all the fees the way this commission does (confirmed by HEK). Then Loftis takes those (inflated by comparison) fee figures and bashes them for it.
FACT: The diversification of the real estate and private equity investments has yet to produce the anticipated returns (takes years for those investments to produce the returns)…once they start outperforming is Loftis going to try and take credit for that $hit (of course he will, even though that ground work was done without his interference).
Loftis is a joke. The only thing he is qualified to have oversight of is a buffet line. This criminal is a disaster to this state and should be in prison for all the criminal activity taking place within his office …
Reynolds Williams… is that you???
Such anger shows what a feeble little man you must be. Please apply for retraining …poor work habits and unsanitary appearance can be overcome with hard work and discipline.
Curtis Loftis is the only person I know in politics that will fight for me and my kind. I work for a living and I need fighters, not talkers.
Exactly what is your “kind?” Sounds like you believe society is divided into castes. Not in the USA. I have no “kind.” I am individually responsible for my condition in life.
My kind are people that work and pay taxes. The governmental elites are the kind that live off the taxpayers tit. Screw them, they have raped this country for long enough. Lets try freedom for a change, not more plundering by the elites!
Curtis Loftis lives off the taxpayers tit. He is raping us worse than most. What a despicable person. His language is in the gutter.
Curtis has paid most of his expenses himself. He drives his own car. He paid most of his campaing bills himself. He is the one guy NOT making money off the system.
Reynolds, grow up and stop blogging.
You telling me Curtis did not make a bundle off the Bank of New York settlement? Let me examine your head, fool. And look at what his office pays Curtis to use his own automobile. We would save money providing him a state car.
What a truly silly comment. You should stop smoking dope and do some real research.
Anyway, you are entertaining, if a little bit stupid.
So, Curtis, tell us how much you get reimbursed.
Why doesn’t he post how much he gets reimbursed for travel expenses. It would be cheaper to buy him a state car such as a Ford Escort.
I am not sure I have ever met a “governmental elite.” Don’t government workers pay taxes too? My neighbor works for the state government and he is far from an “elite.” This is a terrible stereotype that really denigrates the hard work of government employees.
Such poor performance is unbelievable. How can they do so poorly?
Pam, have you attended any meetings of the Investments commission? Obviously not. You are so ignorant about the investments commission . Before you post again, go inform yourself and read/ watch the meetings which are public and open to the public. Pam/Curt, stop posting here, you are incompetent and vile.
The results tell the story. If you want to plan your life on a promise, fine.
If you believe what the financial industry tells you, fine. Me?? I look at results AND promises…and the investment commission has fallen short at every opportunity.
STFU Jon2/Curtis. You are very sick. The investment commission meets and has public meetings which are recorded. Go to the meetings and watch the videos. Nothing hidden and if you were an honest man you would contribute to their efforts. How can you serve on the commission? You cannot be in the same room with senators and commission members since you did not show up today and the days when the bill was discussed. You are too sick to function. Get lost.
I just checked the agenda which is online. Loftis was not invited to attend. In fact, Loftis has not been given the amended bill, even though he has been asking for 3 weeks!
Why would you paint such a false picture? Lying comes so easy to you Sam. So easy.
get a life Curtis.
Why the fixation on Curtis? Love? Jealousy? Envy?
Did he terminate your employment for lousy performance? Unsanitary appearance? Inability to even LOOK busy?
Best of luck sorting out these problems.
I think the fixation revolves around disgust, not jealousy or envy.
Somehow you have painted me as the one using all these false names in these comments. Unlike you, Curtis, I only use one name and most know who it is. I would guess 80% of the comments here are being posted by Curtis Loftis using false names. Can you imagine an elected statewide official playing such foolish games? He brings no dignity to the office of State Treasurer. He is childishly obsessed with Fits News and such behavior goes back many years. Curtis is an object of pity and we should understand his personality disorders drive him to this behavior. Ever hear of Asperger’s syndrome?
I am proud of my postings. Sam is my name and I live in West Columbia and have a daughter Bridget, with whom I have an unusually close relationship. I have a very expensive house in Edisto that I got after I let a very large government contract.
I am proud of my 40 years of taking government money.
Curtis is jealous. Every one has an expensive house but HIM! What government contract? Instead of his unfounded accusations , Curt would be better off if he stopped violating the unclaimed property funds, violating the IC, violating the Retirees of this state and violating the STO. He sees evil in every thing and every one. He must be replaced as custodian since he has proven that he is not fit to be trusted. Period
I just spent a few minutes looking at the Wall Street Journal and the financial returns show that the Pension Plan in SC in underperforming by a substantial amount. Take a look for yourself.
1.63% in one third what the rate of return should be. This means we are leaving hundreds of millions on the table each year.
Have can this continue???
Wow, I can’t believe this1
“SC, for 1, 3 and 5 year periods is in the bottom 10% of its peers. For the 10 year period it is in last place”
Here is the rest of the memo”
From: Curtis M. Loftis, Jr.
Subject: Senate Bill 527 and the continuing poor performance of the SC Investment Commission
To the members of Senate Finance Committee:
The most current Investment Commission performance report shows that:
? SC, for the current fiscal year, is in the bottom 15% of its peers in the rate of return
performance,
? SC, for 1, 3 and 5 year periods is in the bottom 10% of its peers. For the 10 year period it is in last place
? SC, for the current fiscal year returned only 1.63%, compared with the average of 3.02%,or the highest at 5.11%,
? SC, for the last fiscal year, paid over $450,000,000 in fees to money managers and was in the bottom 20% of earners.
I have made repeated requests to the subcommittee over the last 3 weeks for a copy of the amended bill have not received it, so I have been unable to study the final bill and therefore cannot comment fully on all aspects of the proposed legislation.
With reference to custody of the assets, the bill appears to remove the State Treasurer as custodian and transfer that authority to the very people that make large salaries and bonuses off of the investments. The State Treasurer as custodian is the ONLY meaningful oversight that the people of SC have over its largest asset…and its largest debt. The separation of duties and the safeguarding of assets must remain open, transparent and accountable.
The SC Retirement System has undergone significant and positive change over the last 4 years. If given time, those changes will allow the system to earn more money, pay less fees, and give
comfort and security to the people of South Carolina. Additional and major changes to the system at this time may jeopardize the improvements already implemented in governance, policies and procedures.
I respectfully request that the Committee consider S. 527 with prudence and allow this
proposal to be thoroughly vetted by the full Committee before considering the possibility of sending it forward.
Curtis M. Loftis, Jr
South Carolina State Treasurer
I’m sorry but Reynolds has much more knowledge about retirement systems and investments than our bug man turned Treasurer from West Columbia. Loftis’ attacking of the retirement systems is self serving for future elections and positions in government. Who would vote for Tea Party backed Loftis in charge as treasurer of our state when he has no experience and only experience as an exterminator? I take his opinion and attacks against anything in our state including his decisions with a grain of salt. No experience and uneducated for his current position. Reynolds doesn’t need his current position in SCRS and uses his power for public good. He certainly has a well respected and lucrative position in his law career throughout this state.
Reynolds, that was over the top even for you!
Reynolds, you have made a fortune off the Commission. Let’s talk about the villa in the Keys and the place taking everyone there. Let’s talk about the 2 beach houses. Oh Reynolds, do I need to go on?
Loftis came in and the changes he made cost you a fortune.
Poor Reynolds, don’t worry. You have enough to live on. You will be OK.
This isn’t Reynolds and I’m not even male. Reynolds does not have a villa in the keys. his wife’s family has a condo in NC. That’s all.
Reynolds has house in Pawleys, House in NC, Leases villa in Keys at thanksgiving. $12,500 per week.
Flies people there in private jets.
Want more?
Ask Reynolds about his trips to the Caymans, Switzerland and Bermuda. All are places to launder money. What he was doing, I don’t know. But it is interesting.
Ask Loftis about his trip to NY and the Phoenix bar. Ask Loftis about his Craig list request for a male servant. How many PR guys have come and go from his office? It is interesting and sick.
Ask Daniel about the Phoenix. He can give you all the details and he has a VIP card. I think the Koch Brothers paid for it all!
I thought it was the Cock brothers…my bad.
Could be. Ask Daniel. Who knows what he did to get that job.
The most current Investment Commission performance report shows that:
? SC, for the current fiscal year, is in the bottom 15% of its peers in the rate of return
performance,
? SC, for 1, 3 and 5 year periods is in the bottom 10% of its peers. For the 10 year period it is in last place
? SC, for the current fiscal year returned only 1.63%, compared with the average of 3.02%,or the highest at 5.11%,
? SC, for the last fiscal year, paid over $450,000,000 in fees to money managers and was in the bottom 20% of earners.
Can’t we do better?
PETE 3/LOFTIS. Can we do better? Easy, your figures and numbers are way off. You have no proof or facts to validate you rant , Loftis. same, same, same. Accusations without validations. This is your waY CURTIS LOFTIS . people will see you for what you are. and throw you out in the trash. Tea party ladies will get sick of you too. and they will get sick of your alternative way of life as it is in the tea party platform that gays are …
Silly little inadequate man. Try viagra, you will feel better about yourself, by yourself of course.
The most current Investment
Commission performance report shows that:
SC , for the current fiscal year,
is in the bottom 15% of its peers in the rate of return performance,
SC, for 1, 3 and 5 year period it
is in the bottom 10% of its peers. For the 10 year period it is in last place,
SC , for the current fiscal year
returned only 1.63%, compared with the average of 3.02%, or the highest at
5.11%,
SC, for the last fiscal year,
paid over $450,000,000 in fees to money managers and was in the bottom 20% of
earners.
Why is Curtis hiding behind the veil of secrecy? None, and I mean none, of this information is available on his website either.
-Where does the STO, for the current fiscal year rank compared to its peers in the rate of return/investment performance?
-Where does the STO for 1, 3 and 5 year periods rank compared to it’s peers? What about 10 year period?
-What is the STO’s rate of return for the current fiscal year? What is the average of its peers? What about the outlier that’s the highest and lowest?
-How much did the STO pay in fees in the last fiscal year to money managers and where does the STO rank as an earner?
Sad little creature. Have you heard:
The most current Investment
Commission performance report shows that:
SC , for the current fiscal year,
is in the bottom 15% of its peers in the rate of return performance,
SC, for 1, 3 and 5 year period it
is in the bottom 10% of its peers. For the 10 year period it is in last place,
SC , for the current fiscal year
returned only 1.63%, compared with the average of 3.02%, or the highest at
5.11%,
SC, for the last fiscal year,
paid over $450,000,000 in fees to money managers and was in the bottom 20% of
earners.
My family actually live in Florence and I know for a fact there’s only a NC beach condo that they’ve owned much longer than his position with SCRS. Fact. His real estate he owns, condo, prior to his position has nothing to do with original posting.
So you say. But I have seem enough to know he has too much money.
The Investment Commission seems to have been a wonderful thing for Mr. Reynolds Williams.
Quiet Dee Dee. Quiet.
So? You are jealous of successful people? Loftis is a sick, jealous man, highly contaminated. He needs to get over that and STFU.
Oh Dan, don’t be so vicious. I can’t believe Curtis would care what you think. Just talk to your boyfriend about it and stop blogging.
Not Dan. Curtis cares about big dicks and young men with huge bulge. He did not get Dan… We need to keep our young men from Curtis Loftis. Alt.talk royalty Brown 2004.
Reynolds? Public good?
hahahahahahahahahahahahahahahahaha
He has lined his pockets with money!!
Lets see. Loftis made millions in a variety of businesses. He retires early, starts giving away money through his charity. He gives speeches all over the country on financial issues and has been interviewed by many of the worlds finest media outlets. He has even been included in a college text book on finance.
Loftis has lived a good life. I have known him for a decade. You can trash him all you want, but it does not change who he is or what he does. You are simply mad that he has high standards and you can not live up to them. Move on, their is a place for you in the world, but not just near Loftis.
Mark, Loftis has violence against women, bullying censorship , sick loathsome diseases , alternative life style, cyber bullying, lies .. He does not have “high standards” and his charity has been exposed as a “shitty foundation” in Alt.talk. royalty 2004.
Reynolds, Reynolds, Reynolds…please don’t lower yourself to this level of bile. You can do better!
The most current Investment Commission performance report shows that:
? SC, for the current fiscal year, is in the bottom 15% of its peers in the rate of return
performance,
? SC, for 1, 3 and 5 year periods is in the bottom 10% of its peers. For the 10 year period it is in last place
? SC, for the current fiscal year returned only 1.63%, compared with the average of 3.02%,or the highest at 5.11%,
? SC, for the last fiscal year, paid over $450,000,000 in fees to money managers and was in the bottom 20% of earners
What state government agency acts as the custodian for the funds that
STO manages directly? I assume its a different agency then the STOs
office?
Curtis don’t need no checks and no balances. He has more integrity than the sinners the need dem checks and balances. He has more integrity than a strapping young Adolf Hitler! If you don’t believe me then you’re a sinner condemned to CurtLand hades!
CurtLand sounds like a wonderful place. I am sure his personal investments do better than the Commissions. In fact, everyone’s does!
The most current Investment
Commission performance report shows that:
SC , for the current fiscal year,
is in the bottom 15% of its peers in the rate of return performance,
SC, for 1, 3 and 5 year period it
is in the bottom 10% of its peers. For the 10 year period it is in last place,
SC , for the current fiscal year
returned only 1.63%, compared with the average of 3.02%, or the highest at
5.11%,
SC, for the last fiscal year,
paid over $450,000,000 in fees to money managers and was in the bottom 20% of
earners.
BREAKING NEWS UPDATE: Curtis Loftis is a hypocrite and won’t answer these questions. He’ll talk the talk but he refuses to walk the walk.
-Where does the STO, for the current fiscal year rank compared to its peers in the rate of return/investment performance?
-Where does the STO for 1, 3 and 5 year periods rank compared to it’s peers? What about 10 year period?
-What is the STO’s rate of return for the current fiscal year? What is the average of its peers? What about the outlier that’s the highest and lowest?
-How much did the STO pay in fees in the last fiscal year to money managers and where does the STO rank as an earner?
Silly little person, inadequate and sad. have you seen:
The most current Investment
Commission performance report shows that
SC , for the current fiscal year,
is in the bottom 15% of its peers in the rate of return performance,
SC, for 1, 3 and 5 year period it
is in the bottom 10% of its peers. For the 10 year period it is in last place,
SC , for the current fiscal year
returned only 1.63%, compared with the average of 3.02%, or the highest at
5.11%,
SC, for the last fiscal year,
paid over $450,000,000 in fees to money managers and was in the bottom 20% of
earners.
Silly, silly little liar.
How pathetic you are.
Is that all you got Curtis Loftis? No little liar here.. You are a big liar and you are pathetic. Sick
Violence against women should not be tolerated , ever. Bullying should not be tolerated, ever. Lying , false, unfounded accusations should not be tolerated, ever. Cyber bullying should not be tolerated, ever. Go to documents and you will see it applies to Loftis. The documents are there and they are public knowledge. Loftis and his many mental and physical problems.. Stop this man, now.
Silly little liar…
The most current Investment
Commission performance report shows that:
SC , for the current fiscal year,
is in the bottom 15% of its peers in the rate of return performance,
SC, for 1, 3 and 5 year period it
is in the bottom 10% of its peers. For the 10 year period it is in last place,
SC , for the current fiscal year
returned only 1.63%, compared with the average of 3.02%, or the highest at
5.11%,
SC, for the last fiscal year,
paid over $450,000,000 in fees to money managers and was in the bottom 20% of
earners.
The most current Investment Commission performance report shows that:
? SC, for the current fiscal year, is in the bottom 15% of its peers in the rate of return
performance,
? SC, for 1, 3 and 5 year periods is in the bottom 10% of its peers. For the 10 year period it is in last place
? SC, for the current fiscal year returned only 1.63%, compared with the average of 3.02%,or the highest at 5.11%,
? SC, for the last fiscal year, paid over $450,000,000 in fees to money managers and was in the bottom 20% of earners
Sam/Loftis, STFU, You sit on the investment commission ! What a fool and deceitful man you are ! Do your job that you are getting paid for. You are sucking at the tits of government and we sure are not getting our money. You waste our money You are the problem , sick, vile, corrupt. And a cry baby! Loftis cannot sit on the IC. We are sick of him.
What an angry little man you are. I suspect you are small in stature, in every way, and sagging, sagging and sagging in a most unsightly way. But with hard work you could become employable, and perhaps even respectable is some sort of pedestrian way.
In any event, jealously is not attractive, so please stop these little tirades. It is so unattractive.
Marko, sagging , sagging .. where? I am retired from state government and I do not seek employment. I am for transparency, honesty and intelligence. Marko/Curtis, you are fat, you have a fat ass, fat fingers laced in vaseline, and mental and physical medical contagious problems. I am not jealous of you.. and I am a woman not a little man. What a fool you are! I hope that the Donald sees this and says “YOU ARE FIRED” You will never, never be a leader.
Great response. I am a woman and I can not stand Loftis. Cameras to see me in the bathroom, in the hallways, in my office. What can he see ? Can he see me pee? I am doing my job. I hate working that way.
What a Champion you are of silliness. Paranoia causes people to do wicked things.
Gossip and lies are the devils tools.
Mr. Fired,
You are so sad. Saying, sagging, sagging your way to an inconsequential life. Sagging, sagging, screaming into a computer, looking for relevance.
How very sad for you.
Why would Curtis demand answers of the investment commission that he himself refuses to answer? What a hypocrite! None, and I mean none, of this information is available on his website either.
-Where does the STO, for the current fiscal year rank compared to its peers in the rate of return/investment performance?
-Where does the STO for 1, 3 and 5 year periods rank compared to it’s peers? What about 10 year period?
-What is the STO’s rate of return for the current fiscal year? What is the average of its peers? What about the outlier that’s the highest and lowest?
-How much did the STO pay in fees in the last fiscal year to money managers and where does the STO rank as an earner?
Your attacks on Loftis should be redirected to the real issue here, incredibly high fees unnecessarily paid to Wall Street and terrible returns. You attack Loftis to defer the true argument. Your question have validty but are a smokescreen. Address the issue, not Loftis.
These are facts, not attacks. Loftis doesn’t post any of the information listed by juris above. It’s hypocritical of him not to do so. How does the taxpayer know the funds he invests are safe if he doesn’t publish any information about it on his website?
Blah blah blah. Make it up, little boy. Make it all up.
The most current InvestmentCommission performance report shows that:
SC , for the current fiscal year,
is in the bottom 15% of its peers in the rate of return performance,
SC, for 1, 3 and 5 year period it
is in the bottom 10% of its peers. For the 10 year period it is in last place,
SC , for the current fiscal year
returned only 1.63%, compared with the average of 3.02%, or the highest at
5.11%,
SC, for the last fiscal year,
paid over $450,000,000 in fees to money managers and was in the bottom 20% of
earners.
The most current Investment Commission performance report shows that:
SC , for the current fiscal year,
is in the bottom 15% of its peers in the rate of return performance,
SC, for 1, 3 and 5 year period it
is in the bottom 10% of its peers. For the 10 year period it is in last place,
SC , for the current fiscal year
returned only 1.63%, compared with the average of 3.02%, or the highest at
5.11%,
SC, for the last fiscal year,
paid over $450,000,000 in fees to money managers and was in the bottom 20% of
earners.
Reynolds is known far and wide as a man that cannot be trusted.
No one knows how much money he has made off the Investment Commission. I suspect more than you can imagine.
BTW,
The most current Investment Commission performance report shows that:
SC , for the current fiscal year,
is in the bottom 15% of its peers in the rate of return performance,
SC, for 1, 3 and 5 year period it
is in the bottom 10% of its peers. For the 10 year period it is in last place,
SC , for the current fiscal year
returned only 1.63%, compared with the average of 3.02%, or the highest at
5.11%,
SC, for the last fiscal year,
paid over $450,000,000 in fees to money managers and was in the bottom 20% of
earners.
Keep up the good work Mr. Loftis. We need you fighting for us!
Sam, my neighbor, says you are doing an excellent job. Thanks a lot!!
Loftis came to the commission, and in 4 years it has been transformed to a modern investment house that makes it difficult to steal from. No wonder Reynolds does not like Curt
The Investment Commission has made many many changes since Loftis begin his efforts. It is a much better place. I know because I work there!
I think our money is safer because Loftis worked so hard.
The most current Investment Commission performance report shows that:
? SC, for the current fiscal year, is in the bottom 15% of its peers in the rate of return
performance,
? SC, for 1, 3 and 5 year periods is in the bottom 10% of its peers. For the 10 year period it is in last place
? SC, for the current fiscal year returned only 1.63%, compared with the average of 3.02%,or the highest at 5.11%,
? SC, for the last fiscal year, paid over $450,000,000 in fees to money managers and was in the bottom 20% of earners.
Mr. Loftis, PLEASE keep fighting this absolute travesty. We must make government safe for our money!
Loftis reigns supreme in the name of hypocrisy. None, and I mean none, of this information is available on his website either.
-Where does the STO, for the current fiscal year rank compared to its peers in the rate of return/investment performance?
-Where does the STO for 1, 3 and 5 year periods rank compared to it’s peers? What about 10 year period?
-What is the STO’s rate of return for the current fiscal year? What is the average of its peers? What about the outlier that’s the highest and lowest?
-How much did the STO pay in fees in the last fiscal year to money managers and where does the STO rank as an earner?
Mr. Loftis, keep the positive attitude. I see how respectful your letter was and how rude your detractors are. Don’t let them wear you down keep fighting for us and stay positive.
looks like he had all the interns at the ready tonight on the computer. way to go Curtis….State’s money spent well. You are an arrogant, ignorant slut.
How many people quit out of the STO this week? How many binders have you thrown at employees this week? How many candy jars were smashed on the floor this week? How many state vehicle windshields were busted from you throwing a laptop at it this week?
You belong in JAIL you damn fool!
Hahahah.
What a very jealous guy you must be to make up such crap. Writing like this indicates love and hate. Much love and hate. Maybe a fag brother of mine?
Dan
PS I can get you a job if you need one.
Please don’t feed the gay trolls. They are the worst. They MAY be the worst of all!
Yeah..my guess is these are probably some of Delinda’s interns or some Curt fan-boys from the Capital Club.
Call Daniel Brendan at the Concerned Veterans Asso. He can help you with all that Gay Stuff. Koch brothers are researching it.
Don’t be jealous that you couldn’t get him, Curtis. He’s not your type. Get over it. Find someone who swings your way. Maybe you’ll finally get laid and quit being such an ass.
Wasting other people’s money is was to do. Please stay after them Mr. Loftis. it is worth the battle.
George/Curtis, are you for real? wasting people’s money is WAS TO DO? Mr. Loftis is after them!! What a stupid statement.. Loftis is wasting the people money. He has lost 200 million but his attorney friend got paid out of the people money. 2 million dollars. Not the people money. but the State retirees money. Paid his intimate attorney friend off the state book. No way to check and record this money transaction. No way to verify this transaction .. was it more and where did it go? In the Saluda Foundation? Money laundering and violating funds in the STO must stop.
How poor you.
Please seek help. Please please seek help. Your delusions are getting more elaborate.
Pharmaceuticals and hard work can cure a lot of mental illness. Please work on it!
“Laundering,” what is your source for the claims you are making? Some of what you say is unintelligible, so please make an effort to reply in clearly thought out prose.
A non-answer (or an undecipherable one) will be considered as evidence that what you have said is all lies.
Let the record show that “Laundering” seems to prefer hiding in his closet instead of offering any substantiation for his assertions.
Duly noted.
The most current Investment Commission performance report shows that:
? SC, for the current fiscal year, is in the bottom 15% of its peers in the rate of return
performance,
? SC, for 1, 3 and 5 year periods is in the bottom 10% of its peers. For the 10 year period it is in last place
? SC, for the current fiscal year returned only 1.63%, compared with the average of 3.02%,or the highest at 5.11%,
? SC, for the last fiscal year, paid over $450,000,000 in fees to money managers and was in the bottom 20% of earners
This is hard to believe…
Why won’t Curtis publish his investment reports? None, and I mean none, of this information is available on his website either.
-Where does the STO, for the current fiscal year rank compared to its peers in the rate of return/investment performance?
-Where does the STO for 1, 3 and 5 year periods rank compared to it’s peers? What about 10 year period?
-What is the STO’s rate of return for the current fiscal year? What is the average of its peers? What about the outlier that’s the highest and lowest?
-How much did the STO pay in fees in the last fiscal year to money managers and where does the STO rank as an earner?
As opposed to anyone else posting here, Curtis?
Where is the transaction that paid the intimate attorneys 9 million dollars posted in the STO? Where can the people see that transfer of money? How much was it exactly? Where did the money go? Where was the money transferred from? Where did that money go? Curtis Loftis needs to answer this questions. Transparency , Curt.
I am very pleased at my vote for Mr. Loftis. Twice, in fact!
congratulations on being retarded!
It is a cruel and uneducated person that would use such terms and say such things.
It is easy to see why you were terminated from your job.
If you read this blog much you will see that Mr. Loftis has attracted some very ill tempered, angry, self-interested critics. But I suppose that is natural when you are fighting the establishment. The good ole boys are unpleasant when their income is interrupted.
“Fool me once , shame on you. Fool me twice, shame on me…” You are a fool indeed. You voted twice for vile Loftis! Get lost and stay away from vile Loftis. Contagious..
Such a mean person. I suspect Mr. Loftis is pleased you voted for Chellis and Adams. Losers unite could be your slogan.
Just kidding
Hard working, intelligent people that love serving others do love the Treasurer’s office. Lazy, incompetent, gossiping people that should never have been hired in the first place, hate it. Has something to do with them being given a full time job and required to earn an honest days pay!
Curtis, seriously…shouldn’t you be posting under a more appropriate name, like Nelly?
There you go again. Lying and making sexist jokes.
You investment commission people should not be such bigots.
F U and the horse you rode in on. That office was full are good, hard working people. That ass clown and his tank of a chief have run every good person out of that office, and in their place have hired all their friends and/or people that can help them politically!
FOIA the resumes of the people who they have hired since they have been in office compared to the job descriptions, and tell me how qualified and hard working they are.
You have always been, and will always be a pathological liar. scumbag!
The STO has hired many CPA’s, a Master’s in Accountancy, 2 JD’s, a Master’s in Public Administration, 2 Masters in Finance, etc. He has kept the good people and let the bad move on.
Dont squeal because you could not cut the mustard. It is unattractive and boring. just look for an entry level job somewhere and busy yourself. it will keep you out of trouble.
if ignorance is bliss, you are most definitely in heaven!
How many of those hires still work at the STO?
Building excellence is not easy. That is why so few agencies do it!
Keep up the good work Mr. Loftis
Hal, you are correct, building excellence is not easy. Destroying it is. It took decades to build the excellent staff that WAS once called the State Treasurer’s Office, and has taken loftis less than 5 years to completely destroy it.
Keep it classy, Nelly. Stabbing your former employees in the back…I would expect nothing less from a bitter, washed up, tired old queen.
Please, sister. You should work on that disposition. Cranky old queen aint the way to go through life!
The losses at the Investment Commission must stop!
Fits, this is some of the least objective, worst written and poorest documented reporting you have done. It calls into question the veracity of the other articles you post. Surely you can’t be so taken in by the foolishness of the State Treasurer. What other statewide elected official do you know that spends so much time posting under pseudonyms on your site? Something really wrong there. It is downright embarrassing to our fair state. There again, perhaps it is lucrative for you.
Reynolds, Reynolds, Reynolds, please stop accusing the Treasurer of such silliness. You should have better things to do!
The most current Investment Commission performance report shows that:
? SC, for the current fiscal year, is in the bottom 15% of its peers in the rate of return
performance,
? SC, for 1, 3 and 5 year periods is in the bottom 10% of its peers. For the 10 year period it is in last place
? SC, for the current fiscal year returned only 1.63%, compared with the average of 3.02%,or the highest at 5.11%,
? SC, for the last fiscal year, paid over $450,000,000 in fees to money managers and was in the bottom 20% of earners
These numbers say it all.
Curtis Loftis’ silence says it all:
-Where does the STO, for the current fiscal year rank compared to its peers in the rate of return/investment performance?
-Where does the STO for 1, 3 and 5 year periods rank compared to it’s peers? What about 10 year period?
-What is the STO’s rate of return for the current fiscal year? What is the average of its peers? What about the outlier that’s the highest and lowest?
-How much did the STO pay in fees in the last fiscal year to money managers and where does the STO rank as an earner?
The Treasurer is not hard enough on these people. Poor returns should mean that these people are looking for jobs!
How can 1.63% be acceptable to anyone?
The most current Investment Commission performance report shows that:
? SC, for the current fiscal year, is in the bottom 15% of its peers in the rate of return
performance,
? SC, for 1, 3 and 5 year periods is in the bottom 10% of its peers. For the 10 year period it is in last place
? SC, for the current fiscal year returned only 1.63%, compared with the average of 3.02%,or the highest at 5.11%,
? SC, for the last fiscal year, paid over $450,000,000 in fees to money managers and was in the bottom 20% of earners.
Why can’t we see the treasurer’s office investments? None, and I mean none, of this information is available on his website either.
-Where does the STO, for the current fiscal year rank compared to its peers in the rate of return/investment performance?
-Where does the STO for 1, 3 and 5 year periods rank compared to it’s peers? What about 10 year period?
-What is the STO’s rate of return for the current fiscal year? What is the average of its peers? What about the outlier that’s the highest and lowest?
-How much did the STO pay in fees in the last fiscal year to money managers and where does the STO rank as an earner?
Does Fits ever report any real news regarding Loftis……., always seems to be same cut and paste story that reads like a Loftis advertisement.
It is easy to support Loftis when Loftis is trying to protect our money.
A 1.63% rate of return is worse than my IRA, by half!
Keep it up Mr. Loftis!
What event is Curt speaking at in that photo? Who sponsored it?
Americans for Prosperity
Looks like a very small turnout for that event made up of a bunch of tea party dopes. Enough Tea Party dope politicians! Haley and Loftis are both a disaster. All talk and no real action.
Here is the latest…
The most current Investment Commission performance report shows that:
? SC, for the current fiscal year, is in the bottom 15% of its peers in the rate of return
performance,
? SC, for 1, 3 and 5 year periods is in the bottom 10% of its peers. For the 10 year period it is in last place
? SC, for the current fiscal year returned only 1.63%, compared with the average of 3.02%,or the highest at 5.11%,
? SC, for the last fiscal year, paid over $450,000,000 in fees to money managers and was in the bottom 20% of earners
UPDATE: Loftis still won’t answer these questions. Transparency and accountability be damned, he will not answer.
UPDATE II: Loftis is still a hypocrite by demanding of others what he won’t do himself.
-Where does the STO, for the current fiscal year rank compared to its peers in the rate of return/investment performance?
-Where does the STO for 1, 3 and 5 year periods rank compared to it’s peers? What about 10 year period?
-What is the STO’s rate of return for the current fiscal year? What is the average of its peers? What about the outlier that’s the highest and lowest?
-How much did the STO pay in fees in the last fiscal year to money managers and where does the STO rank as an earner?
Is anyone else taken aback knowing that Loftis spends more time talking to Will Folks about these issues than he does speaking with the Senate Finance Committee? You would think if he believes in the issues and thinks he’s correct in his beliefs, that he would be working with the legislature rather than hiding behind Facebook and blogs. It’s very disingenuous.
I agree with your statement. Loftis has a strange mind and a big filthy mouth but he cannot come up with proof on any of his accusations. The senate finance committee studied the S 527 bill and approved it . They did an outstanding job. A big thank you to you , senators! A committee bill that takes Loftis off . He is livid about that.
What lies. How desperate the Investment Commission is to get rid of Loftis. That tells is all.
The Commission just refuses to have oversight! Why??
Of course we know why. The Commission has billions of dollars and no oversight.
Pete again2. Read the bill, you fool. Plenty of oversight . Curtis is livid because he is not qualified to have oversight of any kind. Oh, maybe a buffet line in a fast food restaurant. Fat ass Curt. Have you seen his fat fingers?
I agree with Pete.
How desperate you seem to be. Truly, can oversight be that bad?
You have billions of dollars at the Investment Commission and you are desperate to have no oversight.
Jealousy and greed is so unattractive. Dan ,look at the mirror and remember your own faults. Play nice.
Kyle are you talking to Dan? Curtis Loftis does not have oversight of IC . Never did. A fat ass, repulsive slop of a man. Not qualified .The tea party, the republican party, the Donald and all. must be informed about this sick man Curtis Loftis. Loftis is a failure. He has done not one thing positive for SC , he has done nothing for the republican party and has done nothing for the people of SC. He is sick
Silly, sad little man you are. truly, you are like some sad creature in a movie that in the end, is found dead in his moms basement.
You are very sad, sloppy, saggy and pitiful. BTW, have you heard,
The most current Investment
Commission performance report shows that:
SC , for the current fiscal year,
is in the bottom 15% of its peers in the rate of return performance,
SC, for 1, 3 and 5 year period it
is in the bottom 10% of its peers. For the 10 year period it is in last place,
SC , for the current fiscal year
returned only 1.63%, compared with the average of 3.02%, or the highest at
5.11%,
SC, for the last fiscal year,
paid over $450,000,000 in fees to money managers and was in the bottom 20% of
earners.
Pete again2. Loftis does not have oversight on the IC other than the fact he sits on the Investment Commission with the rest of the Commissioners. Never did and there is no place in law giving him oversight. He is custodian of the retiree trust fund of government retirees of the state which is a ministerial function and means he carries out part of the decisions of the Commission. The Senate Finance Committee has just added a proviso to the appropriations bill that says he must do that in a timely manner–no longer than 48 hours. And he has his hands in the pot of the different funds in the STO. DMV, unclaimed property funds, 529 and so on. But the trust fund belongs to the retirees and does not belong to Loftis nor to the STO. Loftis is violating these funds and he will be stopped. The commission has plenty of oversight and we certainly do not need a fool like Loftis who lost over 200 million of the trust and paid 9 million to his intimate attorney friend. Learn the facts, please. Read the law, attend meetings and watch the videos. Loftis does not attend meeting and flirt with the Donald instead . Who can take this man seriously?
Oh, sick and mean spirited fool, you should curb your tongue. Liars are seldom anything other than wet sloppy turds, and I think I can smell you from here.
Stephen/Curt. Are you calling the Senate Finance Committee who added a proviso to the appropriations bill that says that Loftis must carry the decisions of Commission in 48 hours , are you calling them “Wet sloppy turds? And you can smell from here” I think that you stink worse Loftis and you are shit yourself.
What state government agency acts as the custodian for the funds that STO manages directly? I assume its a different agency then the STOs office?
Curt don’t need no checks and balances you pitiful fool! Anyone who disagrees has a lying tongue and a vile soul. For he who discerns shall burn in CurtLand hades for all eternity!
Is STO really the Custodian of the investments STO manages? directly? If so, isn’t Loftis being extremely hypocritical? If not, then maybe that state agency should also be custodian of pension plan.
He is elected by the citizens of SC to be the custodian. That seems to settle that issue.
BTW, have you heard…
The most current Investment
Commission performance report shows that:
SC , for the current fiscal year,
is in the bottom 15% of its peers in the rate of return performance,
SC, for 1, 3 and 5 year period it
is in the bottom 10% of its peers. For the 10 year period it is in last place,
SC , for the current fiscal year
returned only 1.63%, compared with the average of 3.02%, or the highest at
5.11%,
SC, for the last fiscal year,
paid over $450,000,000 in fees to money managers and was in the bottom 20% of
earners.
Why do we need a State Treasurer? We have an elected State comptroller general, a legislature and several agencies like the IC that overseas investments of State funds. No need for Curt and Curtland..
Great question! Why do we need a state treasurer? The money in the STO can be better scrutinized by the pension fund. No doubt about that, The treasurer is now in charge of many funds and can do with them whatever he wants . DMV, 529, unclaimed funds….. Give to friends .. attorneys, Saluda Charitable foundation, his own pockets.. nice funds without supervision. Can fill your pockets and launder money. The STO NEEDS SUPERVISION . NOW..
Oversight, even over politicians is a good thing. Don’t get why having it for STO invested funds isn’t necessary?
Elected or not, oversight should be consistent.
Oh, such anger, bred no doubt in jealousy and greed. Sad, very very sad.
The most current Investment
Commission performance report shows that:
SC , for the current fiscal year,
is in the bottom 15% of its peers in the rate of return performance,
SC, for 1, 3 and 5 year period it
is in the bottom 10% of its peers. For the 10 year period it is in last place,
SC , for the current fiscal year
returned only 1.63%, compared with the average of 3.02%, or the highest at
5.11%,
SC, for the last fiscal year,
paid over $450,000,000 in fees to money managers and was in the bottom 20% of
earners.
Blah blah, silly little man. You have misrepresented the bill. Surprise, surprise.
The most current Investment
Commission performance report shows that:
SC , for the current fiscal year,
is in the bottom 15% of its peers in the rate of return performance,
SC, for 1, 3 and 5 year period it
is in the bottom 10% of its peers. For the 10 year period it is in last place,
SC , for the current fiscal year
returned only 1.63%, compared with the average of 3.02%, or the highest at
5.11%,
SC, for the last fiscal year,
paid over $450,000,000 in fees to money managers and was in the bottom 20% of
earners.
Blah blah blah, silly fat old man. You do not understand the bill. Surprise, surprise. Loftis is no longer on the IC, no longer on the STO, no longer on the bug control patrol. He is a nobody. He is a crook in jail with bars in front of his fat ugly face. And his intimate friends are in the next cell. A great day in SC!
What lies. How desperate the Investment Commission is to get rid of Loftis. That tells is all.
The Commission just refuses to have oversight! Why????
You really should not tell tales on Loftis. Because you say something surely does not make it true, especially as you hide behind fake name on the internet.
I took this from another post.
The most current Investment Commission performance report shows that:
? SC, for the current fiscal year, is in the bottom 15% of its peers in the rate of return
performance,
? SC, for 1, 3 and 5 year periods is in the bottom 10% of its peers. For the 10 year period it is in last place
? SC, for the current fiscal year returned only 1.63%, compared with the average of 3.02%,or the highest at 5.11%,
? SC, for the last fiscal year, paid over $450,000,000 in fees to money managers and was in the bottom 20% of earners
Larry, do you always believe everything you read, and randomly repeat/repost it or do you ever do your own homework and check into things for yourself? I suggest you do the latter.
Why won’t Mr. Transparency tell us about his office’s investments? Look at the questions Curtis Loftis hasn’t answered. None, and I mean none, of this information is available on his website either.
-Where does the STO, for the current fiscal year rank compared to its peers in the rate of return/investment performance?
-Where does the STO for 1, 3 and 5 year periods rank compared to it’s peers? What about 10 year period?
-What is the STO’s rate of return for the current fiscal year? What is the average of its peers? What about the outlier that’s the highest and lowest?
-How much did the STO pay in fees in the last fiscal year to money managers and where does the STO rank as an earner?
Who is actually doing the investing now that all those folks resigned from the investments division? Who is overseeing the local government investment pool? Curtis has ran off everyone who had experience and knowledge. The office is crumbling into tiny little pieces that will never be put back together. What a disgrace.
Too late now, Who is doing the investing now? Loftis, I guess. It is a genuine threat to the State’s triple AAA credit rating and it will have a disastrous impact on the state’s ability to raise funds at affordable rates for many years to come. The fox is in his own house, Loftis is in his own house.. very scary..There is no meaningful oversight of the sweeping powers of a vile man with limited understanding of finances. Loftis can disguise the true financial condition of the STO. Can Loftis be transparent and show the figures and bottom lines as he promised he would do ? Oh, that was many years ago. Transparency on Loftis watch has become very, very thick and compact. Cannot see through it.
You can tell tales on Loftis all you want, but we retirees are tired of our money being wasted!
The most current Investment Commission performance report shows that:
? SC, for the current fiscal year, is in the bottom 15% of its peers in the rate of return
performance,
? SC, for 1, 3 and 5 year periods is in the bottom 10% of its peers. For the 10 year period it is in last place
? SC, for the current fiscal year returned only 1.63%, compared with the average of 3.02%,or the highest at 5.11%,
? SC, for the last fiscal year, paid over $450,000,000 in fees to money managers and was in the bottom 20% of earners
Pete4, you nailed it. My math says the fees paid to Wall Street exceeded the returns of the fund last year. This is the biggest scam going and something stinks in Denmark. We could fix half the roads in SC if we saved most of the fees we give to Wall Street for their crummy performance. Curtis seems the only one with his fingers in the dike.
Curtis’s fingers may be in something, but it sure isn’t the dike. But then again, Ken/Curt, you are quite aware of where your fingers are. Maybe in the $9 mil your attorney friend received in the BONY settlement or the $49 mil in fees that you still owe? Get off your whiney soapbox. Everybody bows you were invited to the meetings and didn’t show. Everybody knows its a public meeting and even if you weren’t invited, you could’ve gone. I was there myself and no one invited me. Idiot.
The most current Investment Commission performance report shows that the people taking up for the commission are insiders enjoying the tax dollars sent by hard working people!
? SC, for the current fiscal year, is in the bottom 15% of its peers in the rate of return
performance,
? SC, for 1, 3 and 5 year periods is in the bottom 10% of its peers. For the 10 year period it is in last place
? SC, for the current fiscal year returned only 1.63%, compared with the average of 3.02%,or the highest at 5.11%,
? SC, for the last fiscal year, paid over $450,000,000 in fees to money managers and was in the bottom 20% of earners
Pete5, ” the most current….. are insiders enjoying the tax… people.” You are wrong. We are retirees who have work for our retirement and cannot stay silent in front of the attacks by a fool with all signs of mental and physical diseases . Loftis has not done one thing to protect our trust fund. He has lost so much money and justifying so, is losing influence. . If he is pissed, so what.
You we’re silent when the commission lost 5.7 billion dollars. You were silent when converse chellis lost 225 million dollars.
Both losses were well before Loftis became treasurer.
You are a liar.
Curtis Loftis is totally out of his mind. “. You, Curtis Loftis LOST 225 million dollars and you intimate attorney friend got 9 million dollars, These losses were when you became treasurer. Curtis Loftis , this lost is on your plate. No iff, no may be. You, lost 225 million dollars. You will have to admit to failure as you did screw up with the BONY and you screw the state retirees. We have not seen the last of the BONY and we would love for the BONY to sue the treasurer of this state. Get ready, Curt
Oh, pitiful liar…
The most current Investment Commission performance report shows that:
? SC, for the current fiscal year, is in the bottom 15% of its peers in the rate of return
performance,
? SC, for 1, 3 and 5 year periods is in the bottom 10% of its peers. For the 10 year period it is in last place
? SC, for the current fiscal year returned only 1.63%, compared with the average of 3.02%,or the highest at 5.11%,
? SC, for the last fiscal year, paid over $450,000,000 in fees to money managers and was in the bottom 20% of earners
What does the STO performance tell us? Look at the questions Curtis Loftis hasn’t answered. None, and I mean none, of this information is available on his website either.
-Where does the STO, for the current fiscal year rank compared to its peers in the rate of return/investment performance?
-Where does the STO for 1, 3 and 5 year periods rank compared to it’s peers? What about 10 year period?
-What is the STO’s rate of return for the current fiscal year? What is the average of its peers? What about the outlier that’s the highest and lowest?
-How much did the STO pay in fees in the last fiscal year to money managers and where does the STO rank as an earner?
I heard Curtis on the radio. He was not given a copy of the amended bill even though he asked for it for weeks. He was not invited to the meeting.
Liars like you don’t talk about Converse Chellis being treasurer when the money was lost, well before Loftis was treasurer.
People like you don’t talk about the 5.7 billion dollars lost by the investment commission, well before Loftis was treasurer.
Liars burn in hell. Enjoy the fire.
Chellis didnt make the deal with BONY that gave his attorney friend $9 mil, moron. You look like such a pathetic fool trying to respond to facts with your bullshit, Curtis.
That dumbfuck Chellis, who lost the money and did absolutely nothing while in office, had an open marriage and his wife had a boyfriend of 7 years. He is your hero?
Nice,
Sorry, Curt, I don’t live in your make believe world of “heroes”. You said Chellis lost the money. Own up, son. It wasn’t Chellis who went to the big city with his little girl panties on and got his ass handed to him by negotiating a contract that lost money for the state. It was you, moron. It was also you who made sure your attorney friend got a whopping $9mil out of the deal. How much of that ended up in your pocket and campaign? Just answer the questions and everyone with quit picking on poor little Curty boy. Oh, and where is the $49 mil coming from to pay those fees you hid prior to the election? And by the way, I wouldn’t be pointing out too much about Chellis’s personal affairs … Unless you want to air your dirty laundry. So what if he had an open marriage. At least he was preying on young, innocent boys.
Correction: at least he WASN’T preying on young, innocent boys.
Instead of making up vulgar, nasty lies, why not talk about …
The most current Investment Commission performance report shows that:
? SC, for the current fiscal year, is in the bottom 15% of its peers in the rate of return
performance,
? SC, for 1, 3 and 5 year periods is in the bottom 10% of its peers. For the 10 year period it is in last place
? SC, for the current fiscal year returned only 1.63%, compared with the average of 3.02%,or the highest at 5.11%,
? SC, for the last fiscal year, paid over $450,000,000 in fees to money managers and was in the bottom 20% of earners
Instead of Curtis making up vulgar and vile lies about previous treasurers and refusing to take responsibility for his actions, why don’t we demand he answers questions about his investment performance at the STO?. None, and I mean none, of this information is available on his website either.
-Where does the STO, for the current fiscal year rank compared to its peers in the rate of return/investment performance?
-Where does the STO for 1, 3 and 5 year periods rank compared to it’s peers? What about 10 year period?
-What is the STO’s rate of return for the current fiscal year? What is the average of its peers? What about the outlier that’s the highest and lowest?
-How much did the STO pay in fees in the last fiscal year to money managers and where does the STO rank as an earner?
Ken,WHAT fixing the roads with money from the trust fund ? Stay away from our trust fund! You have no clue and you are a fool.
Roads, you’re welcome to be as rude as you want hiding behind the internet. I did not mean to imply using the trust fund money to spend on roads, but that that amount of money would fix alot of roads. Actually i know alot about repairing pavement and have written about it. This state’s roads are a laughing stock. But dude, calm down. No need for insults. It makes you look the fool, not me.
Ken, So would the 220 million dollars and the 9 million dollars lost in the BONY fiasco. Loftis did lose that money. Nobody else but that bug man from West Columbia. He certainly screwed up and his transparency and fighting for the tax payers became very opaque. He should be in jail.
Bold face lie. Loftis was not treasurer. Converse Chellis was treasurer when that money was lost.
Converse Chellis, the laziest and stupidist man that state government ever knew.
Jail, let’s take Loftis out of the equation. The Retirement Fund fees and returns are pitiful. The fees can be reduced dramatically. See Georgia Retirement Fund fees online and compare the two. Eye-opening. Low fees would increase returns the same way low cost index mutual funds outperform dramatically over time. These high fees and low returns are in my opinion a scam and Loftis seems the only one fighting it. HUNDRED’s of millions could be saved every year. But follow the money…
You will find the handful of Loftis critics are assholes. Pure, simple assholes.
They plot, they play, they lie, and they are proud of it. Assholes.
John/Curtis. Loftis is a sorry excuse of a man. Vile, loathsome diseases. Mental and physical problems. Fat ass and fat fingers typing on state provided computers on Fits news, on tax payers time. HOOP. FOIA and he has his computers hard disks removed from State provided computers.. Cameras in the STO, in hallways and offices to give him a direct feed so he can watch the staff go to the bathroom and all. So, who is the asshole? Curtis Loftis, SC state treasurer is the asshole, pure simple asshole. He plots, plays, lies, and he is proud of it. Who can believe him and trust him? Sick . Go away Curt, you are so gross.
Well, you are a Champion of losers, liars and bad attitudes.
I bet you have always been a gossiper and a bitch. To bad you decided to break bad. Now everyone knows you were a leak, an bad mouther and incompetent. And screwing Jim too.
Myron, Who is Jim? I want to screw him too. Please, please. Did you screw Jim? Myron/Curt? I bet it was good and I am sure envious. Send him my way. Did you get it on cameras? I want to see it.. Please ..Curt, send pictures.
Have you heard about the staff person who was sick and spent some time in the bathroom and Loftis was watching it on his feed on his computer . Loftis said she spent too much time in the bathroom and that she was to take sick leave for that day? Great guy, that Loftis.. Great leader and great boss. NOT!!!
I was that person . The man is a monster.
OMG!!
Keep your fucking lazy government worker hands out of my wallet! You support these wasteful assholes at the commission then you want us to pay the bill. Well fuck you, lazy bastard.
Mark/Curt. How many meetings of the IC have you attended? How many recorded meetings of the IC have you watched? How much do you understand about the IC? Are you a goverment retiree of SC? Where is your wallet? Are you a retired government worker of SC? If your answers are no to the questions above then You must STFU. My hands are not in your wallet and the IC is watching out for the government retirees of SC. You are not a retiree so STFU. period. Stupid is and stupid does. You are stupid. and fuck you, lazy bastard/Curt.
You are correct.
Waste fraud and abuse is obvious. How else could they learn so little.
HYPOCRITE ALERT: LOFTIS HIDES INFORMATION FROM TAXPAYER, KILLS TRANSPARENCY
Look at the questions Curtis Loftis hasn’t answered. None, and I mean none, of this information is available on his website either.
-Where does the STO, for the current fiscal year rank compared to its peers in the rate of return/investment performance?
-Where does the STO for 1, 3 and 5 year periods rank compared to it’s peers? What about 10 year period?
-What is the STO’s rate of return for the current fiscal year? What is the average of its peers? What about the outlier that’s the highest and lowest?
-How much did the STO pay in fees in the last fiscal year to money managers and where does the STO rank as an earner?
There’s significant evidence of fraudulent activity coming from the State Treasurer’s Office, some of which makes the Clinton era look tame.
How many taxpayer funded laptops had the hard drives erased? How often is private email used to conduct government business? How was the Treasurer’s Office able to pay the Bank of New York Mellon’s custody bill’s last summer and fall? Were funds diverted from other agencies and budgets such as DMV funds? Do Chief of Staff Clarissa Adams’ initials appear on the approval form for the diversion of these funds? How much did this six figure payment cost? Did the legislature give approval in the state budget? Why has so much money been diverted from Unclaimed Property this year? Did Curtis or Clarissa approve this transaction? What is it paying for? Why have fees increased so much in the Local Government Investment Program? What are they paying for? Who are the contract employees making hundreds of dollar every hour they work to implement an IT system? Have there been cost overruns? How much did settling the Amick case cost the taxpayer? Did Curtis break the law? Did he settle it to avoid it coming up the primary?How much does the State still owe the Bank of New York? Why does the State owe money after the lawsuit was settled? Did the settlement funds come in as cash? Or was it a reduction in the amount the State owes Bank of New York?
What lies. How desperate the Investment Commission is to get rid of Loftis. That tells is all.
The Commission just refuses to have oversight!
Pete, there is plenty of oversight in the law and IC. Just not Curtis because ,he is not qualified and has done nothing, zero, nothing but bully, curse, leave the room. and not participate in the process. What a sore loser. No need for him and no need for his stupid tantrums. Loftis needs to get lost.
These Investment Commission people seem desperate to have no oversight. That is a red flag if ever I saw one.
The most current Investment Commission performance report shows that….
? SC, for the current fiscal year, is in the bottom 15% of its peers in the rate of return
performance,
? SC, for 1, 3 and 5 year periods is in the bottom 10% of its peers. For the 10 year period it is in last place
? SC, for the current fiscal year returned only 1.63%, compared with the average of 3.02%,or the highest at 5.11%,
? SC, for the last fiscal year, paid over $450,000,000 in fees to money managers and was in the bottom 20% of earners
I think your mom would wash your filthy little mouth out with soap if she new you were lying like this.
The most current Investment Commission performance report shows that:
? SC, for the current fiscal year, is in the bottom 15% of its peers in the rate of return
performance,
? SC, for 1, 3 and 5 year periods is in the bottom 10% of its peers. For the 10 year period it is in last place
? SC, for the current fiscal year returned only 1.63%, compared with the average of 3.02%,or the highest at 5.11%,
? SC, for the last fiscal year, paid over $450,000,000 in fees to money managers and was in the bottom 20% of earners
This is terribly bad performance.
BREAKING NEWS: LOFTIS SPITS ON THE TAXPAYER IN THE NAME OF TRANSPARENCY AND BREAKS CAMPAIGN PROMISE
Look at the questions Curtis Loftis hasn’t answered. None, and I mean none, of this information is available on his website either.
-Where does the STO, for the current fiscal year rank compared to its peers in the rate of return/investment performance?
-Where does the STO for 1, 3 and 5 year periods rank compared to it’s peers? What about 10 year period?
-What is the STO’s rate of return for the current fiscal year? What is the average of its peers? What about the outlier that’s the highest and lowest?
-How much did the STO pay in fees in the last fiscal year to money managers and where does the STO rank as an earner?
Regardless of whether Curtis is a jerk or a god, it seems reasonable that any SC Treasurer should be on this board.
I agree. There is no one on that board that answers to the public.
I do believe he has done a lot of good. I know folks that work their and they say the place is 1000% better. But they also say Curtis is a pain in the ass.
But I am ok with that when it comes to my retirement money!
William. Loftis does not meet the qualifications by law to be on the board and can appoint someone that has the same qualifications as the members on IC.
Funston asked that the Board qualifications be changed, but that has not happened. The goal of the special interest running the Commission is to have such a narrow pool of people eligible that they can be controlled by staff and others…and it is working.
Group think is prevalent and destructive.
Loftis has been brilliant at forcing massive change. The people that were on the commission should be ashamed at all the changes he has had made!
LOFTIS WILL BE ABLE TO APPOINT A PERSON WHO MEETS THE SAME QUALIFICATIONS AS THE OTHER MEMBERS ON THIS BOARD. HE HAS PROVED THAT HE CANNOT FUNCTION ON THE IC. HE DOES NOT MEET THE MINIMUM QUALIFICATIONS IN LAW. SEEMS FAIR TO ME. THIS MONEY IS NOT STATE MONEY, NO TAX PAYERS’ MONEY INVOLVED HERE. IT BELONGS TO THE GOVERNMENT RETIREES OF THIS STATE. IF YOU WORKED FOR THE GOVERNMENT, THIS IS YOUR TRUST FUND.
You are wrong.
It belongs to the participants of the plan, which is ACTIVE DUTY government employees and retirees!
Taxpayers are the back stop and they should be recognized as such.
If it were not for Loftis we would not know that:
The most current Investment Commission performance report shows that:
? SC, for the current fiscal year, is in the bottom 15% of its peers in the rate of return
performance,
? SC, for 1, 3 and 5 year periods is in the bottom 10% of its peers. For the 10 year period it is in last place
? SC, for the current fiscal year returned only 1.63%, compared with the average of 3.02%,or the highest at 5.11%,
? SC, for the last fiscal year, paid over $450,000,000 in fees to money managers and was in the bottom 20% of earners
ALERT: LOFTIS IS A HYPOCRITE
Look at the questions Curtis Loftis hasn’t answered. None, and I mean none, of this information is available on his website either.
-Where does the STO, for the current fiscal year rank compared to its peers in the rate of return/investment performance?
-Where does the STO for 1, 3 and 5 year periods rank compared to it’s peers? What about 10 year period?
-What is the STO’s rate of return for the current fiscal year? What is the average of its peers? What about the outlier that’s the highest and lowest?
-How much did the STO pay in fees in the last fiscal year to money managers and where does the STO rank as an earner?
More than half the money placed into the trust is taxpayer money, you fool.
That is why people hate government employees-you are ungrateful sods!
Mr. Loftis (and even a dunce knows this is you), you are a fiduciary of this fund and I cannot believe you have made such a comment. Money goes into the fund from employee contributions, employer contributions (which by law become the property of the retiree’s trust fund when transferred there and are as much the property of the employees and retirees as is the paycheck they take home) and finally earnings on the investment of the fund. All funds are owned by the beneficiaries and as a fiduciary you know or should know that. THERE ARE NO TAXPAYER FUNDS in the Retirement Fund! By the way, the biggest contributor to the fund is earnings on the investments. Employer contributions are a distant second. Promulgation of this untruth is not only a violation of your fiduciary responsibility, it is lying to the taxpayers of the state by leading them to believe you are protecting their interests. You are lying to our state and you should be ashamed. Where do you get off with such untruth and ignorance? What a FOOL!
You may call me Loftis if you wish. I take it as a compliment.
But you are an aragonite old fool, and the reason why people despise government employees.
And you are wrong too.
Yep, definitely loftis. Words like aragonite old fool give you away.
This is hard to believe…
The most current Investment Commission performance report shows that:
? SC, for the current fiscal year, is in the bottom 15% of its peers in the rate of return
performance,
? SC, for 1, 3 and 5 year periods is in the bottom 10% of its peers. For the 10 year period it is in last place
? SC, for the current fiscal year returned only 1.63%, compared with the average of 3.02%,or the highest at 5.11%,
? SC, for the last fiscal year, paid over $450,000,000 in fees to money managers and was in the bottom 20% of earners
I can’t believe Curtis Loftis hasn’t answered any of these questions. None, and I mean none, of this information is available on his website either. What a hypocrite!
-Where does the STO, for the current fiscal year rank compared to its peers in the rate of return/investment performance?
-Where does the STO for 1, 3 and 5 year periods rank compared to it’s peers? What about 10 year period?
-What is the STO’s rate of return for the current fiscal year? What is the average of its peers? What about the outlier that’s the highest and lowest?
-How much did the STO pay in fees in the last fiscal year to money managers and where does the STO rank as an earner?
Loftis is not the problem. He’s pointing out the problem of high fees and low returns. Attacks on Loftis are designed to defer the real issue here. Take him out of the equation and South Carolina Retirement Fund is being ripped off unnecessarily for hundreds of millions of dollars because of…..;. (fill in the blanks). HUNDREDS of millions of dollars, with or without Loftis!
How does anyone know whether the his office’s investment program isn’t ripping off the taxpayers? He doesn’t post any information about it on his website. Look for yourself if you don’t believe.
It becomes unreasonable to keep him on that board when he chooses to pal around with The Donald rather than showing up to the Senate meetings to discuss the legislation. He only cares about media attention and VIP treatment.
How silly you are little person.
The Treasurer was hosting, in Charleston, 15 state treasurer and financial leaders from New York, LA, Atlanta and London . He was not notified or invited to the Kangaroo Court called a committee meeting.
He was being productive, bringing business to SC, and pushing issues concerning final conservatism.
You hate him because he is successful. Because he is doing what he promised…and you are a failure and your word is worth nothing.
Ignorance is no excuse. You know the bill was on the table. If you were so concerned, why didn’t you have your short, rotund little deputy keep track of it. You know you were aware. You are just too much of a f***ing coward to show your disgusting face at that meeting. You didn’t show because you know you are in way over your head. How does it feel to be sinking, slowly going down with the ship?
Oh, you silly, insignificant person. Why are you screaming into the night, from behind a computer screen. Yelling blindly into the abysses.
Yes, I understand. Somehow you want to achieve importance. But you want and you can’t. And you are so frustrated.
Jealousy and envy are terrible ways to go through life.
Work hard. Grow, mature, and maybe you can leave your mom’s basement and have a real life.
You really are special-I just know it!
Well that just hurts my feelings. You really got me with those mature comments. I don’t know how I will ever get past this. Geesh, Curt, why you gotta cut so deep? LMFAO!! My importance has already been achieved simply by aggravating the snot out of you, you whimpering crybaby. But see, unlike you, I am not a coward. I’ve been in your face, and watched you cower like a little girl. Oh, yes, curt, we all know how you roll. Bullying and intimidation is your MO, but you are all smoke and no fire. Go to bed and get some sleep, your imaginary village of curtland will be missing its idiot in the morning if you oversleep.
Mom”s friend. Answer the questions. about the STO and the violations of many of the funds manipulated by Loftis alone and placed, God knows where, without any tracking devices . Laundering of funds and tax payers money need to be transparent . Yes, Loftis , transparent. Why was the coward Loftis to coward to show his face to the senate meetings. on this important bill affecting the IC and Loftis? I am not an insignificant person screaming into the night ! Loftis. I do not envy you, Loftis. I have worked hard and i have retired from a government job In this fine state of SC. You/Loftis cannot say the same. A bug man In West Columbia and you now have the best job you ever had and the best job you will ever have. We know you now for what you are. A big mouth, with nothing to say. You are a vile man in all aspect of life with mental and physical contagious problems. The voters know now what sorry asshole you are. They will be responsible next time and vote you sorry ass to the trash pile.
if he meets the minimum qualifications, otherwise, he (like all the other officials) should elect someone to be on the commission.
fact is, he knows NOTHING about this stuff other than what he is fed from a select few (who have questionable IQs).
Loftis has enforced more positive, needed changes on the fund than the rest of the Commission together.
This fund is dead last in returns over the last 10 years. Dead last.
They are in bottom 10% for 1, 2 and 5 years. How the hell would hire managers like that? Nobody.
SC is being hosed. And the Senate does not care. Hosed…out of our money by the billions!
he has no idea what the hell he is talking about. he is like a deer in headlights at the commission meetings…just watch the live streams.
he thinks he understands what is happening but he doesn’t. should the Treasurer not have a seat on the commission, I say he does need to have a seat, but if he doesn’t meet the qualifications of someone who can sell junk at a local bank, how the hell is he qualified to manage (or add value to) a $30bb fund.
it’s quite simple, no matter elected or not, if you don’t know what the hell you are talking about, you have no place at the table.
Well, every man is entitled to an opinion You have wasted yours with hate and jealousy. Too bad. Most people have some good to them. I am sure you wish you did,
lol. that’s rich. there is nothing to be jealous of when it comes to you!
Sure there is lots of jealousy.
Reading your comments shows it.
Loftis is independently wealthy, a popular statewide politician, nationally respected speaker and commenter on political and financial issues, etc. etc. etc.
And there you are, sitting at a computer screen making up lies, using a false name.
wealth someone else created…
popular – i guess that depends on what you call popular. and when the truth comes to light, i have a feeling the only popularity contest he will be winning, will be the one in prison.
nationally respected speaker and commenter…hahaha, he pays most places to let him speak.
funny you are talking about sitting in front of a computer screen using a false name. Pot meet kettle, kettle…this is pot.
You continue to lie. Why? Why?
Why? Why do you lie?
Look at this awful performance.
The most current Investment Commission performance report shows that:
? SC, for the current fiscal year, is in the bottom 15% of its peers in the rate of return
performance,
? SC, for 1, 3 and 5 year periods is in the bottom 10% of its peers. For the 10 year period it is in last place
? SC, for the current fiscal year returned only 1.63%, compared with the average of 3.02%,or the highest at 5.11%,
? SC, for the last fiscal year, paid over $450,000,000 in fees to money managers and was in the bottom 20% of earners
Look at the questions Curtis Loftis hasn’t answered. None, and I mean none, of this information is available on his website either.
-Where does the STO, for the current fiscal year rank compared to its peers in the rate of return/investment performance?
-Where does the STO for 1, 3 and 5 year periods rank compared to it’s peers? What about 10 year period?
-What is the STO’s rate of return for the current fiscal year? What is the average of its peers? What about the outlier that’s the highest and lowest?
-How much did the STO pay in fees in the last fiscal year to money managers and where does the STO rank as an earner?
Take Loftis out of the equation. The fees paid by the Fund are scandelous. From the 7/2/13 WSJournal;
“South Carolina Retirement System paid the most fees in the study,
totaling 1.3% of total pension assets. The Teacher Retirement System of
Georgia paid the least in fees, totaling 0.09% of total assets,
according to the study.
South Carolina’s five-year return rate was about 1.5% while Georgia’s returns were about 2.9%, the report says.”
Folks, if SC paid .09% in fees like the georgia teachers Fund then we would have paid c. $27 million in fees vs. the $400+ MILLION IN FEES THAT WE PAID!! There is no reason in the world we should be paying such high fees. There is NO WAY returns can be anything but near the bottom long term with these fees, it is almost mathematically impossible. Read Bogle, Swedrow, Bernstein, Malkiel, Ferri, etc. etc! Something is rotten in denmark!
Why would you take Loftis out of the equation? His office also invests billions of dollars and he doesn’t report the earnings, rankings or fee structures on his website. Yet he bashes the investment commission when they actually post that information.
Enough of the “do as I say, not as I do” mentality. Loftis needs to be transparent and post his office’s investment information and be held accountable for his investment strategy.
What’s scandalous is Loftis hiding behind a veil of secrecy.
Well said!
And Ken, btw, have you heard.
The most current Investment
Commission performance report shows that:
SC , for the current fiscal year,
is in the bottom 15% of its peers in the rate of return performance,
SC, for 1, 3 and 5 year period it
is in the bottom 10% of its peers. For the 10 year period it is in last place,
SC , for the current fiscal year
returned only 1.63%, compared with the average of 3.02%, or the highest at
5.11%,
SC, for the last fiscal year,
paid over $450,000,000 in fees to money managers and was in the bottom 20% of
earners.
How hosed? Hasn’t the fund increased significantly over the past several years?
Yes, they raised contribution rates. Taxpayers and government employees are paying more into the fund!
How much does that cost per taxpayer per year?
The taxpayer contributes hundreds of millions per year.
Mark- What did the raised contribution Karen mentioned cost each taxpayer per year. Interested in the increase in contributions per taxpayer, not the sum total. I know the sum total.
Great to see your response. Loftis does not have the minimum qualifications to be on the IC and he should elect someone to be on the commission with the same qualifications as the other members . It is fair. Loftis does not know anything about finances. He is the bug man of West Columbia with a 2 years associate degree in bug control.
The fees paid to Wall Street for this fund are unconscionable, if not criminal. My Vanguard stock and bond funds charge miniscule fees. Hedge funds are a Wall Street racket. Want to see how a state pension fund can be run with higher returns at a fraction of the fees? See the Georgia State retirement fund online. There are many others.
There are so many vile ad hominem attacks on this site that it’s hard to separate the wheat from the chaff but hey, it is the internet so the Id reigns supreme and curtesy seems inimical to getting ones point across. Both sides, why not substantiate your position with facts, not vile. Maybe we’ll get somewhere.
The handful of people blogging against Loftis are vicious Investment Commission people that MUST HAVE NO OVERSIGHT! They refuse oversight and will say and do anything to defeat Mr. Loftis’s effort. They want to manage the #30 billion with no prying eyes!
Loftis has already done a fantastic job, but they are hounding him.
Be careful Ken, these are vicious people. If they find out who you are they will hound you lie Loftis. There is no lie they won’t tell, no awful story they won’t make up.
Someone’s had a libation to many… Curtis/Mick
The most current Investment Commission performance report shows that:
? SC, for the current fiscal year, is in the bottom 15% of its peers in the rate of return
performance,
? SC, for 1, 3 and 5 year periods is in the bottom 10% of its peers. For the 10 year period it is in last place
? SC, for the current fiscal year returned only 1.63%, compared with the average of 3.02%,or the highest at 5.11%,
? SC, for the last fiscal year, paid over $450,000,000 in fees to money managers and was in the bottom 20% of earners
HYPOCRITE BREAKING NEWS: Look at the questions Curtis Loftis hasn’t answered. None, and I mean none, of this information is available on his website either. “Do as I say, not as I do” – Loftis mantra
-Where does the STO, for the current fiscal year rank compared to its peers in the rate of return/investment performance?
-Where does the STO for 1, 3 and 5 year periods rank compared to it’s peers? What about 10 year period?
-What is the STO’s rate of return for the current fiscal year? What is the average of its peers? What about the outlier that’s the highest and lowest?
-How much did the STO pay in fees in the last fiscal year to money managers and where does the STO rank as an earner?
The most current Investment
Sad little fellow, please try to rest and regain your composure.
Commission performance report shows that:
SC , for the current fiscal year, is in the bottom 15% of its peers in the rate of return performance,
SC, for 1, 3 and 5 year period it
is in the bottom 10% of its peers. For the 10 year period it is in last place,
SC , for the current fiscal year
returned only 1.63%, compared with the average of 3.02%, or the highest at
5.11%,
SC, for the last fiscal year,
paid over $450,000,000 in fees to money managers and was in the bottom 20% of
earners.
Mick. Loftis is in charge of several funds in the STO and there is no oversight for these funds . He can do as he pleases and rumors are that he has violated these funds, taken some money for that, put some money in that.. taken the tax payers money for that. We need oversight in that office. I agree with you , we need to have prying eyes in the State treasurer office and we can see the lies he tells and the stories he makes up. We need to hound Curtis Loftis for transparency of the STO. Where does the money go? Not in his pockets, I hope. He made a lot of money in the last years, like million of dollars? Where did that money come from? He will tell us, since he is big on transparency..
What about the fees Curtis pays for the treasurer’s office investment portfolio? What about the returns on his office’s investments? Where do they rank compared to other states and the investment commission?
Until Curtis mans up and posts his own office’s investment returns, then he is a giant hypocrite.
Sad little man. Go outside and smell the air and see the sunlight. Sitting around, lying, thinking up more lies and screaming into a computer screen can’t be good for you.
BTW, have you heard…
The most current Investment
Commission performance report shows that:
SC , for the current fiscal year,
is in the bottom 15% of its peers in the rate of return performance,
SC, for 1, 3 and 5 year period it
is in the bottom 10% of its peers. For the 10 year period it is in last place,
SC , for the current fiscal year
returned only 1.63%, compared with the average of 3.02%, or the highest at
5.11%,
SC, for the last fiscal year,
paid over $450,000,000 in fees to money managers and was in the bottom 20% of
earners.
The Senate should be demanding answers to these questions.
There’s significant evidence of fraudulent activity coming from the State Treasurer’s Office. How was the Treasurer’s Office able to pay the Bank of New York Mellon’s custody bill’s last summer and fall? Were funds diverted from other agencies and budgets such as DMV funds? Do Chief of Staff Clarissa Adams’ initials appear on the approval form for the diversion of these funds? How much did this six figure payment cost? Did the legislature give approval in the state budget? Why has so much money been diverted from Unclaimed Property this year? Did Curtis or Clarissa approve this transaction? What is it paying for? Why have fees increased so much in the Local Government Investment Program? What are they paying for? Who are the contract employees making hundreds of dollar every hour they work to implement an IT system? Have there been cost overruns? How much did settling the Amick case cost the taxpayer? Did Curtis break the law? Did he settle it to avoid it coming up the primary?How much does the State still owe the Bank of New York? Why does the State owe money after the lawsuit was settled? Did the settlement funds come in as cash? Or was it a reduction in the amount the State owes Bank of New York?
Let’s take Loftis out of the equation and just compare SC retirement fund costs to one other state, Georgia. The Georgia State Retirement Fund noted the fees they paid, in 2013, from their website;
“Schedule of Fees and Commissions
For the Year Ended June 30, 2013
Investment Advisors’ Fees:*
U.S. Equity $ 3,846,798
International Equity 2,866,718
Fixed Income —
Investment Commissions:
U.S. Equity 3,023,902
International Equity 909,096
Transaction Fees: 171,490
Miscellaneous:* 3,969,211
Total Fees and Commissions $14,787,215”
Compare this to the HUNDREDS OF MILLIONS in fees paid by SC for their pitiful returns. There is NO competent reason for this discrepancy. These fees are totally unnecessary, outrageous, and mathematically resign SC to the lowest return quartile if they continue. Don’t believe me? Read Jack Bogle on his CMH, the Cost Matter Hypothesis for why we are resigned to stay near the bottom should these fees continue. There are 49 other states to learn from. Let me ask you, if you wanted to set up a fund would you follow SC’s lead? Not unless you were collecting the fees..
You can’t take Loftis out of the equation. He doesn’t report anything about the billions of dollars of investments his office manages. What a hypocrite! He posts no information about his investments and attacks an agency that is very transparent with their investment portfolio. How about the taxpayer funds that Loftis invests? Why is Loftis hiding behind a veil of secrecy and not be transparent?
What are the answers to these questions?
-Where does the STO, for the current fiscal year rank compared to its peers in the rate of return/investment performance?
-Where does the STO for 1, 3 and 5 year periods rank compared to it’s peers? What about 10 year period?
-What is the STO’s rate of return for the current fiscal year? What is the average of its peers? What about the outlier that’s the highest and lowest?
-How much did the STO pay in fees in the last fiscal year to money managers and where does the STO rank as an earner?
You are not adressing the issue which is the ludicrous fees paid to Wall Street and the pitiful returns, much of which are caused by the fees. Whatever the weaknesses of Loftis, they are not the issue, but are used as a diversion. Your questions may be relevant to Loftis but not to the issue of fees and returns. They divert from the true issues.
It is relevant. If the taxpayers don’t know what the fees and returns of the billion dollar portfolio in Loftis’ office then how do we know whether the fees are outrageous and ludicrous?
Loftis needs to stop hiding behind a veil of secrecy and be transparent!
The most current Investment
Commission performance report shows that:
Have you heard…
SC , for the current fiscal year, is in the bottom 15% of its peers in the rate of return performance,
SC, for 1, 3 and 5 year period it
is in the bottom 10% of its peers. For the 10 year period it is in last place,
SC , for the current fiscal year
returned only 1.63%, compared with the average of 3.02%, or the highest at
5.11%,
SC, for the last fiscal year,
paid over $450,000,000 in fees to money managers and was in the bottom 20% of
earners.
Ken, they know fixed income instruments are priced WITH the fees included. They know the duration of the accounts and type of pools can’t be compared to other funds.
They know this but are just driving a lie as far as they can. They are sad little men. Very sad.
And btw, have you heard…
The most current Investment
Commission performance report shows that:
SC , for the current fiscal year,
is in the bottom 15% of its peers in the rate of return performance,
SC, for 1, 3 and 5 year period it
is in the bottom 10% of its peers. For the 10 year period it is in last place,
SC , for the current fiscal year
returned only 1.63%, compared with the average of 3.02%, or the highest at
5.11%,
SC, for the last fiscal year,
paid over $450,000,000 in fees to money managers and was in the bottom 20% of
earners.
Who is “they” and why won’t Loftis post his office’s investments online for the world to see? Where is the transparency?
Ken,
Good try. You are obviously an honorable man. But you are debating sad little men fighting for their crooked jobs, their reputation, and a sense of power. These little men are full of hate and greed and envy. They hate Loftis because he stands for something…honesty and integrity…and that drives them crazy.
Sad little men don’t have honor and integrity. They feel badly. Inadequate.
BTW, have you heard…
The most current Investment
Commission performance report shows that:
SC , for the current fiscal year,
is in the bottom 15% of its peers in the rate of return performance,
SC, for 1, 3 and 5 year period it
is in the bottom 10% of its peers. For the 10 year period it is in last place,
SC , for the current fiscal year
returned only 1.63%, compared with the average of 3.02%, or the highest at
5.11%,
SC, for the last fiscal year,
paid over $450,000,000 in fees to money managers and was in the bottom 20% of
earners.
James, I am not a sad little man fighting for my crooked job. I am a woman retired from a career as a teacher in this fine state of SC And I hate Loftis for his vile, loathsome diseases, his violent temper, his lies, his gross life style, his accusations which always remain unfounded, his gross language, his cameras in his office, in the hallways , in the offices of staff in the STO, his repeated posts on FITS, his use of State provided computers to post on FITS on the tax payers dime, his bullying of men and women, his preying on young men, his erasing of hard drives of his computers after a FOIA request, his refusal to answer questions concerning the STO, his repeated non-sense answers to a honest request, his limited understanding of the issues due to limited brain power, his obnoxious mouth.. gross. I could go on and I can prove all points made here. I can not stand Loftis. And , I am not alone..
Think the Clinton’s are bad? Some of the significant evidence of fraudulent activity coming from the State Treasurer’s Office would make Hillary blush!
How many taxpayer funded laptops had the hard drives erased? How often is private email used to conduct government business?
How was the Treasurer’s Office able to pay the Bank of New York Mellon’s custody bill’s last summer and fall? Were funds diverted from other agencies and budgets such as DMV funds? Do Chief of Staff Clarissa Adams’ initials appear on the approval form for the diversion of these funds? How much did this six figure payment cost? Did the legislature give approval in the state budget? Why has so much money been diverted from Unclaimed Property this year? Did Curtis or Clarissa approve this transaction? What is it paying for? Why have fees increased so much in the Local Government Investment Program? What are they paying for? Who are the contract employees making hundreds of dollar every hour they work to implement an IT system? Have there been cost overruns? How much did settling the Amick case cost the taxpayer? Did Curtis break the law? Did he settle it to avoid it coming up the primary?How much does the State still owe the Bank of New York? Why does the State owe money after the lawsuit was settled? Did the settlement funds come in as cash? Or was it a reduction in the amount the State owes Bank of New York?
Sad man writing such horse pokey. Don’t you tire of it? Does it make you feel proud? Respectable? Try viagra and see if that helps. BTW, have you heard…
The most current Investment
Commission performance report shows that:
SC , for the current fiscal year,
is in the bottom 15% of its peers in the rate of return performance,
SC, for 1, 3 and 5 year period it
is in the bottom 10% of its peers. For the 10 year period it is in last place,
SC , for the current fiscal year
returned only 1.63%, compared with the average of 3.02%, or the highest at
5.11%,
SC, for the last fiscal year,
paid over $450,000,000 in fees to money managers and was in the bottom 20% of
earners.
James, Viagra is your answer to the STO problems? No wander the STO has big problems with Curtis Loftis. His lies and his violations of the funds, 529, unclaimed funds, DMV and more , cannot be solved with Viagra. Poor Curtis, he needs viagra now. He is getting old and fat and cannot perform physically and mentally. He is sagging.. poor man!
What is the Amick case? Details, please.
The most current Investment
Commission performance report shows that:
SC , for the current fiscal year,
is in the bottom 15% of its peers in the rate of return performance,
SC, for 1, 3 and 5 year period it
is in the bottom 10% of its peers. For the 10 year period it is in last place,
SC , for the current fiscal year
returned only 1.63%, compared with the average of 3.02%, or the highest at
5.11%,
SC, for the last fiscal year,
paid over $450,000,000 in fees to money managers and was in the bottom 20% of
earners.
This is very sad.
Why won’t Curtis be transparent with his office’s investments?What are the answers to these questions?
-Where does the STO, for the current fiscal year rank compared to its peers in the rate of return/investment performance?
-Where does the STO for 1, 3 and 5 year periods rank compared to it’s peers? What about 10 year period?
-What is the STO’s rate of return for the current fiscal year? What is the average of its peers? What about the outlier that’s the highest and lowest?
-How much did the STO pay in fees in the last fiscal year to money managers and where does the STO rank as an earner?
The most current Investment
Commission performance report shows that:
SC , for the current fiscal year,
is in the bottom 15% of its peers in the rate of return performance,
SC, for 1, 3 and 5 year period it
is in the bottom 10% of its peers. For the 10 year period it is in last place,
SC , for the current fiscal year
returned only 1.63%, compared with the average of 3.02%, or the highest at
5.11%,
SC, for the last fiscal year,
paid over $450,000,000 in fees to money managers and was in the bottom 20% of
earners.
I would like to know where I can see the multi-billion dollar portfolio the treasurer’s office invests. Where can I find information about that?
well considering his investment personnel left and he has a temporary employee managing the funds, i’m guessing that information will never see the light of day
Boy oh boy Ol’ Curt is lashing out today! On taxpayer time too!
His vile temper must be flaring up these days since the Senate caught him with his fat fingers in the proverbial cookie jar. The pension issue is disgusted to keep the gullible treasurer preoccupied while the real investigation goes on. His friends in the Senate have been reading through loads of SCEIS reports, investment reports, legal reports, personnel reports and have spoken with several former treasurer office employees, seven of whom left since January (2 in the last two weeks)! You can’t make this stuff up!
Let Ol’ Curt stay preoccupied on a losing battle over custody of the pension. His antics are falling right into the Senate’s plan. Enjoy CurtLand!
Such a little fantasy you have. It bears no resemblance to real life, but it is quiet the tale. Have you heard?
The most current Investment
Commission performance report shows that:
SC , for the current fiscal year,
is in the bottom 15% of its peers in the rate of return performance,
SC, for 1, 3 and 5 year period it
is in the bottom 10% of its peers. For the 10 year period it is in last place,
SC , for the current fiscal year
returned only 1.63%, compared with the average of 3.02%, or the highest at
5.11%,
SC, for the last fiscal year,
paid over $450,000,000 in fees to money managers and was in the bottom 20% of
earners.
Sad little man, have you heard?
The most current Investment Commission performance report shows that:
SC , for the current fiscal year,
is in the bottom 15% of its peers in the rate of return performance,
SC, for 1, 3 and 5 year period it
is in the bottom 10% of its peers. For the 10 year period it is in last place,
SC , for the current fiscal year
returned only 1.63%, compared with the average of 3.02%, or the highest at
5.11%,
SC, for the last fiscal year,
paid over $450,000,000 in fees to money managers and was in the bottom 20% of
earners.
only a real douchebag would post under all his employees names
That’s exactly what I was thinking.
Word on the street is that the LAC will be looking into concerns about the Treasurer’s office. Allegations are considered serious.
Just wondering why the IG doesn’t begin an inquiry? By the time LAC finishes a draft, fights with Loftis over edits and releases a report…well, that accomplishes nothing. If someone makes allegations of public corruption to SLED, however, their findings may end up before the SGJ. Maybe all three entities need to take a look at Loftis and STO.