South Carolina Senators – who failed a key fiscal litmus test a year ago – are facing a key accountability litmus test this week.
And no, we don’t throw the term “litmus test” out there very often. We use it when it matters … and of course we publish the results so that taxpayers can see who was (and wasn’t) protecting their interests.
Anyway, the State Senate is scheduled to vote this week on an amendment to a government restructuring bill this week that, assuming it passes, would remove the S.C. Treasurer from the S.C. Retirement System Investment Commission (SCSRIC), which administers the state’s pension fund.
Why does this matter?
Well, the pension fund is worth an estimated $24.3 billion (down $1.8 billion from six months ago) and whenever it comes up short, South Carolina taxpayers are invariably the ones who wind up footing the bill.
What’s the point of this amendment?
That’s easy … it’s an effort to stop S.C. Treasurer Curtis Loftis from continuing to expose the rampant fraud, waste and inefficiency that’s been going on at this agency.
Having tried (and failed) to take Loftis out via your run-of-the-mill political hatchet job, S.C. Gov. Nikki Haley, State Sen. Greg Ryberg and several corrupt commissioners at the SCRSIC are now trying to get Loftis removed from his oversight position by changing state law.
Amazing, isn’t it? The one guy on this commission who is actually directly accountable to voters – and the one guy who actually been doing his job and providing oversight of this fund – would be removed from his post if this amendment passes.
Not only has Loftis embraced specific reforms aimed at reducing the fund’s liabilities, more recently he’s drawn long-overdue attention to the investment side of the equation – decrying the soaring bureaucratic budgets and skyrocketing investment fees our state has racked up as its fund continues to underperform its peers.
Only in a state as backward as South Carolina would lawmakers think removing him from this commission was a good idea …
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By ? February 14, 2012 at 2:24 pm
Out come the long knives. The question is whether it will be the taxpayer or Loftis to get them first. In this case, it looks to be both at the same time.
By snarkycondition February 14, 2012 at 2:50 pm
Read Cindi Scoppe in today’s State newspaper. Her analysis of Curtis Loftis = Mr. Loftis traffics in innuendo; that doesn’t mean he doesn’t have a point, but it’s something to keep in mind. Something else to keep in mind: Unlike the governor, or the attorney general, or legislators, the only way he gets any attention is if he gets in a high-stakes dispute. Which he has done constantly since he took office — with the governor, the attorney general, the transportation secretary and now the investment commission. Sometimes he has a point; sometimes he doesn’t. But it all feels very opportunistic.
By Larry February 14, 2012 at 6:31 pm
Loftis fights the big battles no one else will fight. Scoppe wants him to fight over the cost of coffee in the canteen.
Funny thing that Loftis, he believes a fight over 25 billion dollars at the Investment Commission, 100 million at DOT are important.
Keep up the good work Mr. Loftis. We know what is important and do not need Cindy Scoope to tell us otherwise.
By snarkycondition February 15, 2012 at 9:23 am
Read today’s paper. Too many documents, and now Loftis declines to comment, saying only he has hired an attorney to defend himself.
A spokeswoman for SLED declined to comment on its investigation Tuesday, saying only it is ongoing.
Read more here: http://www.thestate.com/2012/02/15/2153647/loftis-recommended-two-firms-that.html#storylink=omni_popular#storylink=cpy
By snarkycondition February 14, 2012 at 2:51 pm
Read Cindi Scoppe’s thoughtful analysis of this issue in today’s state newspaper.
She says = Mr. Loftis traffics in innuendo; that doesn’t mean he doesn’t have a point, but it’s something to keep in mind. Something else to keep in mind: Unlike the governor, or the attorney general, or legislators, the only way he gets any attention is if he gets in a high-stakes dispute. Which he has done constantly since he took office — with the governor, the attorney general, the transportation secretary and now the investment commission. Sometimes he has a point; sometimes he doesn’t. But it all feels very opportunistic.
By fitsnews February 14, 2012 at 3:14 pm
Good point. Having said that, as we told someone the other day “is he wrong?”
That’s the bottom line for us.
On both the liability side and the investment side, Loftis has proposed exactly what needs to be done regarding the pension fund.
And were it not for him, no one would know about all the scamming that’s going on there.
We’re not 100 percent sold on Loftis … nor are we ever 100 percent sold on any politician. We ARE 100 percent sold, however, on the pension fund reforms he is advancing and the need for lawmakers to approve them “immidgetly.”
-FITS
By ? February 14, 2012 at 3:28 pm
I agree with what Sic said Snarky.
By Bob February 14, 2012 at 5:38 pm
Scoppe missed the boat on this. She hates Loftis and it shows. I would love to see the state write a real news story on this.
By Skidmarks February 15, 2012 at 10:24 am
The Treasuer is a member of the Commission.
The Treasuer has a duty to examine the books.
The Treasurer should make his findings public.
By Steve February 14, 2012 at 2:53 pm
Did you use the words “Cindi Scoppe” and “thoughtful” in the same sentence? I thought they were mutually exclusive.
By snarkycondition February 14, 2012 at 3:12 pm
Actually I did.
She made several good points, among them that Loftis is by career a bug exterminator and the other members of the Investment Commission are required by law to have met high standards of accredited competence or experience. The treasuer is just a constitutional officer who collects money.
By ? February 14, 2012 at 4:54 pm
“Loftis is by career a bug exterminator ”
Hahaha, I didn’t know that…somewhat ironic considering he’s dealing with a bunch of cockroaches.
By Richarf February 14, 2012 at 5:35 pm
Fits retired at 40. Dem bugs pay well. Jealousy is a terrible thing
By Richarf February 14, 2012 at 5:36 pm
I meant Loftis retired at 40
By ? February 14, 2012 at 6:53 pm
Btw, just so it’s clear. I have no issue with the fact Loftis was a bug exterminator. Good for him for earning an honest living and becoming wealthy doing it.
I simply thought it funny in light of the circumstances.
By FunkyChicken February 14, 2012 at 2:55 pm
I used to support Loftis until he came out for school choice. I will now work to make sure the jackass does not get elected again.
By rwwllms February 14, 2012 at 2:59 pm
So you like your kids dumb, stupid, and ignorant.
Well as long as you can teach them to say “you want fries with that?” they’ll be able to find employment.
By Smirks February 14, 2012 at 3:05 pm
Pretty sure he came out for school choice a long time ago, bro.
By rwwllms February 14, 2012 at 3:03 pm
The Senators had better know that we’re watching their vote on this. Any of them vote for it will be voting themselves out of office.
After all, isn’t it the job of the State Treasurer’s job to watch over all state funds and monies? What’s next? Making it illegal for policeman to go after criminals and make arrests?
By hhuuhh?? February 14, 2012 at 6:06 pm
I don’t trust the SCRS investment commission, because Cindi quoted the Florence member saying the Wall Street types are the “smartest in the country”. Did he miss 2008 and whjat led up to it?
I do not trust Nikki Haley for glaringly obvious reasons.
I do not trust Greg Ryberg because he is an ALEC hack and friend of Mark..
I do not trust Curtis Loftis with so many of his cronies, uh friends, doing “pro bono” personal work for him that he and they seem to think should lead to them making money from doing business with the state.
But, it is very, very appropriate for ANY SC Treasurer to be on the SCRS investment commission and the Treasures doesn’t need to be removed just to get back at the exterminator.
By Paul February 14, 2012 at 6:34 pm
Curtis loves it when he is criticized for being an exterminator. He makes half a million a year in his retirement which he started in 2000. Hmmm, I wonder how many of you guys do that well working full time.
By Wits End February 14, 2012 at 6:44 pm
Cindi is bat ass crazy if she believes the crap she wrote.
By Chapin Man hates snobs February 14, 2012 at 6:50 pm
Starting a business and creating jobs is an honorable endeavor whether its an exterminating business or something else. There is nothing worse than elite snobby reporters.
By ? February 14, 2012 at 6:54 pm
+1
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By WhoCares February 15, 2012 at 7:39 pm
Tom Davis is an ASS…. Blabbing on and on…. Who cares what this man has to say….
He is able to use FitsNews as a podium and that is fine… it is obvious…
Davis is blabbing on and on and on as of 7:36Pm …. he only likes to be in the spotlight
He has no idea what is going on…. he thinks he is persecuted… he is an arrognt ASS