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sc retirement system cash vortex

This website has repeatedly exposed the rampant corruption and incompetence taking place at the S.C. Retirement System Investment Commission (SCRSIC) – the secretive entity responsible for the management (or rather “mis”management) of our state’s pension fund.

For those of you unfamiliar with this outfit, these are the morons who pad their own wallets (and dole out hundreds of millions of dollars in exorbitant fees) while our state’s investments go in the tank …

The latest example of how these idiots waste our money? The saga of chief legal officer Robert Feinstein – who is paid $206,000 annually (not counting expenses and benefits) even though he isn’t licensed as an attorney in the Palmetto State.

To rectify this, Feinstein is preparing to take the S.C. bar exam. In fact he’s enrolled in a bar exam prep course at the University of South Carolina. Guess who’s picking up the tab for this $2.810 course? That’s right … state government (which also paid $5,000 in moving expenses for Feinstein when he arrived in Columbia, S.C. 2011).

Must be nice, right?

Of course it’s not just the cost of Feinstein’s course – it’s the work he’s missing.

According to our sources at USC, the bar exam prep course runs from 9:00 a.m. to 1:00 p.m Monday through Friday – for seven weeks. So is Feinstein taking time off from work to prep for the bar exam? Or is this all on the clock?

Yeah … what do you think?

Waste like this is par for the course at this agency. After receiving $5.8 million from lawmakers in fiscal year 2010-11 – this notoriously corrupt agency convinced S.C. Gov. Nikki Haley and our “Republican-controlled” S.C. General Assembly to appropriate another $5.5 million in the FY 2011-12 budget. Last year it upped its proposed budget to $19 million, but thankfully this request was rebuffed.

In her FY 2013-14 executive budget, though, Haley has proposed raising the SCRSIC’s funding from $10.1 to $14 million – which is shocking in light of the corruption and profligate spending we’ve exposed.

Or not … 

Apparently this is yet another area of state government where Haley has chosen to ignore corruption while throwing good money after bad.

Thankfully where Haley has failed, S.C. Treasurer Curtis Loftis has been fighting the good fight on behalf of taxpayers and beneficiaries … dodging his fair share of bullets along the way.

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