Having failed a year ago to oust S.C. Treasurer Curtis Loftis on trumped-up “corruption charges,” members of the unethical, underperforming S.C. Retirement System Investment Commission (SCRSIC) moved this week to censure Loftis.
Why? Because Loftis refuses to sit back and quietly tolerate their bullshit, that’s why.
In response to his latest efforts to hold managers of the $26 billion fund accountable for their actions, SCRSIC commissioners – led by their corrupt leader Reynolds Williams – passed a censure resolution condemning Loftis for ”engaging in false, misleading and deceitful rhetoric.”
Amazing … only in South Carolina can those who live high on the hog off of the corrupt deals they cut get away with censuring a taxpayer hero – simply for speaking the truth.
Loftis called the censure “a badge of honor,” and he’s exactly right …
Since he took office two years ago, Loftis has been tirelessly fighting to expose the corruption and mismanagement that’s so rampant within this commission. Meanwhile S.C. Gov. Nikki Haley has been fighting against Loftis – and working to provide cover for the fund’s corrupt leaders. In fact it was Haley’s appointee to the pension fund board who introduced the censure resolution against Loftis.
“Our fund performs in the bottom third compared with our peers,” Loftis noted last week. “That low performance is costing us big money. By being below average, South Carolina is leaving $175 million on the investment table.”
The state’s pension fund posted a 12.4 percent gain in 2012 – basically recovering its losses from the previous year. But as Loftis points out the fund is still trailing both the broader market as well as other pension funds – which he attributes to its excessive fees and disproportionate reliance on “alternative investments.”
Loftis is absolutely correct …
Sadly, rather than working to optimize our state’s performance, Williams and his allies are once again trying to preserve their ability to game the system by silencing the only member of the commission who is actually doing his job.
Par for the course in ass-backward South Carolina, isn’t it?