COLUMBIA, SC—State Treasurer Curtis Loftis issued the following statement today after the release of the State’s fiduciary audit by the Funston Group.
“My responsibilities are to the people of South Carolina, not a privileged few who seek total control of the now $28.8 billion pension investment fund. The tough stands I took over the past three years were needed to protect the people’s money. Because I made difficult decisions, the people’s money is safer today,” said Treasurer Loftis.
“I am hopeful the new policies, procedures, and other means of oversight outlined in the Funston Report will allow some members of the Commission to move away from political attacks against me and towards a more productive stance for our retirees,” continued Treasurer Loftis.
“It is important that all parties move forward so that we might further the goals of the State’s retirees. We owe them a transparent and accountable Investment Commission that can safely and efficiently fund their retirements. I have pledged to do that and am making every effort to encourage others to join me in that work as well.”
The fiduciary audit documents important changes that have taken place at the South Carolina Retirement Investment Commission since Treasurer Loftis began pressing for change in 2011. When elected to office, Treasurer Loftis found the six year old organization responsible for $26 billion of pension funds lacking the basic controls required of any successful financial organization.
When Treasurer Loftis discovered this mismanagement of fund he pursued change through normal channels, but his efforts were ignored. Mr. Loftis, using the principles of transparency and accountability, took the issues facing the commission to the public. Thanks to pressure from the people of South Carolina and the General Assembly, the Investment Commission has made important and necessary changes.
The table below represents some the overdue changes made to the plan that were accomplished during the Treasurer’s tenure:
Appendix B RSIC Improvements Timeline
• Recruited additional employees in positions that previously did not exist such as; Director of Reporting, Senior Legal Officer, Senior Risk Management Officer, Operational Due Diligence
• An Audit Committee of the RSIC Commission was established in June of 2011
• Formal Memorandum of Understanding (MOU) was established between PEBA and RSIC (October 2011) and updated (January 2014)
• Adopted new Performance Incentive Compensation (PIC) Plan (May 2012)
• Created and implemented placement agent policy (September 2012)
• An Internal Audit and Compliance Department was established (September 2012)
• Completed year long search for new Investment Consultant (September 2012)
• Formal initial due diligence guidelines were adopted and implemented (November 2012)
• Formal management representation letter provided to PEBA and external auditor annually (November 2012)
• Formal on-going due diligence guidelines were adopted and implemented, including semi-annual and audited financial statement review (January 2013)
• A research management/contact management database program was purchased and implemented (February 2013)
• Formal Joint Valuation policies were adopted between PEBA and RSIC (March 2013)
• An operational due diligence program was established and implemented, which requires review of operations of all new investments (April 2013)
• Revised Governance Policies were adopted by the Commission ( May 2013)
• Implemented formal legal sufficiency letter to accompany every new investment funding (June 2013)
• Implemented annual compliance questionnaire and certification from external managers (July 2013)
• Implemented a Non-Disclosure Agreement (NDA) with the STO (September 2013)
• Implemented a technology solution to provide for document sharing with the Treasurer’s staff and Commissioners (September 2013)
• Improved fee validation procedures and collection process by moving to quarterly process – (October 2013)
• Disclosed investment fees by manager in the 2012 CAFR
• All fees were published in the 2013 audited financial statement
• Employee Compliance Policies have been established, including Code of Ethics Acknowledgement, Personal Trading Policy, Gifts and Conflict of Interest Policy and Whistleblower Policy (December 2013)
In process improvements:
• Risk RFP in final stages.
• Administrator selected after RFP process. Implementation to commence immediately with target completion of July 1, 2014.
• Development of Enterprise Risk Management Function, with direct reporting to Audit Committee, approved by Commission at March 2014 Commission meeting.
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151 comments
A lot of hard work has been done by the Treasurer. He has been relentless in ensuring that the funds be protected. The “bad old boys” have been equally relentless and have slandered him from here to Egypt and back.
Keep it up Mr. Loftis. Don’t let the dirty SOB’s get you down!
My ex-girlfriend used to work there and the management of the place was always plotting against lOftis. Once she spoke up and said they solid be more concerned about returns thats Loftis and as soon as she did she knew her time there was over. She left 3 months later, knowing she would never advance.
These people at the Commission are mean and vindicitive.
I did not vote for Loftis originally, but I sure will this time. The assault on him has been uncalled for and shows the type of people that are in control of our government.
See my comment to Elliot. You and Elliott+ same
Vote for Brian Adams. At least he does not have psychological and character problems.
I know Brian. He is the dumb as a box of rocks, except the box is only half full. If ya’ll wanted to beat Loftis you should have shot for an IQ over 75.
Curtis, you do not know Brian. All you know is he has the support of lots of people and appears to be less homophobic than you.
Who the fuck is Brian? No one knows him or has heard of him. Fuck Brian. He must be sucking all of your dicks to get you to come here spouting support for someone that no one knows anything about. Just shows how ignorant you losers are.
I’ll say it again, fuck brian the cocksucker of losers.
My,my Curt. Please, watch your language. Need soap here. A lot of it. We need to inform the nice tea party ladies that you use foul language beyond boundaries. I have a list, which is not complete, Linda Champion Gamble, Kaaren Mann,Delinda Ridings, Joanne Jones, Camille Noonan, John Wagner, Clarissa Adams… I know that this list is not complete. Please help me to inform these ladies and gentleman so they can truly get to know you.
I need to add Chris Smith, Carlton Smalls,Diane Rhyne Anderson , Dennis Bauknight,Cindy Risher, Rik Celie to the list. Any more that need to be informed? Please , let me know.
Hmm, Phoebe (note the correct spelling) replied four times to one post…….
She likes me! She really really likes me!
Curt, Curt, control that ego of yours. Nobody likes you, except for a handful of cronies who are using you in hopes of getting a big payout like your attorney friend. But after seeing the payroll from the Treasurer’s Office and noting what you are paying your newly hired friends, I can’t say I lay fault on your cronies. It mt be tough on you having all those lips stuck to your backside. But don’t worry, once you are unseated, they will fall off. G’day, mate!
I need to add Chris Smith, Carlton Smalls,Diane Rhyne Anderson , Dennis Bauknight,Cindy Risher, Rik Celie to the list. Any more that need to be informed? Please , let me know.
Need to add Martha Jean Stoudemire, Georgia Spencer,Roni G Reddick,Carla Miller. I need help to Inform these people so they get to know Curt . Vile temper, profanity beyond boundaries.. A sick man.. That he is..
You are very sick, Curt. Tourette syndrome comes to mind. Lies, violent temper, too dumb to know you are dumb. Refusing to learn or too dumb to learn. No hope you can get better. Please, go away. We do not need you.
Nobody knew anything about you when you ran, Curtis. I like Brian Adams. He is calm. Doesn’t fly off the handle. Doesn’t see enemies behind every tree. Doesn’t use foul language. Sound familiar, Curtis? No, I guess not.
You are correct, Lozell Likes. I know Brian Adams. He will bring integrity back to that office. What an embarrassment Curtis has been for the past few years with his rants and tantrums. The voters are ready and waiting for June! Bring it on.
I do not stand with Curt because he is a jerk!
Dennis, I know him too and I think estimating an IQ of 75 is too high. He is a doomsday prepper and is always trying to sell me some crap I don’t want. That is right, a redneck doomsday prepare is opposing Loftis. That is what I want, as a treasurer, a man that thinks the end of the world is coming on Thursday.
Watch out! You are going to alienate the tea party folks!
William, stop here before you make a complete fool of yourself! Loftis should be in jail for violating the Ethics Laws of SC! You are not a State retiree so shut your mouth! Tired of it! Read my comments to Dennis,Kyle,Elliot, Bobby B. all the same=Loftis
I do not stand with Curt because he is a jerk! Need to know about this
Loftis is too dumb to know he is dumb! You are not a state retiree as you would know that Loftis has lost millions from the State retirees trust fund and he has violated the Ethics Laws of SC by giving 2 million dollars to his long intimate friend, Mike Montgomery. What a deal! He can retire now, paid by the State retirees. Loftis should be in jail. He must go.
You obviously don’t know Brian.
I do not stand with Curt because he is a jerk!
Curt=Jerk. Cannot buy intelligence. Will always be the same stupid person. No if but about it. Curtis is mentally challenged. I do not stand with Curt because he is a jerk.
That’s hilarious, Dennis (Curtis)! Only someone who is threatened insults someone else’s intelligence. The pressure is on. Can you feel it? Bet you can. But can you handle it? Surely you would welcome the opportunity to debate someone with such a low IQ, right? I mean, really, you’ve got nothing to lose, right? Oh yea – just the election! Bwahahaha!
I voted for Curt originally, but sure will not this time. He is a very sick man. Lies, violent temper, refusal to learn because He cannot learn.Tourette syndrome and many more behavioral and mental problems. Violent assault charges against women, lies, abuse of court ,gave his intimate friend 2 million dollars from the back of state retirees,. This man must go!
I knew your ex-girlfriend. I truly understand why she is now your “ex.” I also understand why she can’t hold a job.
Sam, you are one to be talking. I have talked to two people who you used to work with: Both stated that you were about worthless as an employee and that you could never have made it in private industry.
Who cares? We are talking about you,Curt. Your lies,vile temper,incompetence, lack of intelligence and the damages that you did to the State retirees trust fund. Also the contract that you did all by yourself with the Bank of NY. for 10 years. Your friend got paid , the attorneys got paid. Did the trust fund get paid? No. Where is the money and you need 50 million more? Go away, enough is enough.
Exactly. Where is that money coming from? Who ends up footing the bill in the end when all is said and done? All because of an over-inflated ego trip. What a costly joke. It’s time for the truth to be revealed about where the waste and abuse is really coming from in state government.
Perhaps there is an inverse relationship here. Good in government, bad in business. Good in business, bad in government. Perhaps that explains Loftis’s failure to thrive in government. And really, his failure is the topic here, not some bureaucrat who retired a decade ago. What possible influence could such a person have? Like Mary1 says, “who cares?” And if this is really Loftis trying to evade blame by calling somebody else names–how sad!
My current girlfriend works in the Treasurer’s Office. Man, the stories she tells about this guy’s temper and manipulation of facts! She is actively looking for another place to be. Don’t blame her.
Go get them Curtis. Don’t take crap from them, we are with you!
I skimmed the report just now and see that it deducts almost $170 million in fees to make SC pension plan look like all the other plans. That is unacceptable methodology.
I do not understand, please, explain! Willing to know better.
Bill, I am sure you are competent to take on one of the finest audit firms in the world. Assure me of that, Bill (or is it Curtis?). Just what would your computations be? Give us some detail and some credibility.
Funston is not an audit firm and Funston is not a CPA. No auditor would be talking it up about how the client is already planning to take action on findings. A client might say anything. Also, no auditor is going to say he did not find fraud without also explaining the possibility of the existence of fraud he didn’t find. Funston is some outfit that goes around the country writing up good reports for pension plan management. And they charged the RSIC $500 an hour.
Funston is a well-respected financial consultant. It has correctly identified the biggest risk to the State Retirement Fund: State Treasurer Curtis Loftis. He is not the solution, he is the problem. Let’s kick him out in June. I’ve had enough of this blowhard.
I noticed the same thing. It’s like the law of statistics: A always exceeds B if you exaggerate A and don’t include all of B.
See my comment to Elliot. You and Elliot+ same . Get informed , you are a fool!
WE? You, Curtis and about 20 others? Gee, I am scared!
it takes courage to stand up to these people. Loftis has it. Period
See my comment to Elliot. Easy. You and Elliott =same
See my response to Elliott. You and Elliot= same. Courage? How about a violation of the ethic law which states that “no public official, public member, or public employee may knowingly use his official office, or employment to obtain an economic interest for himself, a family member, an individual with whom he is associated, or a business with which he is associated . No public official, public member, or public employee may make,participate in making or in any way attempt to use his office,membership,or employment to influence a governmental decision in which he,a family member,an individual with whom he is associated, or a business with which he is associated has an economic interest…” See the law. Loftis violated that law. His friend, Mike Montgomery got 2 million dollars to do what? The State retirees trust fund lost 200 million dollars! More to come, because Loftis is incompetent.
You are wrong. You are wrong in the law, you are wrong in the facts.
Reynolds WILLIAMS has made millions of dollars off the fund and it will be revealed, and soon. So enjoy the shadows, soon all will be in the sunlight.
Curtis, dream on. I get tired of you going to disclose facts in the future. It never happens. Just admit you are wrong and move on to your next windmill.
Bobby B, what part of the law you do not understand? The State Ethics laws of South Carolina clearly state: No public official, public member, or public employee may knowingly use his official office,membership.or employment to obtain an economic interest for himself, a family member, an individual with whom he is associated, or a business with which he is associated.. Read the law. Loftis violated it . Gave his intimate friend, business associate 2 million dollars on the back of State retirees. Shame.. He must go
File the complaint, coward. File it and sign your name. Be a man and not a coward.
Just wait, Curtis. Just wait. bwahahahaha!
Now exactly what people are Curtis standing up to? 5 independent studies that suggest his criticisms are crap? Oh, I guess Loftis has it all right! LOL
Curt is a jerk! Curt is a jerk! I do not stand with Curt because he is a jerk!
Might need to look up the definition of courage and coward. I think you have the two confused. Bullies are nothing more than cowards. There’s nothing courageous about that.
Elliott. You are not a state retiree since you think Loftis is protecting the State retirees trust fund. Loftis has lost 200 million dollars in the trust fund, has paid his intimate male friend and personal attorney 2 million dollars for what, has said 20 million to be returned to the trust fund. Where is that money? Is it in the trust fund? No! What about the 50 millions more needed by the bank of NY? Where is that money coming from? The state retirees trust fund? When is this hemorrhaging going to stop? The State retirees lost 200 million dollars, the attorneys got 9 millions. And we have a 10 years contract with the bank which lost all that money. Loftis negotiated that contract all alone, like a big boy from West Columbia, with a great background in bug exterminating. Protecting the State retirees! Loftis? You are joking! Who is an SOB. You and Loftis.
He’s also gay, ya know.
You clearly do not know Loftis well or you are Loftis trying to put another face on his incompetence. Its always the good/bad old boys against Loftis. Get a life. He brings this all on himself. 5 Independent investigations and none find even the slightest hint of his allegations. What does it take to convince you guys that Loftis is an aberration, full of sh** and just plain crazy?
Look, dude, the attorney general did not clear Reynolds Williams. The attorney general said he didn’t have enough evidence to put Williams in jail. I have read the SLED report, and there are plenty hints of Loftis’s allegations in that report. Every RSIC employee that SLED interviewed thought Timberlands was a very fishy deal.
But he is not in jail! In this country, you are innocent until PROVEN guilty. He is innocent! The big criminal here is Curtis Loftis who has made so many false allegations he can’t remember them all. Maybe we should turn the investigative guns on Mr. Loftis and see what we find. Unless we eliminate him from the scene in June!
But he is not in jail! In this country, you are innocent until PROVEN guilty. He is innocent!
God, that is the dumbest shit to use to defend someone. “Well, you haven’t caught him yet, so he must be innocent!” O.J. Simpson approves of this message, I suppose. Way to win us over to your side of the argument!
Lack of indictments or convictions doesn’t mean a crime has not been committed. Lack of evidence doesn’t mean lack of foul play. He is “innocent” in that we err on the side of reasonable doubt instead of suspicion, but that doesn’t negate suspicion itself.
You do realize that “innocent until proven guilty” is an admission of an imperfect system of law, right? That it basically is designed to help reduce the number of innocent people ending up in jail (which isn’t perfect either), even at the expense of letting guilty people go, right?
It stands to reason that since Loftis isn’t in jail, and is innocent until PROVEN guilty, he must therefore be innocent. Why do you and your sock puppets continue to attack a poor, innocent man like Loftis?
We’re up to five different entities that have looked into all or significant pieces of the Loftis allegations of wrongdoing against Reynolds Williams and the Commission. Loftis is now 0-5.
This thread is funny as hell. Don’t you dummies get it?
Loftis has me, a college student, on standby to write comments that provoke these mean ass investment commission people to make these evil ass comments. Then, normal people read the evil ass comments and say, “there is something wrong with these evil ass investment commission people. I can’t vote with those dumb asses, so I will stay with Loftis.”
Damned funny. But I got to roll. Later, dumb asses.
Pike, you make me laugh! What a fool! College students are smarter than that.
Not if they’re drunk or stoned.
Pike, this makes no sense. If indeed that is Loftis’s strategy, why would he allow you to spill the beans? This is BS and you know it.
“Damn, I’m looking like a complete dumbass and nobody’s buying it. Time for Plan B!”
This thread is funny as hell. Don’t you dummies get it?…
I am astonished at the comments attacking Loftis. Truly, I thought I understood politics pretty well but the negative, unseemly and outrageous comments about Mr. Loftis are beyond the pale. It speaks volumes about the Investment COmmission and its supporters. It is a shame that educated people that are well paid would stoop to such gutter tactics and it ought to stop at once.
You are joking! Curt is a jerk. I do not stand with Curt because he is a jerk!
Loftis is managing his department with an eye on lessons learned that brought about the Sarbanes-Oxley Act of 2002 (also known as the “Public Company Accounting Reform and Investor Protection Act” in the Senate and “Corporate and Auditing Accountability and Responsibility Act” in the House). Identifying, measuring and managing risk is what that Act is all about, and I’m pleased to see the following from the long list above.
The Code of Ethics with a “Whistleblower” mechanism — just like Sarbanes-Oxley requires of publicly-traded US companies, is one of the most effective.
— Jock Stender, Charleston
• An Internal Audit and Compliance Department was established (September 2012)
. . .
• Formal initial due diligence guidelines were adopted and implemented (November 2012)
• Formal management representation letter provided to PEBA and external auditor annually (November 2012)
• Formal on-going due diligence guidelines were adopted and implemented, including semi-annual and audited financial statement review (January 2013)
. . .
• Employee Compliance Policies have been established, including Code of Ethics Acknowledgement, Personal Trading Policy, Gifts and Conflict of Interest Policy and Whistleblower Policy (December 2013)
• Development of Enterprise Risk Management Function, with direct reporting to Audit Committee, approved by Commission at March 2014 Commission meeting.
Nice, are you with or with Nikki?
Were any of these deliverables his idea?
No.
Nobody has a clue as to what you just said. All we know is that Loftis lost us $200 million, settled for $34 million of which $9 Million was paid to his attorneys. Hard to get behind that performance. What a bum!
The issues brought up
by the treasurer such as transparency, disclosure, governance, oversight etc
are more an attack on the financial services industry than on the investment
commission. The treasurer’s game of abstaining for every vote and playing
Monday morning quarterback with strategy and fees says more about his ignorance
and incompetence than his desire to help state retirees. There are better ways
of getting things done than crying when you don’t get your way and then taking
credit for the work of others when you find out your were wrong. We need a treasurer with appropriate credentialing and experience. The treasurer knows nothing of SARBOX.
The issues that Treasurer Loftis has addressed regarding the Investment Commission are matters of national concern–which is why he has received so much national press coverage. He has distinguished himself and his office with his hard work and diligence. Anyone who takes umbrage at his criticism of the management of the RIC has a hidden agenda. Wall Street’s values are NOT Main Street’s values. Beware of political pickpockets who are backed by Wall Street.
I agree with your comparison of Wall Street and Main Street values. The financial services industry is corrupt and the people who run it are criminals. His criticisms, all of which I have not read, are of the industry and the widespread obfuscation of fees and HUGE conflicts of interest embedded in every vertically integrated company. Nevertheless, the investment commission has been instructed to work with these people in order to access these markets. Another solution would be to fully fund the pension plan. Our legislature decided to take on the extra risk in order to keep funding at a reduced level.
In response to these concerns, the investment commission set out to disclose all fees. Let me say this again. They set out to disclose ALL FEES. As such, the fee disclosure is not comparable to other state pensions as they do not disclose all fees. According to Bill (see above) it cost 170 million to get this comparison. My point is that our treasurer could have chosen to be more respectful of others. In my opinion, the folks at the investment commission have worked hard to implement a strategy that gains market exposure without the market volatility. This is expensive. Of course our returns relative to fees look bad since March 2009. We have been in a bull market funded by deficit spending. Just wait until the next recession. The test of an investment strategy is not how it performs in one leg of a business cycle. It is how it performs during the bad times that matters. That is the test.
Explain “one leg” of the business cycle?
http://i.investopedia.com/inv/articles/site/S65_Chpt15_buscycle.gif
By one leg of the business cycle, I mean that our economy
has been in the recovery/expansion phase of a business cycle. The 2nd leg is characterized by the contraction/recession phase. If the strategy implemented by the investment commission, as required by statutory law, works correctly trough will not be so low. However the peak will not be as high either. Ie. Lower Volatility. The idea is to get more of the up side and less of the down side. No one can predict the future. Hope this helps. Just my over educated and unbiased thoughts.
As the Treasurer mentioned today in his statement, he attempted to work within the system but was ignored. He then took the issue to the people and lots of work was done by the commission to correct the problems he outlined.
Everyone wants to play nice, but the choice the Treasurer had was to force change or walk away. he chose to force it and I am glad that he did.
As a retiree, I am very glad he did.
Hi, Simms. uh…Curtis. The Treasurer had a lot of choices. He chose to not work with the other members of the investment commission, none of which are politicians or want to be politicians. He chose to badmouth the commission and make us a laughing stock on wall street. He chose to leave retirees holding the bag to pay his personal attorney. I am not sure I admire his choices.
Simms, The treasurer has poor interpersonal skills.
You mean Rassputian?
Bob, I mean Curtis, he has received national press coverage because he is outrageous. The press loves controversy and he provides it. What an ass!
See my response to kyle. Ethic violation is a fact here. Loftis should be facing a grand jury
Talk is so cheap. Anonymous talk is the cheapest there is. Make the complaint. Let’s watch the system work. But sign your name to it, coward.
Jim, what is your name?
Explain SARBOX?
SARBOX is a reference to the Sarbanes-Oxley Act of 2002 that Jockstender was writing about. The accounting professionals at the investment commission have been working to implement these best practices even though it is not required for government agencies. Only for publicly traded companies (early filers).
If you want to see something interesting, look at the pension funding requirements of large corporations as compared to government pensions. Basically, governments can under-fund pension liabilities to a much greater extent than corporations can.
If one wants to protect state employees, fund the pension. It’s that simple. I think it’s around 60% funded per actuarial recommendations at the moment.
Apparently, a number of commenters above are not doing their homework. Regarding SARBOX, Chairman Oxley is a friend of Curtis Loftis’ and they recently were on a panel together in Washington, D.C.
Now, Bob. Where did you get the information that Loftis is a friend of Chairman Oxley? Being on a panel does not make you bosom buddies. Unless….no, surely not. Not Oxley.
I am on a panel with a neurosurgeon. Does that mean I know about neurology?
Bob, show me where the treasurer suggested any of the improvements sighted in the audit. Do your homework. Jerk
I’m a state retiree. I don’t want any more help from Loftis. He is about to ruin the place. That is actually what this audit says in many places. Justify yourself as much as you want by commenting on your own article with fictitious names but the facts are the fund is worse-off due to your political show-boating.
I have no idea what your credentials are, but I am a long time state employee and a CPA. I have read the audit. If you will look at Appendix B, you will see a list of improvements made at the RSIC. All of them were made after Loftis got on the board. They had 6 years to form an audit committee and they didn’t do it until after Loftis got elected. Look at the dates on the list. No wonder they don’t like Loftis.
You are a hero to the State!!!
Please, read the ethic violation and I think that you will shut up then. You should, or are you part of this sweet deal on the back of state retirees?
Correlation is not causation. I think he abstained from all
votes. These changes were coming regardless of who was on the board.
Absolutely right! Loftis abstained from all the votes or walked out like a spoiled, incompetent brat. Now he takes credit for the changes that were made by the commission. Enough of this ! Dumb is dumb and we cannot buy artificial intelligence. Curt, please go. The State of SC does not need you. You have done nothing for us.
Thanks for
understanding Mary! The arguments put forth by the treasurer’s supporters on
this site are full of holes. All they have is anecdotal evidence based
on the timing of his tenure on the board or whom he thinks are his friends. It’s
meaningless. If he wants to show me something, show me in the minutes where he
actually suggested any one of these improvements before anyone else.
I have no idea what your credentials are! You have no previous comments here and are published as a “guest.” You are probably Curtis Loftis who definitely does not have a CPA. He has a CBE: Certified Bug Eliminator. I have never seen somebody so misplaced as Curtis Loftis as Treasurer. I must assume his personal attorney, Mike Montgomery, is pleased at his appointment as an associate counsel in Loftis’ amazingly poor representation of retirees in the Bank of NY Melon settlement. We retirees lost millions and Montgomery made millions. This is unethical and an abuse of office.
Sign your name, coward.
Oh, Don. (sigh) I think I already know your name. It is a shame that one of our Constitutional Officers worries so much about Fits News. What is your name, Don, Dear? Oh, Sweetie, you don’t have to say! I know it hurts. But come on, Don, just a little hint…for me?
You obviously have not read the audit. It clearly states that the problem is Loftis and if it is not cleared up will greatly detract from the reputation of the Retirement Fund. Any fool reading that report can understand that.
I’ll be curious to read what coverage, if any, the State newspaper, or the Associated Press, gives this matter. Their respective reporting on the performance of the SCRIC has been careless, if not biased. Loftis can be a prickly guy, but he has spoken truth to power and has been a true friend of both taxpayers and retirees.
Loftis is a liar and has cost the state retirees millions. Truth to power? my foot! He needs to have an ethic violation charge against him as he has violated the law. He needs to go. We do not need him. Period.
Anonymous cowards speaking so bravely. I bet you order viagra by the case and wear a tube sock in your britches to make yourself feel like a real man. As you hide behind a woman’s name.
Frank, your preoccupation with what is in somebody’s pants is telling. You are not Curtis Loftis are you? Sure sounds like it.
I have children, Curt, and last time I checked, I did not have a penis unlike you. And I hear you use yours in peculiar way. Go away, coward.
I have been skimming this audit at the Greenville News.
Disregarding the content of his lengthy letters/responses to the auditor, Curtis Loftis needs to change the letterhead for the SC Treasurer’s Office back to what it was before he went to work there.
I daresay no other state agency head has exploded the font size in which his name is printed and shrunken the name of the state agency AND subordinated the agency name to underneath his the way Loftis has. OMG.
I worked for state government for 31+ years and have never seen anything like that letterhead coming from any state agency. If any others are the same, they need to change theirs, too.
If ever there was an example of narcissism run riot, that letterhead is it.
And, now, let the Loftis-ites begin…
Good work SC State Treasurer Loftis!
Your display of intestinal fortitude and genuine caring for all South Carolinians are just what we are looking for in a Governor come 2018!
Congratulations!
He’s going back to killing bugs believe me.
Curtis, let somebody else talk.
Thomas, you are sick indeed. More than intestinal fortitude. How about a grand jury investigation into an ethic violation. See my comment to Kyle and read the law. Loftis violated it. Loftis is too dumb to know how dumb he is . The bank of NY saw Loftis coming and dined and wined him into the worst contact ever for SC, but the best for NYB. Ten years with a bank which has cost the State retirees trust fund more than 200 millions. More money demanded by the NYB. Where does that money come from?Fifty millions? From the trust fund? Loftis needs to go. He needs to go now. And you need to go because you are not a state retiree and you are a fake Loftis lover.
Sign your name, coward.
Don, get a sprayer and go back to work.
mary1, let’s face it: you don’t have a single piece of paper that documents anything you’re saying. Whoever told you to come here and type that stuff–they don’t have any documentation either. Every year in the RSIC annual report, the RSIC talks about how great BNY is. But now it is convenient means of attack for them, to question the BNY contract and settlement.
Loftis had no evidence but it didn’t stop him from making outlandish allegations. Apparently he does not believe in what you are saying.
Surprise, surprise, surprise! Nice try, but we got you!
Oh, Thomas! Get help! This guy is one of the biggest cowards we have ever elected. He is afraid to say he is wrong.
Loftis: A failed bug exterminator with a two-year college degree.
This is who we got running the show? Really? He forgot to tell you that he awarded his close friend Mike Montgomery $2 million in fees. He forgot to tell you he’s spent $550,000 in state funds putting his face on television in Future Scholar ads. A program run by Jenny McGill (yes Sen. McGill’s daughter-in-law) who makes $80,000 a year working only 3 days a week. How embarrassing.
Very good intell, Aikengoper, do you that much homework on Nikki ?
Why thank you Deo. Nikki, oh boy.
Loftis tells you what’s wrong and who is to blame, but never offers a solution. Hogwash, pure hogwash Curt.
The inside info on Nikki will set you free and far apart from her in the future, want tio go there.
forget the i
why the worry, Nikki is a winner for sure !
let me know, latter
This press release is another attempt by Curtis Loftis to claim victory after he has been defeated again. Contrary to his continual drumbeat of complaints, the Funston Report found that the retirement commission does not overpay in fees. It also found that there was no criminal or ethical wrongdoings. As a constitutional officer he cannot keep making up stuff like this. We need a new State Treasurer.
I got a candidate: votebrianadams.com
The investment commission had existed for six years with no audit committee until Loftis came along. They should have done all that stuff years ago. They didn’t do any of that stuff until Curtis forced them to.
Now you have taken to lying instead of just alleging. State Employee, what you have said is just not true. I hope you are not really a state employee because I would hope they have more integrity than you.
Yeah – that’s some endorsement of your work there:
http://www.sfgate.com/news/article/Audit-SC-pension-agency-doesn-t-overpay-in-fees-5422183.php
And this was all due to Treasurer Loftis? Nothing was moving until he came? That is just a falsehood and an obvious attempt to sidestep criticism of his obnoxious and inappropriate behavior. Anybody who believes this is really whistling Dixie!
If Loftis had not come along Bob Borden and Reynolds Williams would still be stealing the fund blind.
Thank God Loftis came along when he did.
How much did they steal? Why have 5 investigations shown no evidence of that? Why have they not been arrested? I will tell you why. Because Loftis made all this up and fools like you believe him.
You’re a lying dirtbag.
Hey, man, this is getting too complicated! You need to lighten up. I know how to put that sparkle in your eye. Come on up here to Manhattan. We can put some life into the old Phoenix Bar! We’ve done it before. And if it will make you feel better, I will buy for a change. We can have a bummer time and forget all this.
Sign your name, you big coward.
Hey, man, what is this? I’m on Curtis’s side in this. He and I are close. I mean CLOSE. So don’t give me no sass, man. You got a problem, meet me at the Phoenix Bar in Manhattan. I’m there nearly every night. I’m the black guy at the end of the bar. I’ll be looking for you.
I am really confused, Loftis bashes this organization repeatedly. Then an independent report comes out that says this same organization is doing just fine, and now Loftis immediately starts taking credit for their accomplishments?!
Seriously every tea party politician is the same, total hypocrites. Why us SC folks vote for these idiots is beyond me.
Glad to see so many positive changes have taken place. Thankfully someone like Loftis is actually doing what they were elected to do. I know there are more than a few people in Washington that could learn a few things from him.
South Carolina would be more than happy for you to take your narcissistic self on to Washington, Curtis Loftis, and stop screwing up our state. What an embarrassment you have been and continue to be for SC. One can only imagine the disappointment your parents must feel when they see what a screw up you really are. Great job, getting into politics so all of SC can see it, too. Now just get your hands out of our retirement funds and move on to something that doesn’t involve other people’s money.
VAST difference between Curtis’ articl and what the AP released. http://www.thestate.com/2014/04/22/3402965/audit-sc-pension-agency-doesnt.html?fb_action_ids=1463653603870450&fb_action_types=og.comments&fb_source=aggregation&fb_aggregation_id=288381481237582
Straight from the AP news release today:
“In other words, `apples to apples,’ RSIC is not overpaying for its asset allocation,” the firm wrote, responding to an April 12 letter from Loftis disagreeing with its conclusions.
Hmmm…so Loftis disagreed with the Funston conclusions, yet tried to beat the press by writing this shanty article and releasing it before the REAL press releases were out, and putting his delusional spin on things.
Read it for yourselves. It’s in most all of the major in-state newspapers and even some out of state. Here’s the Link to the Associated Press release printed today in The State:
http://www.thestate.com/2014/04/22/3402965/audit-sc-pension-agency-doesnt.html?fb_action_ids=1463653603870450&fb_action_types=og.comments&fb_source=aggregation&fb_aggregation_id=288381481237582
Ahhh, you can run but you can’t hide.
Ahhh trolls everywhere, where’s my crossbow?
So word is that one of Loftis’ closest associates / staffers suddenly quit on Friday. Anyone know the details?
Man they are dropping like flies over there. Guess they are bailing before it hits the fan. This just gets better by the minute. Wonder if that’s why he OD’d on his cholesterol medicine over the weekend. Check our his Facebook page Curtis Loftis, Jr. for details.
Who can or wants to work with Loftis? How can he show his face with the investment commission , the state retirees association, or anywhere else? Loftis lies, has a violent temper , a vile disease … He needs to go back to bugs extermination. He has done nothing for the SC. Go away, Curt.
His secretary quit last week.
The word I heard is Loftis’ public information guy, a nice young fellow named Eric Stroman resigned unexpectedly. This will be his third PIO to resign. Must be a real pressure packed job.
Definition of ‘Alpha’
1. A measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a portfolio and compares its risk-adjusted performance to a benchmark index. The excess return of the fund relative to the return of the benchmark index is a fund’s alpha.