SC

Nikki Haley Must Remove Pension Board Member

S.C. Gov. Nikki Haley, to her credit, has come to the defense of State Treasurer Curtis Loftis – who was censured this week by the S.C. Retirement System Investment Commission (SCRSIC) for having the audacity to tell the truth about the fund’s poor performance, exorbitant fees and corrupt management. Haley’s…

S.C. Gov. Nikki Haley, to her credit, has come to the defense of State Treasurer Curtis Loftis – who was censured this week by the S.C. Retirement System Investment Commission (SCRSIC) for having the audacity to tell the truth about the fund’s poor performance, exorbitant fees and corrupt management.

Haley’s office told reporter Adam Beam of The (Columbia, S.C.) State newspaper the commission’s censure was “unproductive and unprofessional,” adding the governor was “disappointed in the disrespect” it showed Loftis.

Good for her …

Haley has battled bitterly with Loftis in the past, but now that the Lexington Republican has made it clear he’s not running against the governor in 2014 – it appears she is comfortable aligning herself with him publicly.

Again, good for her … but this time Haley must accompany her words with action. Specifically, she must remove her appointee to this board: Ed Giobbe of Aiken, S.C.

Ed Giobbe
Ed Giobbe

Why?

For starters, Giobbe not only voted in favor of the censure resolution against Loftis – he introduced it. In fact ever since Haley appointed him to this board, Giobbe has been voting against the best interests of taxpayers – most notably keeping corrupt commission chairman Reynolds Williams at his post despite an ongoing criminal investigation into Williams’ self-serving deals.

He’s pure status quo, in other words – exactly the sort of establishment-backing appointee Haley used to rail against when she was campaigning against the good ol’ boys three years ago.

Then there’s the simple matter of results: Giobbe has blindly supported Williams’ leadership of this commission, which has led to its sub-standard performance and exorbitant fees. So if Haley doesn’t want to fire him for being a sneaky, backstabbing son of a bitch, she can fire him for incompetence.

Given her participation in the intrigue against Loftis a year ago, Haley needs to do more than just condemn the cowardly attack launched against the Treasurer this week – she needs to remove the coward who launched it.

Anything else from her office is more of the same “say one thing, do another” we’ve all grown accustomed to with this governor … and further evidence that she is still in the pocket of the status quo forces leading this commission.

UPDATE: Speaking of “in the pocket,” campaign records show Giobbe has contributed $3,700 to Haley’s gubernatorial campaigns.

***

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30 comments

? March 1, 2013 at 9:41 am

She will never admit she made a mistake in his appointment. She’ll continue to double talk in regard to the whole situation so she can have her cake and eat it too.

Reply
? March 1, 2013 at 9:41 am

She will never admit she made a mistake in his appointment. She’ll continue to double talk in regard to the whole situation so she can have her cake and eat it too.

Reply
jimlewisowb March 1, 2013 at 10:15 am

Let me think here for a moment

There are over 200,000+ Fuckees(taxpayers/voters/citizens/state,county,city employees,retirees) who are being fucked daily by the actions of Fuckers(Reynolds Williams,/Edward N. Giobbe,/David K Avant,/Allen R. Gillespie/James R. Powers and S. Travis Pritchett).

Is there any chance the Gypsy Queen has awakened to the fact that a potential voting block of 200,000+ angry pissed off Fuckees may be a greater liability to her 2014 Re-Election Campaign than the current asset of having Reynolds Williams and the other Fuckers kiss her tawny beige ass daily.

Reply
shifty henry March 1, 2013 at 10:51 am

Good post, but isn’t 200,000 a low number?

Reply
CNSYD March 1, 2013 at 11:10 am

You have seen her ass? I thought only Sic Willie had that inside knowledge. Its in his book, right?

Reply
? March 1, 2013 at 11:42 am

Haven’t we all seen her ass, in one way or another?

Reply
Please March 1, 2013 at 12:03 pm

Many state employee retirees have moved out of state and don’t vote here any more.

Reply
jimlewisowb March 1, 2013 at 10:15 am

Let me think here for a moment

There are over 200,000+ Fuckees(taxpayers/voters/citizens/state,county,city employees,retirees) who are being fucked daily by the actions of Fuckers(Reynolds Williams,/Edward N. Giobbe,/David K Avant,/Allen R. Gillespie/James R. Powers and S. Travis Pritchett).

Is there any chance the Gypsy Queen has awakened to the fact that a potential voting block of 200,000+ angry pissed off Fuckees may be a greater liability to her 2014 Re-Election Campaign than the current asset of having Reynolds Williams and the other Fuckers kiss her tawny beige ass daily.

Reply
shifty henry March 1, 2013 at 10:51 am

Good post, but isn’t 200,000 a low number?

Reply
CNSYD March 1, 2013 at 11:10 am

You have seen her ass? I thought only Sic Willie had that inside knowledge. Its in his book, right?

Reply
? March 1, 2013 at 11:42 am

Haven’t we all seen her ass, in one way or another?

Reply
Please March 1, 2013 at 12:03 pm

Many state employee retirees have moved out of state and don’t vote here any more.

Reply
Andy Silton March 1, 2013 at 10:26 am

Great coverage. I’m the former CIO for the North Carolina pension plan, and don’t have a dog in this fight. After reading about the censure, I decided to start reading the Commission’s annual report. I’m not done yet, but based on what I’ve read so far, Treasurer Loftis deserves an award, rather than a censure.

I realize there are all kinds of charges and counter charges about the conduct of commission members, as well as staff, both current and former. In my view, the most important step is to untangle the investments in the pension plan. This isn’t just an issue for retired and current state employees. Ultimately, tax payers back defined pension plans.

I write a blog on money management, http://meditationonmoneymanagement.blogspot.com/. I’ll have more to say once I’m done reading . . .I suspect I’ll have more questions than answers.

Reply
Philip Branton March 1, 2013 at 11:17 am

Dear Andy Silton………(if this is who you REALLY are)…

As a South Carolina taxpayer and close supporter of NORTH CAROLINA, we find your comments very alarming.

We highly suspect that YOU are a smart man and would realize that all these fellow American taxpayers who work and invest in these PENSIONS will spend money and tax dollars in your fine state known as NORTH Carolina…!!! Therefore…YOU DO…have a dog in this fight. We know that you would never want to admit that you are actually THINKING exactly like Bobby Harrell and the rest of the PENSION Board members..!!

Mr. Silton….how much of this fine PENSION Fund will be spent on tickets and popcorn at the Carolina Panthers football game..??

Mr SIlton…..we are certain that any WIFE or daughter of a fine North Carolina business man or GAS Station owner realizes how much retirees spend in the STATE of North Carolina….!!!!!

Mr. Silton………we wonder if you have ever been to the “South of the Border”??

Mr. SIlton….we are glad that you found this website and have offered your sincere thoughts. We look forward to hearing from you in great detail once you have finished your in depth reading and auditing. !!!

Mr Silton………..we are waiting for you to bark….:) !!

Reply
Andy Silton March 1, 2013 at 10:26 am

Great coverage. I’m the former CIO for the North Carolina pension plan, and don’t have a dog in this fight. After reading about the censure, I decided to start reading the Commission’s annual report. I’m not done yet, but based on what I’ve read so far, Treasurer Loftis deserves an award, rather than a censure.

I realize there are all kinds of charges and counter charges about the conduct of commission members, as well as staff, both current and former. In my view, the most important step is to untangle the investments in the pension plan. This isn’t just an issue for retired and current state employees. Ultimately, tax payers back defined pension plans.

I write a blog on money management, http://meditationonmoneymanagement.blogspot.com/. I’ll have more to say once I’m done reading . . .I suspect I’ll have more questions than answers.

Reply
Philip Branton March 1, 2013 at 11:17 am

Dear Andy Silton………(if this is who you REALLY are)…

As a South Carolina taxpayer and close supporter of NORTH CAROLINA, we find your comments very alarming.

We highly suspect that YOU are a smart man and would realize that all these fellow American taxpayers who work and invest in these PENSIONS will spend money and tax dollars in your fine state known as NORTH Carolina…!!! Therefore…YOU DO…have a dog in this fight. We know that you would never want to admit that you are actually THINKING exactly like Bobby Harrell and the rest of the PENSION Board members..!!

Mr. Silton….how much of this fine PENSION Fund will be spent on tickets and popcorn at the Carolina Panthers football game..??

Mr SIlton…..we are certain that any WIFE or daughter of a fine North Carolina business man or GAS Station owner realizes how much retirees spend in the STATE of North Carolina….!!!!!

Mr. Silton………we wonder if you have ever been to the “South of the Border”??

Mr. SIlton….we are glad that you found this website and have offered your sincere thoughts. We look forward to hearing from you in great detail once you have finished your in depth reading and auditing. !!!

Mr Silton………..we are waiting for you to bark….:) !!

Reply
Jack J March 1, 2013 at 11:08 am

Giobbe is also a campaign contributor to Senator Shane Massey who voted for legislation to kick Treasurer Loftis off the Retirement Investment Commission last year. Apparently some Senators did not like it when Loftis revealed the retirement fund’s poor earnings and high fees. Fortunately, they failed in their attempt to remove and silence him.

Too many in Columbia working against the taxpayers.

Thank goodness for Treasurer Curtis Loftis.

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JDB March 2, 2013 at 12:30 am

I like Nikki and I like Curt. Known them both a long time.
I know Williams and despise his lack of morals.
I met Ed Giobee once and he is the kind of soft headed guy Reynolds could talk into anything. Pitiful, actually.
The Commission is a mess. If anything Loftis is not aggressive enough. If i were him I would call the Feds. I told him so and he said he could handle. I think he is wrong. They will handle him because they make too much money to let him stop the gravy train.

Reply
Jack J March 1, 2013 at 11:08 am

Giobbe is also a campaign contributor to Senator Shane Massey who voted for legislation to kick Treasurer Loftis off the Retirement Investment Commission last year. Apparently some Senators did not like it when Loftis revealed the retirement fund’s poor earnings and high fees. Fortunately, they failed in their attempt to remove and silence him.

Too many in Columbia working against the taxpayers.

Thank goodness for Treasurer Curtis Loftis.

Reply
JDB March 2, 2013 at 12:30 am

I like Nikki and I like Curt. Known them both a long time.
I know Williams and despise his lack of morals.
I met Ed Giobee once and he is the kind of soft headed guy Reynolds could talk into anything. Pitiful, actually.
The Commission is a mess. If anything Loftis is not aggressive enough. If i were him I would call the Feds. I told him so and he said he could handle. I think he is wrong. They will handle him because they make too much money to let him stop the gravy train.

Reply
Queen Jean March 1, 2013 at 11:37 am

Sic: I’ve told you and told you. Reynolds Williams is an attorney. I have my own attorney discipline system. We have our own investigators. The system is operated secretly with rules that may be changed by me at any time I please. We have determined that Mr. Williams has done nothing “inappropriate.” If you do not have evidence to the contrary and which would apply to my ambiguous secret rules and about which I am the only judge, please quit writing about him. Thank you. Fondly, your Queen

Reply
Queen Jean March 1, 2013 at 11:37 am

Sic: I’ve told you and told you. Reynolds Williams is an attorney. I have my own attorney discipline system. We have our own investigators. The system is operated secretly with rules that may be changed by me at any time I please. We have determined that Mr. Williams has done nothing “inappropriate.” If you do not have evidence to the contrary and which would apply to my ambiguous secret rules and about which I am the only judge, please quit writing about him. Thank you. Fondly, your Queen

Reply
nitrat March 1, 2013 at 12:27 pm

What I think what is going on in this here commission is a bad case of country gone to town.

Guys, when you start messin’ with stuff that you don’t understand – and the con men rely on that being the case – and you’re using taxpayer money to do the messin’, don’t get involved in anything where you have to sign a confidentiality agreement that those taxpayers cannot look at and read.

Simple enough for ya’ ?

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FloTown March 1, 2013 at 11:25 pm

Giobbe is led around by Williams. Staff knows that he is a sure thing. Williams laughs at it and thinks as little of Giobee as Loftis.
Those of us in Florence Reynolds well. Never, ever, leave your wallet around him. He will steal you blind and make you think your mother stole it. He is a very, very bad man.

Reply
nitrat March 1, 2013 at 12:27 pm

What I think what is going on in this here commission is a bad case of country gone to town.

Guys, when you start messin’ with stuff that you don’t understand – and the con men rely on that being the case – and you’re using taxpayer money to do the messin’, don’t get involved in anything where you have to sign a confidentiality agreement that those taxpayers cannot look at and read.

Simple enough for ya’ ?

Reply
FloTown March 1, 2013 at 11:25 pm

Giobbe is led around by Williams. Staff knows that he is a sure thing. Williams laughs at it and thinks as little of Giobee as Loftis.
Those of us in Florence Reynolds well. Never, ever, leave your wallet around him. He will steal you blind and make you think your mother stole it. He is a very, very bad man.

Reply
James J March 1, 2013 at 11:21 pm

i spent my life in finance; here in SC, NYC and London. Andy Silton did a fine job and has an excellent reputation.

The Investment Commission is known to be less than ethical. Most everyone in the know has horror stories about how SC pension money is “traded ” for “favors” by staff and certain commissioners. It is the easiest way to riches imaginable and hard to detect.

Loftis is correct about fees and the portfolio allocation. I understand their Consultant, who I know very well, is changing most of that so Loftis has been successful. But the misappropriation of funds is hard to prove and many people will work fight him at every turn. He will have to be lucky and smart to be these people.

Reply
James J March 1, 2013 at 11:21 pm

i spent my life in finance; here in SC, NYC and London. Andy Silton did a fine job and has an excellent reputation.

The Investment Commission is known to be less than ethical. Most everyone in the know has horror stories about how SC pension money is “traded ” for “favors” by staff and certain commissioners. It is the easiest way to riches imaginable and hard to detect.

Loftis is correct about fees and the portfolio allocation. I understand their Consultant, who I know very well, is changing most of that so Loftis has been successful. But the misappropriation of funds is hard to prove and many people will work fight him at every turn. He will have to be lucky and smart to be these people.

Reply
CPA in Chas March 2, 2013 at 6:52 pm

I have not a clue who Reynolds Williams is, or Ed Giobee for that matter. I do know of Loftis as I am a friend of Converse CHELLIS the former treasure and I neither voted for Loftis or donated to him. But I must tell you Loftis has changed what is expected of constitutional officers. His work ethic, tenacity, and faithful service has caused me to send him a letter yesterday and ask for an appointment to see him.
The treasurer represents the state. Even though I did not vote for him he represents me. He deserves any peice of information he wants or needs and for the Commission to deny him is like to let the ” inmates set the rules.”
The commission should stop the cowardly attacks on the treasurer and solve thier problems.

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CPA in Chas March 2, 2013 at 6:52 pm

I have not a clue who Reynolds Williams is, or Ed Giobee for that matter. I do know of Loftis as I am a friend of Converse CHELLIS the former treasure and I neither voted for Loftis or donated to him. But I must tell you Loftis has changed what is expected of constitutional officers. His work ethic, tenacity, and faithful service has caused me to send him a letter yesterday and ask for an appointment to see him.
The treasurer represents the state. Even though I did not vote for him he represents me. He deserves any peice of information he wants or needs and for the Commission to deny him is like to let the ” inmates set the rules.”
The commission should stop the cowardly attacks on the treasurer and solve thier problems.

Reply

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