S.C. Treasurer Curtis Loftis was sued by his colleagues on the S.C. Retirement System Investment Commission (SCRSIC) this week.
What for? Being the only guy on the commission who’s actually doing his job, of course …
SCRSIC commissioners – whose corruption and incompetence Loftis has been dutifully exposing over the last two years – are furious because the Treasurer won’t rubber stamp a $50 million “alternative investment” managed by New York-based investment firm Warburg Pincus. Ironically, Loftis supports this particular investment – but his repeated requests for required documents related to the deal have been ignored by commission ringleader Reynolds Williams.
“The commission lacks a moral core and that breeds questionable behavior,” Loftis told FITS. “The unelected commission rejects any notion that there are limits to their power.”
He’s right … and the result of that arrogance has been a long history of substandard returns and exorbitant fees.
“We are in the bottom twenty percent in returns and the top on percent in paying fees,” Loftis noted.
Pathetic … but God forbid anybody blow the whistle on it because this is South Carolina, where taxpayers are expected to take it up the ass with nary a whimper.
Anyway, Loftis has been exposing how commissioners and their staff are also getting all sorts of undisclosed perks from the firms they are doing business with – and in some cases profiting directly from deals. That level of scrutiny hasn’t sat well with the commissioners – including the man S.C. Gov. Nikki Haley appointed to the board. In fact Haley’s , Ed Giobbe, introduced a resolution of censure against Loftis last month.
“It’s a badge of honor,” he said.
So is this lawsuit …
These corrupt commissioners have done everything within their power to take Loftis out – all because he’s been determined to uphold his fiduciary responsibility to taxpayers while living up to his campaign promises of transparency (unlike some people in state government).
That sort of effort ought to be greeted with applause and cooperation … not backstabbing and lawsuits.
But again … this is South Carolina, where it’s always “a great day for corruption.”
UPDATE: Here is the official statement released by Loftis’ office in response to the lawsuit.