SC

Curtis Loftis Got Sued

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…

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.

His response?

“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.

***

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52 comments

TheRealRepublican April 11, 2013 at 8:37 pm

This guy is great!!!
Does the Supreme Court hear crazy rants? My buddy worked with Loftis at his last state job (he got canned from) and said his rages are EPIC to behold. He never did his own job, but instead was always trying to make his colleagues look as bad as possible, but couldn’t take ANY heat himself without boiling to rage. If you crossed him, he’d come at you like a coked up (!) spider monkey and try to humiliate you in front of everyone.
Nasty nasty dude. Problably try to chop block on these guys who sued him. If my buddy’s right, this should get real ugly real fast.

Reply
BC Bearcat April 11, 2013 at 9:08 pm

I call bullshit. I have known Curt for 25 years and he is the hardest working SIB I have ever known.

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Jeffrey Sewell April 11, 2013 at 9:56 pm

Exacto! Why the Curt hate? He can’t be bought! Now lets see some elected candy asses stand up for him… Waiting… AG? Gov? Sanford? Who??

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Jeffrey Sewell April 11, 2013 at 9:53 pm

Hey Dan Cassidy are u sure the board of SC for Public Charter Schools would approve of such a statement? Yeah probably…

Reply
Squishy123 April 12, 2013 at 10:18 am

Would that be your butt-buddy? Because you pulled those comments straight out of someone’s ass.

Reply
TheRealRepublican April 11, 2013 at 8:37 pm

This guy is great!!!
Does the Supreme Court hear crazy rants? My buddy worked with Loftis at his last state job (he got canned from) and said his rages are EPIC to behold. He never did his own job, but instead was always trying to make his colleagues look as bad as possible, but couldn’t take ANY heat himself without boiling to rage. If you crossed him, he’d come at you like a coked up (!) spider monkey and try to humiliate you in front of everyone.
Nasty nasty dude. Problably try to chop block on these guys who sued him. If my buddy’s right, this should get real ugly real fast.

Reply
BC Bearcat April 11, 2013 at 9:08 pm

I call bullshit. I have known Curt for 25 years and he is the hardest working SIB I have ever known.

Reply
Jeffrey Sewell April 11, 2013 at 9:56 pm

Exacto! Why the Curt hate? He can’t be bought! Now lets see some elected candy asses stand up for him… Waiting… AG? Gov? Sanford? Who??

Reply
Jeffrey Sewell April 11, 2013 at 9:53 pm

Hey Dan Cassidy are u sure the board of SC for Public Charter Schools would approve of such a statement? Yeah probably…

Reply
Squishy123 April 12, 2013 at 10:18 am

Would that be your butt-buddy? Because you pulled those comments straight out of someone’s ass.

Reply
Jake April 11, 2013 at 8:40 pm

Curt LOFTIS is the only pol in this state that will take on the corrupt system in SC. Others talk but he does it,
Take the money from those crooked bastards!

Reply
Jake April 11, 2013 at 8:40 pm

Curt LOFTIS is the only pol in this state that will take on the corrupt system in SC. Others talk but he does it,
Take the money from those crooked bastards!

Reply
Cash April 11, 2013 at 8:42 pm

Keep fighting Me. Treasurer. Keep fighting!

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Cash April 11, 2013 at 8:42 pm

Keep fighting Me. Treasurer. Keep fighting!

Reply
Smirks April 11, 2013 at 8:51 pm

Loftis is awesome as hell for trolling these fuckers.

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Cooper April 12, 2013 at 12:03 am

Croney capitalism is alive in well and Loftis is one adventurus soul for taking these guys on. Amy investor know you can’t pay fees at that level and hope to do anything but be mediocre.
I hope he gets them all thrown in jail.

Reply
kyle April 12, 2013 at 6:41 am

I love it! Nothing better than watching the “good old boys” getting caught with their hands in the cookie jar! Billions and billions of dollars being played with and no one watching till Treasurer Loftis came along. I love it.

Reply
Smirks April 11, 2013 at 8:51 pm

Loftis is awesome as hell for trolling these fuckers.

Reply
Cooper April 12, 2013 at 12:03 am

Croney capitalism is alive in well and Loftis is one adventurus soul for taking these guys on. Amy investor know you can’t pay fees at that level and hope to do anything but be mediocre.
I hope he gets them all thrown in jail.

Reply
kyle April 12, 2013 at 6:41 am

I love it! Nothing better than watching the “good old boys” getting caught with their hands in the cookie jar! Billions and billions of dollars being played with and no one watching till Treasurer Loftis came along. I love it.

Reply
DWHC retired April 11, 2013 at 8:53 pm

These Commissioners are the type people that have been raping the people of this state for years. I hope the lot of them end up in the pokey.

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DWHC retired April 11, 2013 at 8:53 pm

These Commissioners are the type people that have been raping the people of this state for years. I hope the lot of them end up in the pokey.

Reply
Sailor April 11, 2013 at 9:02 pm

Boy, I’d sure like to be a “fly on the wall” during their meetings!

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Trash Bug April 12, 2013 at 5:58 am

They are public. You can have a chair & don’t have to sit on the wall.

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Sailor April 11, 2013 at 9:02 pm

Boy, I’d sure like to be a “fly on the wall” during their meetings!

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Trash Bug April 12, 2013 at 5:58 am

They are public. You can have a chair & don’t have to sit on the wall.

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Series 7 April 11, 2013 at 9:27 pm

The fees paid by the investment commission are criminal , this is my business’ and I know the commissioners are either fools or crooks! SLED should look into the fees because somebody at the Commission got rich!

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Series 7 April 11, 2013 at 9:27 pm

The fees paid by the investment commission are criminal , this is my business’ and I know the commissioners are either fools or crooks! SLED should look into the fees because somebody at the Commission got rich!

Reply
Pete April 11, 2013 at 9:53 pm

Hell. The Chairman Reynolds Williams is liable to be in jail for ripping the to vestment fund out i$100 grand. That place is a f@@@”?ing mess!

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Pete April 11, 2013 at 9:53 pm

Hell. The Chairman Reynolds Williams is liable to be in jail for ripping the to vestment fund out i$100 grand. That place is a f@@@”?ing mess!

Reply
danman1213 April 11, 2013 at 11:45 pm

Go Curtis .. Do not give in. Exposé all of the corup . I would like to know why a part time employee of the state with 30 years severice and a part time salary of less 25k a year can draw a larger state retirement than a full time employee with the same amount of time . I am referring to the State Senator Nilki Setlezer and others. They have voters them self perks and are seldom question on their ethic. Why are they not held to the same standards as non elected employes of the state.. 150.00 a day while in session and they live 5 mile or less from the Capitol.there a lot of cronyism on both sides that need to be exposed..

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Dan April 11, 2013 at 11:45 pm

Go Curtis .. Do not give in. Exposé all of the corup . I would like to know why a part time employee of the state with 30 years severice and a part time salary of less 25k a year can draw a larger state retirement than a full time employee with the same amount of time . I am referring to the State Senator Nilki Setlezer and others. They have voters them self perks and are seldom question on their ethic. Why are they not held to the same standards as non elected employes of the state.. 150.00 a day while in session and they live 5 mile or less from the Capitol.there a lot of cronyism on both sides that need to be exposed..

Reply
Sun Yat Sen April 12, 2013 at 12:38 am

Reynolds Williams, what a “right” and “good” sort of name. Like Aubrey McClendon (Chesapeake Energy), Ronald Kronenberger (real estate baron), Edmund de Rothschild (wine baron), Sumner Redstone (cable TV baron). With a $200 “fix my balding head” haircut. Curtis must be doing something right to have assholes like “Reynolds Williams” on his tail.

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Sun Yat Sen April 12, 2013 at 12:38 am

Reynolds Williams, what a “right” and “good” sort of name. Like Aubrey McClendon (Chesapeake Energy), Ronald Kronenberger (real estate baron), Edmund de Rothschild (wine baron), Sumner Redstone (cable TV baron). With a $200 “fix my balding head” haircut. Curtis must be doing something right to have assholes like “Reynolds Williams” on his tail.

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John Q April 12, 2013 at 6:00 am

Of course South Carolinians should take it up the ass without complaint. They keep electing “conservative” republicans over and over and over no matter how many times they get it shoved up their ass.

Shut up and pay up. They get just what they deserve!

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John Q April 12, 2013 at 6:00 am

Of course South Carolinians should take it up the ass without complaint. They keep electing “conservative” republicans over and over and over no matter how many times they get it shoved up their ass.

Shut up and pay up. They get just what they deserve!

Reply
Wilson April 12, 2013 at 6:34 am

I found this on the Treasurer’s website. It is a good background piece on this subject. Made everything clear for me.

http://www.treasurer.sc.gov/Documents/backgroundonfunding3-28-13.pdf

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Wilson April 12, 2013 at 6:34 am

I found this on the Treasurer’s website. It is a good background piece on this subject. Made everything clear for me.

http://www.treasurer.sc.gov/Documents/backgroundonfunding3-28-13.pdf

Reply
Squishy123 April 12, 2013 at 10:17 am

I hope those suing realize that Loftis knows where several of the skeletons are buried and will be disclosing that information under oath.

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Squishy123 April 12, 2013 at 10:17 am

I hope those suing realize that Loftis knows where several of the skeletons are buried and will be disclosing that information under oath.

Reply
jimlewisowb April 12, 2013 at 1:56 pm

In ordinary times I would applaud Mr. Loftis’ move that may get Reynolds Williams and his band of fucking thieves before the Courts.

But these ain’t fucking ordinary times in South Carolina

Unless there was some divine intervention last night the Courts are still under the Iron Ass of Queen Toad. The mother of all cockroaches.

Loftis will not be as lucky as Lawyer Rahman-Johnson.

The Treasurer may soon find himself with a title, no budget, no staff, no office space, no State car, no parking space and an answering machine with the message:

You have contacted the Office of Treasurer of the Great State of South Carolina which is currently undergoing a few modifications ordered by the South Carolina Supreme Court and is expected to be back online after the next general election provided Curtis Loftis has died or is not re-elected whichever comes first.

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Sammy April 12, 2013 at 3:07 pm

Hahaha. You are right, Loftis will be lucky to get Out of this alive. He is taking on that vicious bunch called the Florence Mafia (Williams, LEATHERMAN, Floyd) and the richest, fattest agency in SC. (The Investment Commission). LOFTIS has shown true courage and anyone with a brain knows that, but he is by himself and these crooked bastards will stop at nothing to protect their honey pots!

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Scrappy April 14, 2013 at 10:15 am

Your’e exactly right! Loftis is Fucked!

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jimlewisowb April 12, 2013 at 1:56 pm

In ordinary times I would applaud Mr. Loftis’ move that may get Reynolds Williams and his band of fucking thieves before the Courts.

But these ain’t fucking ordinary times in South Carolina

Unless there was some divine intervention last night the Courts are still under the Iron Ass of Queen Toad. The mother of all cockroaches.

Loftis will not be as lucky as Lawyer Rahman-Johnson.

The Treasurer may soon find himself with a title, no budget, no staff, no office space, no State car, no parking space and an answering machine with the message:

You have contacted the Office of Treasurer of the Great State of South Carolina which is currently undergoing a few modifications ordered by the South Carolina Supreme Court and is expected to be back online after the next general election provided Curtis Loftis has died or is not re-elected whichever comes first.

Reply
Sammy April 12, 2013 at 3:07 pm

Hahaha. You are right, Loftis will be lucky to get Out of this alive. He is taking on that vicious bunch called the Florence Mafia (Williams, LEATHERMAN, Floyd) and the richest, fattest agency in SC. (The Investment Commission). LOFTIS has shown true courage and anyone with a brain knows that, but he is by himself and these crooked bastards will stop at nothing to protect their honey pots!

Reply
Scrappy April 14, 2013 at 10:15 am

Your’e exactly right! Loftis is Fucked!

Reply
janepublic2000 April 12, 2013 at 3:49 pm

I am a huge Democrat. And a huge fan of Curtis Loftis. Apparently he has been told over and over that it is his job to sign the bottom of the checks – nothing more – and no one likes him poking his nose around. Including Nikki (for what should be obvious reasons). If we had elected Vincent Sheheen last go-round and had an actual functioning inspector general, Loftis would have the back-up he needs to put an end to the seemingly-endless stream of taxpayer money in this state that ends up lost to waste and corrupt practices…

Reply
janepublic2000 April 12, 2013 at 3:49 pm

I am a huge Democrat. And a huge fan of Curtis Loftis. Apparently he has been told over and over that it is his job to sign the bottom of the checks – nothing more – and no one likes him poking his nose around. Including Nikki (for what should be obvious reasons). If we had elected Vincent Sheheen last go-round and had an actual functioning inspector general, Loftis would have the back-up he needs to put an end to the seemingly-endless stream of taxpayer money in this state that ends up lost to waste and corrupt practices…

Reply
nitrat April 13, 2013 at 9:21 am

Curtis agreed to this fee a few months ago and now won’t sign the paper check, despite already done so electronically (in previously reported stories).

He is using this as a fund raising tool. (also reported by the AP)

What he is doing now is analogous to the GOPers in Congress who were opposed to raising the debt ceiling to pay for things they had already voted to appropriate. It is just as ignorant and stupid and damaging, but appeals to the ignorant and stupid just as much.
I was against the Constitutional Amendment that allowed the SCRS to invest in any kind of con game known to man.
I am against any kind of public employee pension fund anywhere investing in private equity or hedge funds, based what I learned about these con games thanks to Mitt Romney being one of these con men. These people and their firms simply drain money away from investors and put it in personal accounts in the Caymans.
Somebody needs to look out for the retirees and the taxpayers. Curtis has been doing that pretty well. But, in this case, he is getting ready to cost retirees and taxpayers a lot of money to make a “gesture”; in this, he is a typical Republican.
The most disturbing thing about Curtis is not Curtis. It’s the voters who are so willing to make such an emotional investment in any politician and put them up on a pedestal. And, really, in SC, haven’t we seen enough of doing just and getting really screwed over? Why is it so hard for so many in SC to be wary of all politicians, even the ones who seem to be doing the right things for the state? Why can’t we back off and be a little more restrained and rational about them? Why do we need to deify them?

Reply
Cigman April 16, 2013 at 7:51 pm

I agree. Loftis is just playing politics and telling people what they want to hear. Trying to raise money for re-election. Hope his termite business is doing well because it looks like its going to have to fund his next campaign!!!

Reply
nitrat April 13, 2013 at 9:21 am

Curtis agreed to this fee a few months ago and now won’t sign the paper check, despite already done so electronically (in previously reported stories).

He is using this as a fund raising tool. (also reported by the AP)

What he is doing now is analogous to the GOPers in Congress who were opposed to raising the debt ceiling to pay for things they had already voted to appropriate. It is just as ignorant and stupid and damaging, but appeals to the ignorant and stupid just as much.
I was against the Constitutional Amendment that allowed the SCRS to invest in any kind of con game known to man.
I am against any kind of public employee pension fund anywhere investing in private equity or hedge funds, based what I learned about these con games thanks to Mitt Romney being one of these con men. These people and their firms simply drain money away from investors and put it in personal accounts in the Caymans.
Somebody needs to look out for the retirees and the taxpayers. Curtis has been doing that pretty well. But, in this case, he is getting ready to cost retirees and taxpayers a lot of money to make a “gesture”; in this, he is a typical Republican.
The most disturbing thing about Curtis is not Curtis. It’s the voters who are so willing to make such an emotional investment in any politician and put them up on a pedestal. And, really, in SC, haven’t we seen enough of doing just and getting really screwed over? Why is it so hard for so many in SC to be wary of all politicians, even the ones who seem to be doing the right things for the state? Why can’t we back off and be a little more restrained and rational about them? Why do we need to deify them?

Reply
Cigman April 16, 2013 at 7:51 pm

I agree. Loftis is just playing politics and telling people what they want to hear. Trying to raise money for re-election. Hope his termite business is doing well because it looks like its going to have to fund his next campaign!!!

Reply

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