For those of you who haven’t been reading our recent wire posts, there was a big story in Governing magazine this week about the sorry state of South Carolina’s pension fund.
The article – which you can read for yourself by clicking here – basically reiterated what South Carolinians have long known, that their state pension fund is underperforming compared to its peers and paying way too much money in fees. Seriously … in good times or bad, our investments are lagging behind the rest of the nation while we shell out disproportionately large fees.
The commission’s response to this?
“We’re not thinking about putting ourselves in a horse race with other public pension peers,” one of its six-figure taxpayer-funded bureaucrats told Governing‘s Liz Farmer.
Ah, South Carolina … forever the slow zebra.
Anyway, the state’s pension fund posted a 12.4 percent gain in 2012 – basically recovering its losses from the previous year. However that mark once again trailed both the broader market as well as other pension funds. One reason? Its disproportionate reliance on “alternative investments.”
S.C. Treasurer Curtis Loftis has been dutifully exposing the myriad problems with the pension fund – which is managed by a corrupt, secretive and totally unaccountable commission run by one Reynolds Williams, an appointee of legendary scamster Hugh Leatherman (RINO-Florence).
Specifically, Loftis has been exposing how commissioners and their staff have been receiving all sorts of undisclosed perks from the firms they are doing business with – and in some cases profiting directly from deals. What has Loftis gotten for his efforts? A literally non-stop vendetta … one fueled by the Palmetto State’s “bought and paid for” mainstream media.
Williams and his cronies have done everything within their power to take Loftis out … including passing a resolution of censure against him in February.
This week – less than forty-eight hours after the Governing story was published – they struck again, with Williams proclaiming that politicians would be forever prohibited from serving on investment commission subcommittees. According to our sources, Williams was enraged by the Governing story – and wanted to rebuke Loftis for embarrassing him.
So middle school …
Loftis is the lone elected official on the investment commission – i.e. he’s the only member directly accountable to taxpayers. The others are all political appointments.
In other words, Williams is taking the lone “voice of the people” and attempting to silence it – all because that voice is speaking the truth and demanding reform.
How sad …
The irony in all this? Williams is currently under criminal and ethical investigation for alleged self-dealing between his law firm and the commission. In other words if there was anyone on this committee who ought to be restricted from playing a role in investment decisions, it’s him.
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66 comments
Its a Great Day in South Carolina!We need that Big T character to tell us how this is all the Democrats fault.Come on Bo!Let er rip!
Or how FITS is ignoring and drawing attention away from X scandal by reporting something, anything besides X scandal.
Its a Great Day in South Carolina!We need that Big T character to tell us how this is all the Democrats fault.Come on Bo!Let er rip!
Or how FITS is ignoring and drawing attention away from X scandal by reporting something, anything besides X scandal.
Good gosh, everyone knows that Reynolds William is a crooked man. He is well known for taking great pleasure at his status.
“..everyone knows…?”
Nikki Haley thinks hes a great guy!The voters of South Carolina elected her Governor because she had an “R” by her name and next year will re elect her.(same reason)
I’ll put even money on Governor Haley NOT being reelected.
How is it that Michael Haley got 2 weeks R&R, after being “deployed” just a couple of months. Most soldiers don’t even get that opportunity for at 6 to 8 months.
He’s special
SLED was busy picking up 3 dozen Just Out Of the Oven Krispy Kreme Donuts for eunuch Timmy when Michael arrived at the airport so Richland Two sent over a short bus to pick him up
Birds of a feather.
Good gosh, everyone knows that Reynolds William is a crooked man. He is well known for taking great pleasure at his status.
“..everyone knows…?”
Nikki Haley thinks hes a great guy!The voters of South Carolina elected her Governor because she had an “R” by her name and next year will re elect her.(same reason)
I’ll put even money on Governor Haley NOT being reelected.
How is it that Michael Haley got 2 weeks R&R, after being “deployed” just a couple of months. Most soldiers don’t even get that opportunity for at 6 to 8 months.
He’s special
SLED was busy picking up 3 dozen Just Out Of the Oven Krispy Kreme Donuts for eunuch Timmy when Michael arrived at the airport so Richland Two sent over a short bus to pick him up
Birds of a feather.
Reynolds Williams has been disciplined by the SC bar multiple times.
Reynolds Williams has been disciplined by the SC bar multiple times.
The retires have been raped for so long that they don’t care much. It is sad.
We are “paid to stay away”
The retires have been raped for so long that they don’t care much. It is sad.
We are “paid to stay away”
Did Loftis tell y’all the story about how he single handedly sold retirees down the river by agreeing to give his big banking buddies a break on a lawsuit started by Converse Chellis. That’s right, a big New York bank owed the retiree trust fund 200 million dollars but Loftis agreed to settle for only 25 million dollars provided his lawyer friends got 9 million. Leave it to old Curt, always stands up for the little guy.
Bullshit. I just read the settlement. Up to hundred million in cash and service credits.
Atty fees are paid according to the Attorney General’s standard contract.
Reynolds Williams is super pissed at Loftis because there is a 75% chance of Reynolds being indicted for self-dealing.
If everyone had been “indicted” that posters on this site ,and Fits himself, had claimed were “about to be?”Why there would be trials all over the place and Columbia and environs would be empty of politicos!
Indeed,has ANYONE mentioned here as “about to be indicted” ever actually been indicted?
Excellent point. The “Lexington Ring” is a good example. I read this site for amusement, not insight or facts.
Is that a fact. If you can read , read the latest AP article and show me where you get your figures. Now I don’t have access to the actual settlement but I plan to as early as tomorrow and I’ll be glad to post it here.
http://www.charlotteobserver.com/2013/05/23/4059816/apnewsbreak-lawsuit-against-ny.html
By the time this is over Loftis will be relegated to selling tin foil to his admirers.
Looks like the only ones benefiting from this meager (the bank ripped us off for $200 million) settlement are the attorneys. $9 million in fees to get $20 million for the retirement fund? What a rip off. And please tell me what Loftis is doing with $5 million. You would think these efforts would fall under the job description of Treasurer. Retirees were ripped off by the bank, the attorneys and the Treasurer. Thanks, Mr. Loftis.
First off, the bank did not “owe” $200 million. This was simply the starting point for the damages claim from the state. The Treasurer’s Office gets $5 million because a portion of the damages applied to funds that are administered by the Treasurer’s Office such as the state’s 529 College Funding Plan, the Pre-paid Tuition Plan, the account where surplus state revenues are temporarily parked, etc. Having said that, Mitch Willoughby must be extraordinarily happy with his seven figure windfall!
The lies tumbling out of the Investment commission were used on the floor of the senate to cut treasurers budget. I hear layoff start next week.
Can you imagine? $9 million to the attorneys for $20 million in the retirement fund? Those guys in new york talk real fast, doncha know?
And, we’re still forced to keep retiree money with the bank that lost the $200M!! They pay us $25M so we will continue to piss away our money with them. Great deal. Smart move.
And, Loftis’ buddy got the $2M of the $9M legal fee when he didn’t get involved until the case was almost concluded. Loftis rewarding someone for something, but it ain’t any substantial legal work on this case.
At one time I was involved with this case is a very distant way. The Retirement System did not want litigation with the bank. Treasurer Chellis did. Now that the suit has returned money the Retirement System says it is not enough, Haha, aint the Retirement System full of bullshit?
Janice, that is a silly remark. I have not seen any official statement by the Retirement System on either issue you raise. I have seen a number of individuals commenting on both sides of the issue. Clearly there are differences of opinion but there is no official statement by any office of the “retirement system.”
No one mentioned an official statement. What I said was I was involved with this issue previously so I know it well. Now there seems to be an effort to paint a settlement as insufficient. I don’t need an official statement to tell me what I see and know.
It is easy for officials to cast doubt on a settlement. A child could do that. But most children are more honest than the Investment Commission. (And yes, I have first hand knowledge on that issue too.)
Gosh, Janice, you certainly know a lot. It might be easier to list those things you don’t know anything about.
I am not aware of any officials who have questioned the settlement other than Senator Leatherman questioning the attorney fees. Since you are so knowledgeable, please name the official who has said the settlement is insufficient and please don’t refer to them as the Retirement System or the Investment Commission, name names.
Frankly, since Loftis has agreed to a veil of temporary secrecy, no one really knows if the settlement is a good or bad thing. We don’t even know if his fellow trustees on the Budget and Control Board were kept in the loop and as a retiree, I am not aware that any stakeholder groups, the people who are members of the Trust Fund who were allegedly ripped off, were given the opportunity to express an opinion.
As a retiree just let me emphasize that a little transparency would have appreciated.
I don’t know. 12.5 cents on the dollar for retirees sounds to me like somebody got taken for a country bumpkin. And we’ll continue to do business with them for 10 years??? No education in the second kick of a mule.
Did Loftis tell y’all the story about how he single handedly sold retirees down the river by agreeing to give his big banking buddies a break on a lawsuit started by Converse Chellis. That’s right, a big New York bank owed the retiree trust fund 200 million dollars but Loftis agreed to settle for only 25 million dollars provided his lawyer friends got 9 million. Leave it to old Curt, always stands up for the little guy.
Bullshit. I just read the settlement. Up to hundred million in cash and service credits.
Atty fees are paid according to the Attorney General’s standard contract.
Reynolds Williams is super pissed at Loftis because there is a 75% chance of Reynolds being indicted for self-dealing.
If everyone had been “indicted” that posters on this site ,and Fits himself, had claimed were “about to be?”Why there would be trials all over the place and Columbia and environs would be empty of politicos!
Indeed,has ANYONE mentioned here as “about to be indicted” ever actually been indicted?
Excellent point. The “Lexington Ring” is a good example. I read this site for amusement, not insight or facts.
Is that a fact. If you can read , read the latest AP article and show me where you get your figures. Now I don’t have access to the actual settlement but I plan to as early as tomorrow and I’ll be glad to post it here.
http://www.charlotteobserver.com/2013/05/23/4059816/apnewsbreak-lawsuit-against-ny.html
By the time this is over Loftis will be relegated to selling tin foil to his admirers.
Looks like the only ones benefiting from this meager (the bank ripped us off for $200 million) settlement are the attorneys. $9 million in fees to get $20 million for the retirement fund? What a rip off. And please tell me what Loftis is doing with $5 million. You would think these efforts would fall under the job description of Treasurer. Retirees were ripped off by the bank, the attorneys and the Treasurer. Thanks, Mr. Loftis.
First off, the bank did not “owe” $200 million. This was simply the starting point for the damages claim from the state. The Treasurer’s Office gets $5 million because a portion of the damages applied to funds that are administered by the Treasurer’s Office such as the state’s 529 College Funding Plan, the Pre-paid Tuition Plan, the account where surplus state revenues are temporarily parked, etc. Having said that, Mitch Willoughby must be extraordinarily happy with his seven figure windfall!
The lies tumbling out of the Investment commission were used on the floor of the senate to cut treasurers budget. I hear layoff start next week.
Can you imagine? $9 million to the attorneys for $20 million in the retirement fund? Those guys in new york talk real fast, doncha know?
And, we’re still forced to keep retiree money with the bank that lost the $200M!! They pay us $25M so we will continue to piss away our money with them. Great deal. Smart move.
And, Loftis’ buddy got the $2M of the $9M legal fee when he didn’t get involved until the case was almost concluded. Loftis rewarding someone for something, but it ain’t any substantial legal work on this case.
At one time I was involved with this case is a very distant way. The Retirement System did not want litigation with the bank. Treasurer Chellis did. Now that the suit has returned money the Retirement System says it is not enough, Haha, aint the Retirement System full of bullshit?
Janice, that is a silly remark. I have not seen any official statement by the Retirement System on either issue you raise. I have seen a number of individuals commenting on both sides of the issue. Clearly there are differences of opinion but there is no official statement by any office of the “retirement system.”
No one mentioned an official statement. What I said was I was involved with this issue previously so I know it well. Now there seems to be an effort to paint a settlement as insufficient. I don’t need an official statement to tell me what I see and know.
It is easy for officials to cast doubt on a settlement. A child could do that. But most children are more honest than the Investment Commission. (And yes, I have first hand knowledge on that issue too.)
Gosh, Janice, you certainly know a lot. It might be easier to list those things you don’t know anything about.
I am not aware of any officials who have questioned the settlement other than Senator Leatherman questioning the attorney fees. Since you are so knowledgeable, please name the official who has said the settlement is insufficient and please don’t refer to them as the Retirement System or the Investment Commission, name names.
Frankly, since Loftis has agreed to a veil of temporary secrecy, no one really knows if the settlement is a good or bad thing. We don’t even know if his fellow trustees on the Budget and Control Board were kept in the loop and as a retiree, I am not aware that any stakeholder groups, the people who are members of the Trust Fund who were allegedly ripped off, were given the opportunity to express an opinion.
As a retiree just let me emphasize that a little transparency would have appreciated.
I don’t know. 12.5 cents on the dollar for retirees sounds to me like somebody got taken for a country bumpkin. And we’ll continue to do business with them for 10 years??? No education in the second kick of a mule.
Why is Fits avoiding the real rip-off here? Loftis got $5 million for his office and his personal attorney got millions more out of a settlement of overcharges by a New York Bank to the retirement system. I feel deceived and ripped off by a shyster who masquerades as a champion for the taxpayers. That money belongs to retirees. What a hypocrite! Loftis also locked us in to doing business with the same bank for the next decade! Bend over–he’ll do it to you again. We better learn.
$9 million in attorneys fees, $5 million for the treasurer and retirees get $20 million on a $200 million rip off by the bank? And who agreed to this settlement? Mr. Loftis, may I sarcastically say, “thanks a lot.” We should change banks and walk away from this deal. No wonder the rest of the world thinks we are a bunch of fools–we are! This bank is laughing all the way to the…..bank.
These facts are wrong. These lies cover a small part of the settlement
with a distorted view. This is what Investment Commission flacks do when
their hidden income from Pension Fund is attacked.
Reynolds
Williams is the Chairman of the Investment Commission and he is under
criminal and ethical investigation for taking $140,000 from a firm doing
business with the Investment Commission.
This is bullshit.
These facts are wrong. These lies cover a small part of the settlement with a distorted view. This is what Investment Commission flacks do when their hidden income from Pension Fund is attacked.
Reynolds Williams is the Chairman of the Investment Commission and he is under criminal and ethical investigation for taking $140,000 from a firm doing business with the Investment Commission.
Why is Fits avoiding the real rip-off here? Loftis got $5 million for his office and his personal attorney got millions more out of a settlement of overcharges by a New York Bank to the retirement system. I feel deceived and ripped off by a shyster who masquerades as a champion for the taxpayers. That money belongs to retirees. What a hypocrite! Loftis also locked us in to doing business with the same bank for the next decade! Bend over–he’ll do it to you again. We better learn.
$9 million in attorneys fees, $5 million for the treasurer and retirees get $20 million on a $200 million rip off by the bank? And who agreed to this settlement? Mr. Loftis, may I sarcastically say, “thanks a lot.” We should change banks and walk away from this deal. No wonder the rest of the world thinks we are a bunch of fools–we are! This bank is laughing all the way to the…..bank.
These facts are wrong. These lies cover a small part of the settlement
with a distorted view. This is what Investment Commission flacks do when
their hidden income from Pension Fund is attacked.
Reynolds
Williams is the Chairman of the Investment Commission and he is under
criminal and ethical investigation for taking $140,000 from a firm doing
business with the Investment Commission.
This is bullshit.
These facts are wrong. These lies cover a small part of the settlement with a distorted view. This is what Investment Commission flacks do when their hidden income from Pension Fund is attacked.
Reynolds Williams is the Chairman of the Investment Commission and he is under criminal and ethical investigation for taking $140,000 from a firm doing business with the Investment Commission.
Heard that Curtis has received death threats.
I know for a fact he has. His friends have asked him to go to SLED. Atleast 2 members of the General Assembly have. All he says is that SLED works for the people that are after him.
Heard that Curtis has received death threats.
I know for a fact he has. His friends have asked him to go to SLED. Atleast 2 members of the General Assembly have. All he says is that SLED works for the people that are after him.