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Corrupt Pension Fund Managers Call Treasurer A “Bully”

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The managers of South Carolina’s corrupt, underperforming, exorbitantly expensive pension fund really don’t like criticism … even though they deserve it more than any agency in state government (which is saying something). In fact they’re so mad at being called out for their ongoing failure they’ve reverted to middle school in an effort to silence their critics.

Specifically, members of the S.C. Retirement System Investment Commission (SCRSIC) are accusing S.C. Treasurer Curtis Loftis of “bullying” one of their own – using profanity and name-calling. They’ve even drafted and approved an “anti-bullying” rule in response to Loftis’ alleged actions.

Dear Lord … what a bunch of panty wastes.

“Here we go again – another political stunt and personal attack from the entrenched establishment at the Retirement Systems Investment Commission for my shining the light of transparency on the way business has been conducted for far too long,” Loftis said in a statement. “These tactics are nothing new, in fact with each success I have, the efforts to silence me have become more vicious.”

For those of you keeping score at home, South Carolina’s fund pays out the highest fees in the nation – yet it ranks among the bottom fifth of large public pension funds in its return on investment.

That’s abysmal. Of course despite this atrocious performance, the fund’s managers recently doled out $1.4 million in bonuses to its top employees – a story which broke exclusively here on FITS.

Since his election three years ago, Loftis has been dutifully exposing the corruption and mismanagement of this $25 billion fund – which is run by Reynolds Williams, Leatherman’s appointee.

“Williams has good reasons to hide behind the cloak of secrecy,” Loftis said. “He wants to hide that we pay over $300 million a year in investment fees to Wall Street. He wants to hide that South Carolina is ranked in the top 10 percent of highest investment fees in the nation while our returns regularly rank in the bottom 25 percent. He wants to hide that $1.4 million in bonuses were paid to fourteen staff members, including an employee who received a $300,000 bonus on top of his $300,000 salary while the pension underperformed.”

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 and supported by Gov. Nikki Haley. Earlier this year Haley’s appointee to the commission sponsored a resolution to censure Loftis – and the governor has reportedly been working behind the scenes to block an audit of the fund.

So much for transparency right?

Loftis was also the victim of a major smear campaign orchestrated by Haley and former S.C. Sen. Greg Ryberg, who recently received a $161,000-a-year job at the commission.

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