SC

Monkeys Running SC Pension Fund

We don’t read ai-CIO, but a member of S.C. Treasurer Curtis Loftis’ staff does … and blasted out a salient passage from its recent editions that references the Palmetto State’s struggling pension fund. Said passage noted that “New York City and South Carolina’s retirement systems each shelled out just under…

We don’t read ai-CIO, but a member of S.C. Treasurer Curtis Loftis’ staff does … and blasted out a salient passage from its recent editions that references the Palmetto State’s struggling pension fund.

Said passage noted that “New York City and South Carolina’s retirement systems each shelled out just under half of a billion dollars to asset managers in the most recent fiscal year.”

Everybody following so far?

(It’s South Carolina … we have to ask).

Next, the publication noted that “New York City’s assets total $144 billion. South Carolina spends roughly the same on a $27 billion portfolio. Furthermore, in the 2013 fiscal year, New York City’s funds returned 12.12 percent and South Carolina’s gained a net 9.9 percent. The former has likewise outpaced its southern peer over three- and five- year performance periods.”

So in other words South Carolina is paying exactly what New York City is paying to manage a much smaller fund – and is getting a much crappier return.

Awesome …

The report goes on to note that fees in South Carolina “have jumped 33 percent from the last fiscal year.”

Obviously none of this is any secret to FITS readers … nor are the ongoing efforts by status quo defenders including Gov. Nikki Haley and S.C. Sen. Hugh Leatherman to perpetuate this incompetence (and keep Loftis from meddling in their affairs).

Seriously … monkeys are running this show (monkeys who give themselves fat taxpayer-funded bonuses for their poor performance).

Anyway, to read the ai-CIO article (which includes a pretty heated back and forth between Loftis and former S.C. Sen. Greg Ryberg), click on the link below …

ai-CIO SC PENSION FUND ARTICLE

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17 comments

El Kabong December 3, 2013 at 3:17 pm

“nor are the ongoing efforts by status quo defenders including Gov. Nikki Haley and S.C. Sen. Hugh Leatherman to perpetuate this incompetence (and keep Loftis from meddling in their affairs).”

Yet as sure as the sun will rise Fits will endorse Haley in 2014

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Jeffrey Sewell December 4, 2013 at 1:12 am

God only knows what W will do on any given day, let alone tomorrow…

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jimlewisowb December 4, 2013 at 8:44 am

Talked to God last week

I was urging him to unleash a few thousand lighting bolts up Williams’ and Ryberg’s ass and somehow willie got in on the conversation

God said he wasn’t going to deal with willie until he finds out where willie is moving. If willie stays in Richland County, he is dead meat. If he moves into Lexington County it will be critical as to how close his new abode will be to the Gypsy Governor’s resisdence

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J.P ... December 3, 2013 at 4:14 pm

I worked on the Street for 27 years and I can tell you on a foolish or crooked organization can spend $420 million in fees on a $27 billion dollar portfolio.

The SEC and FBI should take this inept crew to Levenworth.

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Ellis December 3, 2013 at 4:19 pm

Nikki Haley should remove the whole lot of them. This is the worst film flam I have ever seen in State government. If Nikki haley does not act the General Assembly should impeach her!
The Commissioners can’t possibly justify such highway robbery of the retirement fund.

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Mic December 3, 2013 at 4:22 pm

She can’t touch the Investment Commission. LEATHERMAN owns the place lock, stock and barrel. Reynolds Williams is the cash cow to the Florence Mafia.

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WTF December 4, 2013 at 2:11 pm

Amen!!!!

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SCBlueWoman December 3, 2013 at 4:29 pm

They are all getting their share of the pie.

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Batman December 4, 2013 at 2:10 pm

Haley, Leatherman, Ryberg, Peeler, Martin all have danced with the Devil in the pale moon light and Reynolds Williams is their desciple. Trust and believe any of them at your perile.

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SCBlueWoman December 3, 2013 at 4:29 pm

Fiscally responsible republicans is a myth. Always was.

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K.Mann December 4, 2013 at 5:20 pm

I do wish Democrats would make up their minds. They cross-over vote for those in the Republican party who *compromise* and *work with us*, which inevitably means they, like Democrats, spend money we don’t have to spare and do so inefficiently while resenting committee oversight… though possibly the moderate GOP element wishes to spend slightly less than their blue/Dem. counterparts.
And then, frequently, that same liberal faction squawks and derides Republicans at election time for not being fiscally responsible!

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Phil December 3, 2013 at 4:38 pm

So, New York is 5 times our size yet paid the same amount in fees. And the made more money than SC.
I rarely call bullshit in public but I will now. Bullshit!

And I mean bullshit!

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What about December 3, 2013 at 5:36 pm

The entire SC section of the article is one HUGE admission that Loftis has been correct. You need to bring out more of this article. Our commission and its COO is admitting to mismanagement and hoping we will accept that they are trying to change.

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Fran December 4, 2013 at 7:42 am

The facts can’t be denied; these fees are a kickback of some kind. No sane person can justify paying fees like this. The problem is our state government is corrupt. Nobody, except Loftis, will stand up to these guys. So there theft of our money is going to continue.

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Jeffrey Sewell December 4, 2013 at 1:10 am

W, Did you not intend to imply, “Retarded Monkeys…”

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mike traynor December 4, 2013 at 10:17 am

No one would know about this problem and the attempts to repair it if it weren’t for Loftis. Curtis is trying to set things right.

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Salty Doggerel December 4, 2013 at 10:12 pm

Coo-Coo Ryberg is quoted using the expression “probably untrue”.
“Probably” something Danny Varat typed up out of the blue.
BTW, the SCRIC pays more than a quarter million bucks to these two.
Monkey see-me and monkey doo-doo?
Tis a shame ex-state senator Ryberg removed his handlebar moustache.
Not so easy now to hide thin lips talking trash.
Remember Ryberg, that stentorian-narcissist guy?
Like R. Williams, when lips are moving, it’s “probably to lie.”

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