SC

SC Pension Fund’s Top Investment Officer Resigns

BUREAUCRAT STEPS DOWN AMID QUESTIONS OVER INVESTMENT PERFORMANCE || By FITSNEWS || Hershel Harper – one of the colossally overpaid bureaucrats running South Carolina’s abysmally managed pension fund – stepped down from his post as chief investment officer. Harper will reportedly remain at the S.C. Retirement System Investment Commission (SCRSIC)…

BUREAUCRAT STEPS DOWN AMID QUESTIONS OVER INVESTMENT PERFORMANCE

|| By FITSNEWS || Hershel Harper – one of the colossally overpaid bureaucrats running South Carolina’s abysmally managed pension fund – stepped down from his post as chief investment officer.

Harper will reportedly remain at the S.C. Retirement System Investment Commission (SCRSIC) as an advisor.

Harper’s resignation comes days after state treasurer Curtis Loftis renewed his offensive against this corrupt bureaucracy.

According to Loftis, the fund has left a whopping $7 billion on the table over the last ten years as they pursued a controversial “alternative investment” portfolio.

“They gambled when they chose a complicated, expensive, ‘cutting edge’ investment plan and they lost,” Loftis wrote on his website. “They rolled the dice and now you must pay their $7 billion dollar loss.”

***

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131 comments

Sic Semper Tyrannis September 17, 2015 at 9:54 am

I would say he retired with your money. Another great day in South Carolina !

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Government incompetence September 17, 2015 at 10:07 am

The first rat to jump ship.

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Secondrat September 17, 2015 at 5:00 pm

The second rat will be Curtis Loftis… He has violated the Ethics laws of SC. He has admitted that he violated the Ethics Laws. Guilty . He has violated the oath of the office to which he was elected , to defend and protect the Constitution of this state and of the United States. Bashing women, bashing black men, bashing gay men, bashing staff and former staff. What a silly little rabbit..

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Sic Semper Tyrannis September 17, 2015 at 9:17 pm

Looks like you

Reply
Ted September 17, 2015 at 9:52 pm

Yet another false state,net for a filthy little person.

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Wishful thinker September 17, 2015 at 10:12 am

Here’s to leadership finding the right replacement.

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Bottom Minds September 17, 2015 at 10:36 am

Where are they going to find someone dumb enough to be a replacement? That level of incompetence requires a professional moron.

GrandTango, I hear there’s an opening and you’re perfect for it!

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Perfect September 17, 2015 at 5:51 pm

They already have a moron on the investment commission… Yes indeed Curtis Loftis is the ultimate moron… No qualification, no brain, no smart, no education.. and guilty of violations of the State Ethics Laws… He needs to get his ass kicked. Way out past the stratosphere…. No oxygen there… Perfect.

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Sic Semper Tyrannis September 17, 2015 at 6:14 pm

Say what you will, he’s smart enough to bust you crooks. Tip: Buy plenty of lubricant.

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Avilegayman September 17, 2015 at 6:32 pm

Do not need lubricant to kick you ass in the stratosphere.. You Loftis need a lot of lubricant. .. sexual ass… old wrinkled ass… You will expect that statement from a vile gay man… Loftis, you are a vile gay man…

Sic Semper Tyrannis September 17, 2015 at 7:18 pm

Best ya got idiot ?

Mark September 17, 2015 at 7:23 pm

You are a filthy person.

Elaine September 17, 2015 at 10:17 am

Maybe the dingo ate your baby.

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FED UP!! September 17, 2015 at 10:20 am

If anyone out there still thinks leatherman, Haley, Peeler, Rankin, Odell, Courson, Martin , Haley, Obama, Clinton, or 99% of the rest have any of your interests as a top priority, I have a few bridges (crumbling and dangerous due to all of their inaction) to sell you…cheap.
it is all about them, their contributors, their friends, but mostly their wealth and advancement!

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The Buzzman September 17, 2015 at 10:23 am

“Martin”

Fortunately, I’m not running for anything. Not even the border. (Gave up Taco Bell a long time ago.)

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RogueElephant September 17, 2015 at 12:11 pm

Bravo. Couldn’t have said it better myself.

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Guest September 17, 2015 at 10:51 am

What I want to know is why did Loftis agree to a consent order rather than go through with his Ethics Commission hearing? In’t this the same as agreeing that he is guilty, sort of like an Alford plea?

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Sic Semper Tyrannis September 17, 2015 at 11:26 am

You should thank Curtis for uncovering the issue, sort of.

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Larry September 17, 2015 at 12:35 pm

Loftis has been great on this issue. And the establishment has given him hell. Looks like he was correct all along.

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Guest September 17, 2015 at 1:07 pm

Let me be clear. Someone filed an ethics complaint against Loftis. The Ethics Commission decide there was merit to the complaint and scheduled a hearing for Sept. 16. This was reported on the media. The hearing was not held and according a person close to the case, Loftis agreed to a consent order which usually means he has agreed to the charges. If this is accurate, what did he agree to.

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Ted September 17, 2015 at 3:13 pm

That is a false statement.

Bill September 17, 2015 at 7:22 pm

So, what was the result of the Ethics Commission hearing on 9/16/2015?

Sic Semper Tyrannis September 17, 2015 at 7:58 pm

I would say it went very well. Do you still have a job ? Unknown

Shitwithhim September 17, 2015 at 9:08 pm

Transparent man went to invisible… Too scared to stand in the hearing, Loftis did accept to an order of consent… He admitted that he is guilty to violating the ethics laws… so the hearing was not .. Loftis admitted to violating the Ethics laws… Guilty. as sin.. Loftis is guilty as sin .

Ted September 17, 2015 at 9:46 pm

Post the order, you filthy little creature.

Weasel September 18, 2015 at 1:43 am

Loftis… please ask your attorney to post the consent! You are stupid.. Loftis… It will be available when you and your attorney friends agree to your guilt. they asked for a consent order. You wanted a consent order which admits your guilt… You are guilty. The consent will be public soon in one or two weeks. . you are an idiot… .. You know it. The consent will be available when the ethics commission and your attorneys and you weasel it out.. It will always be an acceptance of guilt from Loftis… Loftis did not want to go to the hearing… guilty as sin…

Ted September 18, 2015 at 11:32 am

Filth,

Please site your source. Please post the document.

Backs September 17, 2015 at 8:54 pm

Loftis, Curtee, You are my honey, sweet attorney.. you must shut the FUCK UP.. We did a lot together… Money under the table.. money in my pockets. money in your pockets… million under the table… The Saluda foundation…and more.. from the backs of the retirees of this state… Shame..

Tim September 17, 2015 at 9:45 pm

Filthy little liar,

It’s is your bedtime.

Hestink September 22, 2015 at 8:24 pm

Curtee, Do you remember the trip to New York with 2 young staff members? You came back and you were not talking.. Jealous, much? Curtis is very jealous and rejected… Abuse of staff is gross…. Trump, fire Loftis… He stinks…

WhatdoesTrumpthink September 22, 2015 at 10:30 pm

Have another drink, Curtis Loftis.. You are drunk and you are a sorry man… A gay man… What does Trump think of this? What do the tea party ladies think of your vile life style? Filthy little liar.

Sic Semper Tyrannis September 17, 2015 at 1:16 pm

I went to school with Curtis he is a stand up guy. To bad he’s not the governor.

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Ethics September 17, 2015 at 3:26 pm

You went to school with Curtis? . Kindergarten, high school ? You certainly did not go to college with him since he did not attend many classes. The worst treasurer the State ever had… He is scared of facing the Ethics Commission and the hearings.. So scared because he has violated the ethics laws… He got an attorney who told him the was toast… So consent order… Yes, Curtis Loftis is guilty of violating the Ethics laws, He will have a fine.. Karma is sweet…. More to come.

Sic Semper Tyrannis September 17, 2015 at 6:11 pm

My karma is sweet. Yours is about to become voodoo.

Iwin September 17, 2015 at 6:24 pm

Go to bed Curtee…

Ted September 17, 2015 at 7:20 pm

Your info is false

Pantsdown September 17, 2015 at 7:27 pm

Info is false? Prove it… Loftis your pants are way down.. Way down… We see every thing… You cannot cover what we see. Gross… gross… Ethics violations and more to come… Guilty, Loftis is .

Ted September 17, 2015 at 7:30 pm

Please show us the order. Post it here please or admit you are a liar.

Stayaway September 18, 2015 at 12:02 am

Why was Loftis so scared of the ethics violations and why did he not want to attend an hearing on September 16 at 1:00 ? Is it because he was and is guilty of the violations.. Shitting his pants… and admitting to the violations..Loftis will pay a fine.. Loftis is a jerk.. Loftis should find a way out of this world.. Sick of his trash, sick of his vile gross life, sick of gay vile gross life, sick of his infected butt.. a danger to us all… Stay away from our young children and young men…

psycho September 17, 2015 at 7:07 pm

I went to high school with him and thought he was a petty, back stabbing, distrustful fool with lots of psychological hang-ups. Paranoid to the nth degree. He believed somebody was always out to “get” him. But then, that’s his “normal.”

Sic Semper Tyrannis September 17, 2015 at 7:10 pm

Your handle says it all. Turn off FOX and go to bed, brush your cum stained tooth also, night GT.

Sic Semper Tyrannis September 17, 2015 at 7:51 pm

What school what year ?

Parade September 22, 2015 at 8:02 pm

Remember Loftis walking in the gay parade? Went to school with him… Loftis is gay… Tea party ladies… Loftis is gay. What is Donald Trump’s position on that? Loftis walking in the gay parade and Loftis being gay and Loftis hiring gay PR guys… Seven of them.. Young , pretty faces… Young men…. Gay men… Why? Sordid, very sordid…

Badluck September 22, 2015 at 8:13 pm

Sordid indeed… Many questions about the young boys in Ukraine and many questions about the Saluda Charitable Foundation being a way to launder money, to travel at non profit expense… Loftis is a very bad man… Trump, better fire him… He will bring bad luck to you….

Guiltycurtee September 17, 2015 at 2:55 pm

Loftis is guilty of violating the Ethics laws. Gave his friend and intimate partner $2 million dollars out of the trust funds of the retirees. Guilty of violating the ethics laws… No if, maybe, but facts…

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Ted September 17, 2015 at 3:12 pm

That is s false statement.

Bill September 17, 2015 at 7:14 pm

So, how did the Ethics Commission hearing on 9/16/2015 go?

Guiltycurtee September 17, 2015 at 3:54 pm

Loftis is a screamer… Someone told him to STFU with the Investment Commission or get the Hell out of sight. How can he sit on the Investment Commission and scream his lies and false accusation of the distinguished members of the Commission. They are qualified… Loftis is not… and it shows… All he has is a vile mouth. We are waiting for his plan of attack… He promised ….

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Sic Semper Tyrannis September 17, 2015 at 4:24 pm

Looks like you out a job.

Tim September 17, 2015 at 9:45 pm

Filthy little person.

You are a true piece of work. Like the “turd on ice” photo hanging in the Met.

Contagious September 22, 2015 at 9:37 pm

Loftis is not qualified… No degree, no experience in finance.. a bug man of West Columbia… Just a vile, infected with incurable diseases and contagious . Stay away from our young men and children… Loftis… You are contagious…

Protocol September 17, 2015 at 5:28 pm

Which issue? The fact that he has admitted to ethics violations? Loftis was too scared to go to the hearing Sept.16 at 1:00. Consent order is an admission of wrong doing…. Many more to come… Follow the money and the violations of the many funds under the STO. Violation of the 529 fund, violation of unclaimed property fund… violation of protocol, destroying the hard disk of State owned computers… Yes, we have receipts…. Exposing the personal information of the citizens of SC…

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Mitch September 17, 2015 at 12:33 pm

What is your source? I Chang find this info?

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Ted September 17, 2015 at 2:45 pm

He did not. That is a false statement.

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Bill September 17, 2015 at 7:24 pm

All I want to know is the result of the Ethics Commission hearing scheduled for 1:00 on 9/16/2015????

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Whatasight September 18, 2015 at 1:49 am

Loftis had a big problem in his pants… A big one.. He was too scared to stand in front of the State Ethics Commission.. Guilty as sin… Not a pretty sight… Loftis is not a pretty sight.. Guilty Loftis is not a pretty sight…

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Ted September 18, 2015 at 11:31 am

Filthy little person, please site your source.

PRguys September 22, 2015 at 9:46 pm

Filthy Loftis… Please site your source… You violated the Ethics Laws and you know it but you are to vile to admit it. Trump will be better off without you… Mr. transparency is a total fake.. What did Loftis do to the PR guys? They left… Why? Seven? Explain, that Curtee…

Invisible September 17, 2015 at 3:06 pm

Mr. Transparency turned invisible… The State Ethics Commission found violations by Curtis Loftis… Curtis got scared… Did not want to go through the hearing… Big mouth, no ideas…. . Loftis is a coward. .. He promised the list of names of the good, the bad… We are waiting… Curtis, please, publish the names… You are an idiot. and you are scared to loose the best job you have ever had!! Not qualified… guilty of ethics violations.

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Banker September 17, 2015 at 6:22 pm

Indeed, Loftis is scared to lose the best job he ever had and will ever have. No education, no fucking smarts, no nothing but violations of the Ethics Laws. Money paid to sweet friends from the trust fund of retirees. Many questions remain.. Did he get kickbacks from the Bank of New York/Mellon? How much money, from the trust fund of retirees, went to the Saluda Foundation? How much money did the trust fund of retirees lose because of his 25 million settlement? More than $220 million? Many states and organizations sued the Bank of NY with far more success than inexperienced Loftis claims. And he saddled us with another decade of working with the same bank that lost this money by signing a 10 year contract with them. What decent businessman would do that?

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Sic Semper Tyrannis September 17, 2015 at 7:05 pm

Many threats in your post. I fear you are one of the rats that has swindled many ” Working People ” out of their hard earned money. One of you talked about Karma, you’re getting ready to find out. Maybe Nikki or sidekick Alan will help ya. God won’t that’s for SURE !

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Mark September 17, 2015 at 7:22 pm

Your comment is intellectual filth.

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Curtisshit September 17, 2015 at 9:15 pm

Explain,,, I want to know.. Curtis.. you are intellectual filth… Explain .. I want to know.. You are filth… Loftis..You are shit.. Shit…

Ted September 17, 2015 at 7:21 pm

False statement

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Ted September 17, 2015 at 7:15 pm

Your information is false.

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Ted September 17, 2015 at 7:19 pm

Your statement is false

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Poorsoul September 18, 2015 at 1:53 am

Check with your attorneys, Loftis.. You are informed… They need to inform you again… Poor soul…

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Tim September 17, 2015 at 9:42 pm

You have repeatedly given a false statement.

Post the order so we can see it. Otherwise, please type the words ” I am a filthy little creature.”

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Town Crier September 17, 2015 at 11:05 am

Curtis, please stop writing your own news releases. You need an editor. It should read: “…$7 billion loss.”

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Violent September 17, 2015 at 4:53 pm

Fat fingers, fat ass, fat infected penis, fat face… a vulgar repulsive man… Infected with vile loathsome diseases, incurable… Use a different chair and use a potent disinfectant… Loftis is contagious… Just the sight of him is the cause of violent gagging…

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Soft Sigh from Hell September 17, 2015 at 8:22 pm

Grendel, of the fable?

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Ted September 17, 2015 at 10:30 pm

Filthy little pathetic person,

How badly it must sux to be you.

Ted

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Philip Branton September 17, 2015 at 11:07 am

Ya know……WIl Folks needs to take a page out of the TRUMP playbook and have a gameshow on this website called the “Carolina Accountant”. Have student contestants from every public school play to be the PENSION FUND real time audit inspector…!!

DARE the students to whip their school into a Pension Funds nickel and dime frenzy…!!

Then DARE all the students in Syria to do the same to ISIS…..!!

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The Buzzman September 17, 2015 at 12:57 pm

Hmmmm.

Where are the usual suspects attacking Loftis?

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Sic Semper Tyrannis September 17, 2015 at 1:40 pm

In the unemployment line, maybe they will run into flop.

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Jackie September 17, 2015 at 10:03 pm

Funny comment.

This commenter attacking Loftis seems in destresed. Or delusional. I just can’t see why anyone would invest such time to be so foolish.

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Whatajerk September 22, 2015 at 10:22 pm

So glad to see that the pubic pension plans are admitting to huge fees not previously reported … Do they have pubic hairs with that? How about balls sacks? Wrinkled or not? Pubic.. See Curtis Loftis face book… What a jerk…

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Crook September 17, 2015 at 3:44 pm

The State Ethics Commission found probable cause and had an hearing schedule for September 16 at 1:00. Loftis violated the laws by giving his sweet, intimate friend $ 2 million and the other attorney $7million… In the Bank of Ny /Mellon fiasco… Fiasco for the retirees but not for the attorneys…. And did Loftis got paid under the table? Is Loftis getting paid under the table? We want to know? Buzzman, bugman, wants to know…. Loftis got an attorney who told him to admit to the violations and …. consent order. Loftis admits to violations. Loftis will pay a fine… Loftis is a crook. Silly little rabbit…

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Ted September 17, 2015 at 7:18 pm

Your comment is not true. Your claims are false

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Toast September 17, 2015 at 8:23 pm

Prove it., My claims are false ? .. Really… Prove it . you idiot Loftis… Consent order… soon in a week or two. You cannot hide a consent order. You are in violation of the State ethics laws… Cannot hide a lie for long.. cannot hide a state ethics violation for long… Curtis Loftis is toast.. Toast… Loftis is gross..

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Ted September 18, 2015 at 11:30 am

Please post the source of your claim that guilt has been admitted.

Balls September 22, 2015 at 9:30 pm

Loftis is guilty of violations of Ethics laws… Trump must see him for the vile man, unethical man, infected penis, gross man that he is … His great conversation piece is talking about ball sacks… wrinkled ball sacks… Sick Loftis… gross Loftis. We are not going to take it any more…

Scooter September 20, 2015 at 1:08 pm

Can a fat lady fart?

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hen September 21, 2015 at 7:04 am

Hey Filth,

Glad to see you are back. Lies, lies and more lies. It is so easy for you to lie, you filthy little person.

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Sic Semper Tyrannis September 17, 2015 at 4:23 pm

A couple just showed Buzzman

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Todd September 17, 2015 at 2:26 pm

There is no excuse for high fees, but it is asinine to say 7 billion was “left on the table” because the pension funds were invested more conservatively. If the numbers were run in 2009 when the S&P was in the toilet, would SC not have been ahead of all those more aggressively positioned funds? This has the stink of political vendetta. Pensions SHOULD be invested conservatively. The numbers here reflect the Fed’s QEx policies inflating stock prices. When that bubble pops, perhaps we won’t look so bad.

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Chris September 17, 2015 at 2:29 pm

No.
SC has been in bottom of peer group for 10 years in a row.
This is a just comparison.

Reply
Youstink September 17, 2015 at 4:37 pm

Loftis, STFU.. you were in the meeting this morning… You, cannot learn a thing because you are too stupid to sit on the commission. Your attorney told you to STFU …. Listen to him and get out of sight. You stink ….

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Ted September 17, 2015 at 9:51 pm

Oh, filthy little creature.

Glad to see mental health prisoners have internet.

Reply
Oscar September 17, 2015 at 10:29 pm

Todd,
The funds were not invested conservatively. They were invested foolishly.
Oscar

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Gerry September 17, 2015 at 2:27 pm

You evidently don’t understand finance.

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Sic Semper Tyrannis September 17, 2015 at 2:29 pm

I do know what a dirtbag is.

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M326 September 17, 2015 at 6:40 pm

Hershel Harper’s investment acumen allowed the retirement fund to earn an annual average of 7.5% or more which is necessary to maintain the fund and reduce its unfunded liability. He managed both risk and returns with a sure hand. He served us well and I wish him well in his future endeavors.

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Moretocome September 17, 2015 at 7:08 pm

Me too. He served us well. Loftis does not compare to the intellect of this man. I doubt that Loftis’s “offensive” had anything to do with this decision. Of course, there has been nearly 100% turnover in the Treasurer’s office since Loftis arrived…. Grady Patterson, we remember you… You were honest, king, trust worthy, and carry the STO with dignity… You gave the STO dignity. You , Loftis have destroyed the STO. You , Curtis Loftis have created more questions about ethics violations and more to come… Guilty… you are. Loftis you are guilty..

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Sic Semper Tyrannis September 17, 2015 at 7:14 pm

He has the people – You have lies. 2015 lies do fly, no doubt. Pensions for working people, you in trouble.

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Pete September 17, 2015 at 10:27 pm

Very well said, sic, very well said.

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Thebrainofaroach September 18, 2015 at 12:48 am

Thank you, Pete.. Loftis is a 100% fake.. Glad you agree with me.. Loftis is a moron with the brain of a roach…

Afake September 18, 2015 at 12:41 am

He has the people? What people? Curtis Loftis is bashing women, veterans, black men, gay men, retirees, senators, legislators. staff and former staff of the STO.. bashing colleagues of the Investment commission and more. No. He does not have the people… Loftis is a fake , a delusional fake idiot. A very dangerous idiot.

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Alex September 18, 2015 at 11:29 am

I agree with Jem. You are a filthy little varmint.

Jet September 17, 2015 at 9:50 pm

False,

Dead last for 10 year period.
2.6 billion in fees to be in last place.
Unfounded liability highest in SC history,
Funding ratio at all time low,
Employee contributions scheduled to rise. Employer contributions will rise.

And all that with stock market racing to all time high.

Reply
Insane September 18, 2015 at 12:23 am

Loftis is in lah, lah, lah, land… la..la..la.. land. way … way away. Way in insane land…

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Hal September 17, 2015 at 7:14 pm

Loftis has worked tirelessly on this issue and hopefully everyone is on the same page. He has got to make sure their returns increase.

Reply
Sic Semper Tyrannis September 17, 2015 at 7:24 pm

That is his job. Thank god he found some of the rats.

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Andy September 17, 2015 at 7:29 pm

You know Loftis has done great work. Why else would investment commission cronies be blogging so viciously Against him.

Loftis fights these people in public and wins. They spread filth on the Internet in return.

Keep up the good work Mr treasurer!

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Sic Semper Tyrannis September 17, 2015 at 7:31 pm

U H H – R A A. !!!

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Youngmen September 17, 2015 at 9:51 pm

Loftis has no conscience and no moral compass.. We. the people of SC must stop him before he does more harm to this State and the staff of the STO… Loftis is a danger to the State … Stupid people do stupid things and Loftis is stupid and he is doing stupid things and will do stupid things … He must be stopped. A danger to SC and the children… Stay away from the kids and young children.. Loftis you are infected… Young children do not need to be exposed to your incurable diseases . Stay away from children and young men… Stay away from us.. go to Hell .. Loftis…

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Ted September 17, 2015 at 9:54 pm

You are a filthy, stupid little person. You are pitiful, much like a hemaroid.

Bleach September 17, 2015 at 10:09 pm

Spelling Loftis.. need to go back to school.. Poor man, sick man. hematoid.. LOL.. You have a very sick butt and you cannot spell it.. Sick Loftis and his well documented infected for life butt. Filthy, stupid little person, Filthy, stupid Curtis Loftis.. Gross and wash your hands and take a different seat.. Bring bleach..

Yon September 17, 2015 at 10:24 pm

Bleach,
You are such an intellectual. So mature, well spoken and a true wordsmith. I admire your sterling character, amazing wit and satire.
It is people like you that make our society better.
Thank you, filthy little bitch, for your efforts.
Yon

Contagious September 17, 2015 at 11:03 pm

Guilty.. Loftis is guilty of violating the State Ethics Laws. Million and million violated and given to his sweet intimate friends.. Why? They are so gross and Loftis is infected with vile incurable diseases … Hope they have a good cure… gross . Men, stay away from him .. Wash your hands and stay away from the first floor of Wade Hampton building… Sick and contagious…

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Jem September 18, 2015 at 11:27 am

Filthy little person…so filthy, so nasty.

The Investment Commission can do better than you.

Agoodlookathim September 17, 2015 at 9:30 pm

The rat is Loftis … Vile, sick, contagious Loftis.. No brain, no moral, no ideas. Just .. So sick of him.. Looking at him , makes me violently sick.. Take a look at him. Infected butt.. infected man. gross man

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Tim September 17, 2015 at 9:41 pm

Filthy little creatture.

Your comment are childlike. The supporters of Treasurer Loftis are mature and intelligent. You might reconsider your behavior. At some point you will have to come out of the basement and live a real life.

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Mybasement September 17, 2015 at 10:49 pm

Your basement flooded.. Loftis… LOL Come out of your basement… LOL..

Gotohell September 17, 2015 at 8:38 pm

Loftis has worked … Loftis is not able to work on this issue .. Loftis is caught with his pants down… Violent gaggings from seeing and hearing him… People will not stand with Loftis and his crap.. violent, sick crap… We know you CRAPPY, Loftis . Yes.. Crappy Loftis… No education, no mental ability, no moral entity… We are not going to take it any more… Curt , go to hell…

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Tim September 17, 2015 at 9:39 pm

Filthy little person.

Are you a 6th grader? Your comments show a demented and juvenile emotional state. I hope you do not have any sharp knives close by.

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Loveroaches September 17, 2015 at 11:23 pm

You, Curtis Loftis admitted to violating the Ethics Laws of South Carolina Period… Guilty … So , we now want the list of bad and the good…. You promised the list of the good and the bad… Well. The list will not come because Loftis will be the number one on the bad list… LOL… Gross and very stupid.. Loftis has the brain of a roach from West Columbia. They love him here,, Roaches and all.

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Jem September 18, 2015 at 11:27 am

Please site your source. Otherwise, admit you are a filthy liar.

Kelly September 17, 2015 at 7:25 pm

The investment commission should be ashamed they have bloggers spreading such filth. Loftis has been courageous on this issue.., to take this filth makes me think a great deal of him.

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Sic Semper Tyrannis September 17, 2015 at 7:27 pm

Thanks Kelly. From Deo & Sic Sem.

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Whilethey September 17, 2015 at 7:45 pm

Courageous or contagious… Contagious.. we know.. Wash your hands and take a different seat… bring a potent cleaner with you and do not sit next or on the same seat… Contagious in many ways… What ever you do, Do not use the men restroom on the first floor of the Wade Hampton Building.. Curtis Loftis is a vile man.. looking at young men in the restroom while they… Gross and sick… We have proof..

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Ted September 17, 2015 at 10:26 pm

You filthy little creature.

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Sic Semper Tyrannis September 17, 2015 at 7:30 pm

For Kelly, we bust up these scammers in SC, I’ll buy you a ice cream from the churn.

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Outside looking in... September 18, 2015 at 10:35 am

I watched the commission meeting yesterday and reviewed the
information that was publicly released on the RSIC website. When reviewing
performance, there were some key facts that were disclosed that continuously
fail to make headlines. When looking at the returns in the context of the risk
taken to achieve them, the RSIC has actually done quite well. Over three years,
it is in the top 26% versus its peers and over 5 years, it’s in the top 35%. What this means is that the RSIC is taking a less risky approach to managing retirees money. They are getting better returns and taking less risk than 2/3 to 3/4 of the other investors out there. Despite where the returns are on a nominal basis, taking unnecessary chances to reach for bigger returns doesn’t sound like the smart thing to do. When a person looks at the COMPLETE picture it’s clear that taking a conservative approach and trying to reduce risk for the benefit of the retirees is the right way to go. (see page 29 of the full presentation – page 9 of the AON report).

The consultant did make a valid point that the reduced public
equity exposure versus the peers has been a detriment to overall performance.
But it should also be noted that the pendulum swings both ways. When equity
markets drop, this defensive position will help retirees and they won’t see the
fund fluctuate in value like their peers either. Hence, the lower risk(volatility)
position. Life is full of trade-offs, in order to prevent future losses an
investor has to sometime give up short term gains. I know – that’s not popular
in today’s society: Giving up something now to prevent something more
detrimental in the future. What a novel idea. But when you have thoughtful,
diligent, methodical investors trying to work in the best interest of its
beneficiaries, that’s the path that will be taken.

It’s disappointing that Curtis Loftis doesn’t consider the
risk taken when discussing returns. He could just as easily say something to
the effect that the RSIC is taking a diligent approach and getting good returns
considering the risk that it wants to take. But, alas, that’s not the case.
Many investors are taught that risk, not return, is the primary focus when
managing someone else’s money. Unfortunately that’s lost on the STO. And as this message board shows, on the broader public too.

Incidentally, the asset classes that are charging all those “excessive
fees” also happen to be the ones that have produced the highest returns for the
fund over both the short and long term. The returns shown are net of fees
(after they are paid) and they still out perform all the other asset classes.
It’s too bad that didn’t get mentioned either.

Keep up the good work RSIC. You have a lot of headwinds that
other plans don’t have and you continue to persevere!

Reply
David September 18, 2015 at 11:24 am

Respectfully, you have swallowed the Investment Commission kool-aide.

Volatility is not the sole measurement of risk. In fact it is a red herring that is used to masked large pools of risky assets.

The “out performing fees” are for real estate and private equity and they are private valuations that are subject to bias (and worse). Most valuations of that type are produced by the investment manager or their affiliate and are subject to change during the course of the investment term that can be 10 years or longer. The manager is paid a % of the valuation amount so it is in the investment manager’s interest to have high valuations.

The plan’s returns speak for themselves. Bottom 10% for each of the last ten years and last place for the 10 year period. We have been outperformed by EVERY plan n our peer group and that is a stunning fact.

The state’s largest risk, and I not talking about the retirement system’s risk but the State as a whole, is the underperforming Investment Commission. If immediate steps are not taken, the State’s discretionary spending may be consumed by this debt.

I do thank you for the tone of your comment. Most of the investment commission cronies post filthy, nasty comments. You are the lone exception. The Treasurer will be pleased to see an adult has entered the conversation.

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nick September 18, 2015 at 11:26 am

This is well put:

“A simple but diversified selection of ‘indexed’ funds would have made over $7 billion more than their ‘cutting edge’ investment plan,” Loftis continued. “In fact, the Investment Commission’s plan has ranked in the bottom ten percent for ten years in a row!

Even worse, their 10-year investment returns are dead last! That’s right, none of our peers have made less money than South Carolina.”

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Eric September 18, 2015 at 11:33 am

A plan cannot be considered an ongoing concern if it’s returns are in last place for a decade. It can’t sustain itself. If it were a business it would be shuttered. But it is government and it confiscates its money.

Last place for a decade is unacceptable.

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Minsk September 19, 2015 at 11:48 am

Did Loftis release his long awaited portfolio plan to the investment board this week?

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SC Retiree (35 years) September 19, 2015 at 6:24 pm

As far as I can tell, Loftis has made his feelings on the subject well known. I support his efforts 100%.

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Minsk September 21, 2015 at 7:23 am

I take it he did not release his plan then. Such a shame.

Reply
SC Retiree September 21, 2015 at 12:47 pm

You present a straw man argument. A lousy one, but you did make an effort.

Loftis has been well heard on these issues and the Commission has ignored him. The facts are in…the Commission is in dead last.

That is correct, dead last.

Last in earnings and highest in fees. That is a combo for bankruptcy.

Reply

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