Mallory Factor released the following statement yesterday regarding the South Carolina State Employee Retirement System.
Like many South Carolinians, I have become increasingly concerned about the
financial performance of our State employees’ retirement assets. As an experienced
financial executive, I wanted to help improve that performance. That is, after all,
how I have made my living for over 30 years. I have been successful at it; and I have
always, always operated above-board and lawfully.
Sadly, the issues related to financing South Carolina’s retirement system are now
embroiled in politics to a degree that is very unhealthy for the State’s many current
employees and retirees. Change is always bitterly resisted by those who benefit
from the current system. I knew that going in. What I did not know was that a
profusion of false, malicious and largely anonymous accusations against me and
others engendered by that political infighting would make it impossible for me — and
perhaps anyone else — to assist in bringing about necessary change.
Consequently, I no longer represent the very capable investment advisers that I had
hoped to bring to the State’s attention in an attempt to improve the State’s return on its
funds. I no longer represent them, nor anyone else for that matter, in that effort.
As one of South Carolina’s taxpaying families who will ultimately be on the hook
for any mismanagement of its retirement assets, I and my wife and children certainly
wish for the best return possible on those assets. But others will need to see to that
President Reagan used to say that the most fearful statement a private citizen could
hear was, “I’m from the government, and I’m here to help you.” Apparently, what
some bureaucrats fear most is a private citizen saying, “I’m a concerned taxpayer, and
there has to be a better way.”