By Paul Gable
Opponents of S.C. Treasurer Curtis Loftis are trying to discredit the settlement he reached recently with Bank of New York Mellon over past investments directed by the bank.
Loftis said the overall value of the settlement is over $100 million. S.C. Retirement Systems Investment Commission chairman Reynolds Williams called it “measly.”
This is another round in the ongoing battle between Loftis and Reynolds. Shortly after Loftis took office in January 2011, Williams tried to smear Loftis with allegations he was involved in a pay to play scheme with potential investment brokers.
Loftis was completely exonerated in an investigation of these charges.
Last year, Loftis provided the Attorney General’s office with evidence he believed demonstrated Willliams and his law partner profited from an investment decision made by the commission.
The investigation is still pending.
The latest shot in this ongoing battle was fired by Williams in an article written by a local AP reporter, but published, of all places, on the San Francisco Chronicle website. We didn’t know the people on the West Coast were so interested in news about South Carolina’s public pension system.
Actually, that was just the vehicle used to get the story out, hoping others would pick up on it.
While Williams and his cohorts continue to snipe at Loftis, the state’s public pension fund continues to be saddled with poor performance and significant shortfalls of future liabilities.