Politics

Curtis Loftis and SCRSIC Dysfunction

Early reporting on a recently released report by S.C. Inspector General Patrick Maley heralds no criminal wrongdoing at the S.C. Retirement System Investment Commission (SCRSIC) but acknowledges a dysfunctional relationship with S.C. Treasurer Curtis Loftis.

The report was generated three months after Loftis sent the Attorney General’s Office a 37 page complaint listing multiple potential misconduct “red flags” at the commission over a several year period.

While the report claims no criminal misconduct, it acknowledges a toxic relationship between Loftis, a statutory member of the commission, and remaining commission members.

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Sen. Lindsey Graham and Stupid Speak

I know Sen. Lindsey Graham is in re-election mode, but is it really necessary for him to attempt to redefine “stupid” in political speak?

After telling us he was “glad” the National Security Agency was collecting phone records on millions of American citizens and advocating raining cruise missiles down on Syria, Graham’s latest oral gem calls for a U.S. boycott of the 2014 Winter Olympics in Sochi, Russia if the Russian government does not deny former NSA contractor Edward Snowden asylum.

Snowden’s the guy who told The Guardian newspaper about the NSA spying efforts on American citizens.

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SC Senate District 42 Special Election Antics

South Carolina elections never fail to produce drama and the special election to fill the SC Senate District 42 seat, vacated by the resignation of Sen. Robert Ford in May, looks to continue this tradition.

Ford resigned his seat during a May 2013 Senate Ethics Committee investigation into his alleged misuse of campaign funds for personal expenses and failing to report expenses, donations and personal loans.

Ford, a Democrat, served 20 years in the SC Senate representing what is considered a safe Democratic district.

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Coast RTA Resolution Delayed

Coast RTA CEO Myers Rollins asked Horry County Council to delay voting on a resolution to approve releasing the FY 2014 fourth quarter payment, by the county to Coast RTA, of just over $263,000.

Rollins’ request was to allow Coast RTA more time to further act on attempting to change state law so that the composition of its board of directors would more accurately reflect the grant contributions of local governments.

Rollins told council of actions Coast RTA officials have made over the last several weeks to attempt to effect a change in its board population.

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Resolutions Will Spice Up Horry County Council Meeting

July is normally a quiet time for local government, but Horry County Council will consider two resolutions at its regular July 16, 2013 meeting that could include a bit of controversy.

One resolution tells Huffman Helicopters, Inc. that the county does not intend to agree to a renewal of the November 1, 2008 lease agreement between the county and the company. This is the lease agreement under which Huffman Helicopters operates its tourist helicopter rides out of a corner of the Myrtle Beach International Airport property.

The noise of helicopter sight-seeing rides conducted by both Huffman Helicopters and Helicopter Adventure have been the source of increasing complaints from residents of neighborhoods negatively affected by noise from the operations.

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Horry County Council Needs Counsel

It has become increasingly apparent over the last several months that Horry County Council needs to contract an independent attorney to provide it with legal counsel and guidance exclusively.

The need was uniquely demonstrated during council’s Administration Committee meeting July 12th.

During that meeting, committee members discussed a resolution to be considered by full council at its regular meeting Tuesday July 16,
2013. The resolution states council does not intend to extend its current lease at Myrtle Beach International Airport with Huffman Helicopters.

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SCGOP In-Fighting

Nikki Haley and her Dead Voters

The Columbia Free Times reported last week that the claim of Gov. Nikki Haley that dead persons were voting in South Carolina elections was completely unfounded.

Of the 957 deceased voters Gov. Nikki Haley alleged voted in statewide elections, exactly none have been verified.

After 18 months of investigation, SLED issued a 500 page report last week finding no evidence that anyone cast a ballot in the name of a dead person.

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Opponents Hit Out at Curtis Loftis

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.

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Coast RTA Meetings

Two meetings will be held today that will look to how Coast RTA will be conducting its operations in the future.

The first will be at 10:30 a.m. at the Coast RTA board room where Coast RTA officials will meet with members of the Horry County legislative delegation, a Georgetown County representative and several members of Horry County council.

The purpose of the morning meeting is to investigate changes in state law to provide Horry County more representation on the Coast RTA board in line with its local grant contributions to the Coast RTA budget.

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SC Pension Fund Woes

A recent report released by two Maryland public policy think tanks lists SC pension fund at the top of the list of 10 states paying the most money management fees over the last five years.

The report by the Maryland Public Policy Institute and Maryland Tax Education Foundation looked at average fees paid versus average investment return for fiscal years 2008-2012 inclusive.

South Carolina paid the most fees across the study span with an average of 1.3% of pension fund assets. For that, South Carolina’s average rate of return over the five years was 1.5%, according to the study.

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