<body><div><figure><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=0N5LXm_0zjohb1N00" alt="https://img.particlenews.com/image.php?url=0N5LXm_0zjohb1N00" width="1200" height="800" ><figcaption>S.C. Sen. Larry Grooms, R-Berkeley, last year discusses an interim report that blasts State Treasurer Curtis Loftis about a $1.8 billion accounting scandals. Credit: S.C. Senate via SCETV</figcaption></figure>MORNING HEADLINES | An irresistible legislative force is set to meet an immovable political object when a S.C. Senate Finance subcommittee issues its final report this week on the $1.8 billion accounting scandal that’s landed the state in hot water with federal fraud investigators.“During our investigation, I became convinced that Treasurer [Curtis] Loftis should be removed from office,” S.C. Sen. Larry Grooms (R-Berkeley), who’s heading up the Senate probe, told the Charleston City Paper on March 14. “For the good of the people of South Carolina, the treasurer who is largely responsible for our state’s financial fiasco should immediately resign.” But in a separate email to the City Paper the day before, Loftis made it clear he’s not going anywhere.“Most South Carolinians know this is simply dirty politics,” Loftis said. “They know the state’s cash and investments are properly accounted for, and they repeatedly tell me to keep up the good work and continue to fight for them.”At issue is the treasurer’s role in a series of fiscal foul-ups that overstated the state’s cash position by $3.5 billion for more than a decade, misleading investors and drawing federal scrutiny. About half that money — $1.8 billion — supposedly existed in an account that Loftis claimed last year was sound. Testifying under oath in April 2024, he told senators the $1.8 billion, which turned out to be nonexistent, had generated almost $200 million in interest since 2017.A January report from the independent forensic accounting firm AlixPartners found that the state’s three principal financial officers — Loftis, Comptroller General Richard Eckstrom and State Auditor George Kennedy — all bore some responsibility for the mess. Eckstrom and Kennedy have already stepped down, leaving Loftis as the last man standing.While Loftis says he accepts the AlixPartners’ findings regarding the account, he called Grooms’ Senate investigation “political grandstanding,” and vowed to “fight to my last breath” any effort to bring the independently elected treasurer’s office under tighter legislative control.“The subcommittee has publicly made several false accusations, used falsified documents and denied my constitutional and statutory rights and protections,” Loftis said. “But I have gotten used to that over the years as those who want control of the money will stop at nothing to achieve their goal.”Nevertheless, as the committee prepares to release its report, Grooms is firm about Loftis’ culpability.“The Treasurer engaged and continues to engage in deception and misdirection in attempts to deflect blame for the Treasury errors that created the $1.8 billion blunder,” he said. “As State Treasurer, he has lost control of the Treasury, as the books of the Treasury are not complete and are not accurate.”Loftis, a four-term incumbent, has pledged not to run again in 2026 — though he seemed to leave the door open at least a crack when asked if he might reconsider.“I continue to enjoy widespread public support as I have for the last fourelections and money is not an object, so I have options,” he said. – Jack O’Toole<ul><li>Editor’s Note: Statehouse Report, the City Paper’s affiliated newsletter on state politics and policy, called for Loftis to resign last week in this commentary.</li></ul><h2>In other recent headlines</h2>CP OPINION, Brack: Time for Loftis to resign as state treasurer. “If there’s one thing that’s bringing together Republicans and Democrats in Columbia, it’s the increasingly widely-held belief that it’s time for state Treasurer Curtis Loftis to step down.”CP NEWS, ST. PATRICK’S DAY: Where to get lucky in Charlestoon. Here’s a look at what’s happening on St. Patrick’s Day in Charleston today. (Remember to wear green!)CP ARTS: Fairey, Hussey bring art and history to life at Aiken-Rhett House. A look at a new show inside the historic Aiken-Rhett House.CP WEEK IN REVIEW: Mace leads in 2025 gubernatorial name recognition. With national political news breaking by the minute and a state governor’s race just around the corner, a new poll is catching the attention of political insiders across the Palmetto State.S.C.-1: Mace sued by man she accused of being a predator. One of the four men that U.S. Rep. Nancy Mace, R-S.C., accused of being a sexual predator in a House floor speech on Friday filed a defamation lawsuit against her.Mace sued for defamation.Charleston lawyer delighted by Project 2025 playbook use. Paul Dans, architect of the blueprint for Donald Trump’s second term who was pressured out in July 2024, says he is delighted with how Project 2025 has become the administration’s playbook. He is a lawyer who lives in Charleston.Charleston Wine + Food has big economic impact. Over 20 years, the festival says it has has a $170 million economic impact in the Charleston region.ROADS: Widening S.C. Highway 41 has dragged on for years. The price tag has ballooned by more than $100 million, according to this story about a widening project in the works since 2017. Meanwhile, construction could start soon on a West Ashley road project.FAA planning for 787 inspections. The FAA plans to tell airlines to check 787 Dreamliners for a manufacturing defect, according to this story.South Carolina women nab top seed in NCAA tourney. The four top seeds in the NCAA women’s basketball tournament announced Sunday were South Carolina, UCLA, Southern California and Texas. Meanwhile in March Madness, the Clemson and Wofford men’s teams also were invited to participate in the NCAA men’s tournament.S.C. schedules 5th execution in seven months. Mikal Mahdi, convicted of shooting and killing an off-duty police officer in 2004, is scheduled for execution on April 11, the state Supreme Court announced Friday.###Help keep the City Paper free.No paywalls.No subscription cost.Free delivery at 800 locations.Help support independent journalism by donating today.</div></body>

Show less about: Donald Trump

Block Source: Charleston City Paper

Misinformation

Clickbait

Old or repetitive news

Explicit content

Location not relevant

MORNING HEADLINES | An irresistible legislative force is set to meet an immovable political object when a S.C. Senate Finance subcommittee issues its final report this week on the $1.8 billion accounting scandal that’s landed the state in hot water with federal fraud investigators. “During our investigation, I became...

Senators to release final report on billion-dollar scandals

NewsBreak

MORNING HEADLINES | An irresistible legislative force is set to meet an immovable political object when a S.C. Senate Finance subcommittee issues its final

Senators to release final report on billion-dollar scandals

Comments / 20