The South Carolina state treasurer, Curtis Loftis, has come under fire after revelations that $1.8 billion has been sitting in a temporary transfer account on the state’s electronic ledger for seven years unnoticed. This scandal follows a $3.5 billion restatement of the state’s financial position last year that led to the resignation of the then-Comptroller General Richard Eckstrom.
During a recent hearing, Loftis faced tough questioning from senators who criticized his leadership and handling of the situation. Tensions ran high as Loftis expressed frustration and denied any wrongdoing, insisting that he was being unfairly targeted by the senators.
The $1.8 billion in the treasury account falls under Loftis’ department, leading to increased scrutiny on his handling of state funds. Despite attempts to defend himself and challenge the accusations, Loftis faced intense exchanges with senators throughout the day.
This latest scandal has sparked outrage and ridicule, highlighting ongoing issues with financial oversight in South Carolina. The public, along with lawmakers, are calling for more transparency and accountability in the state’s financial management to prevent similar incidents in the future. Loftis remains adamant in his denial of any wrongdoing and has vowed to continue to address the issues raised during the hearing.
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