{"id":2391845,"date":"2025-01-17T16:17:59","date_gmt":"2025-01-17T21:17:59","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/south-carolina-lawmakers-call-to-axe-treasurer-after-1-8-billion-accounting-error-washington-examiner\/"},"modified":"2025-01-17T16:19:33","modified_gmt":"2025-01-17T21:19:33","slug":"south-carolina-lawmakers-call-to-axe-treasurer-after-1-8-billion-accounting-error-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/south-carolina-lawmakers-call-to-axe-treasurer-after-1-8-billion-accounting-error-washington-examiner\/","title":{"rendered":"South Carolina lawmakers call to axe treasurer after $1.8 billion accounting error &#8211; Washington Examiner"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsouth-carolina-lawmakers-call-to-axe-treasurer-after-1-8-billion-accounting-error-washington-examiner%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2391845&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>South Carolina\u2062 lawmakers are \u2063calling for the dismissal of\u2062 the state treasurer following a notable \u200caccounting error that resulted in a misstatement of $1.8 billion. The error has raised \u200cconcerns about financial oversight and accountability within\u200d the state&#8217;s \u200bfinancial management. As lawmakers push for \u200daccountability, this\u200c issue highlights the importance \u200bof accurate\u200d accounting practices and the potential consequences of significant financial discrepancies in\u2064 goverment\u200d operations.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">South Carolina lawmakers call to axe treasurer after $1.8 billion accounting error<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_1938072\" class=\"tpd-featured-video bridtv\"><\/div>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/tag\/south-carolina\/\" target=\"_blank\" rel=\"noopener\" title=\"South Carolina\">South Carolina<\/a> lawmakers are calling for the state treasurer to be impeached after an <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/deputy-labor-secy-nominee-takes-heat-for-unemployment-fraud\/\" title=\"Deputy Labor Secy nominee takes heat for unemployment fraud\">independent audit found<\/a> that a suspected $1.8 billion thought to be in a <a href=\"https:\/\/amzn.to\/3YuVZYV\">state bank account<\/a> never existed.<\/p>\n<div class=\"article-paywall\">\n<p>The results of the audit, released earlier this week, <a href=\"https:\/\/admin.sc.gov\/sites\/admin\/files\/Documents\/OED\/AlixPartners%20Final%20Report%20011525.pdf\" target=\"_blank\" rel=\"noopener\" title=\"found\">found<\/a> that $1.6 billion of the $1.8 billion <a href=\"https:\/\/apnews.com\/article\/south-carolina-missing-money-treasurer-comptroller-85ae9a632712477b0f8e354aee226d11\" target=\"_blank\" rel=\"noopener\" title=\"believed\">believed<\/a> to have existed was the &ldquo;result of incorrect journal entries,&rdquo; while the remaining $200 million were &ldquo;already included in the reported bank balances of the&rdquo; <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/washington-residents-will-soon-receive-their-primary-election-ballots-in-the-mail\/\" title=\"Washington residents will soon receive their primary election ballots in the mail\">state treasurer&#038;rsquo<\/a>;s office. After the report was released Wednesday, state Treasurer Curtis Loftis issued a statement saying the findings mean citizens &ldquo;can be confident that their money is safe.&rdquo;<\/p>\n<p>&ldquo;We thank Alix Partners for their efforts, which have validated what we&rsquo;ve known all along &ndash; there is no mystery bank account with $1.8 Billion in it, no missing money, and all cash and investments are accounted for,&rdquo; Loftis said.<\/p>\n<p>Not all lawmakers were satisfied with the treasurer&rsquo;s handling of the state&rsquo;s books, with Democratic state Rep. Heather Bauer saying she would file articles of impeachment against him over the nonexistent funds.<\/p>\n<p>&ldquo;The money is not safe with Curtis Loftis,&rdquo; Bauer said at a Thursday morning press conference, <a href=\"https:\/\/wpde.com\/newsletter-daily\/state-treasurer-faces-impeachment-calls-after-18-billion-accounting-error-revealed-money-cash-curtis-loftis-heather-bauer-billions-fund-house-representatives-senate\" target=\"_blank\" rel=\"noopener\" title=\"according to\">according to<\/a> WPDE. <\/p>\n<p>&ldquo;Years of sweeping accounting errors under the rug just hoping they&rsquo;d disappear. We have currently today spent millions of dollars because of his errors, we have spent hundreds of thousands of dollars each month on lawyer fees and auditor fees and to fix this issue it&rsquo;s going to cost even more,&rdquo; Bauer added.<\/p>\n<p><strong><a href=\"https:\/\/www.washingtonexaminer.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a><\/strong><\/p>\n<p>Republican state Sen. Larry Grooms <a href=\"https:\/\/www.wcnc.com\/article\/news\/politics\/south-carolina-politics\/south-carolina-state-budget-missing-money-audit\/275-57ab36f8-2386-4c7c-928c-449dd54875cb\" target=\"_blank\" rel=\"noopener\" title=\"told\">told<\/a> WNCN he believes Loftis should resign, saying the accounting error was known for years and only grew rather than being fixed.<\/p>\n<p>While some are calling for Loftis to lose his job, Republican state House Speaker Murrell Smith said people should not &ldquo;jump to conclusions&rdquo; and instead find the facts before calling for impeachment.<\/p>\n<\/div>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_1938072\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"1938072\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SC lawmakers seek treasurer&#8217;s impeachment over $1.8B error<\/p>\n","protected":false},"author":2638,"featured_media":2391846,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2025\/01\/south-carolina-audit-findings.webp","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[48720,3673,41960,6434,32076],"class_list":["post-2391845","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-accounting-error","tag-lawmakers","tag-south-carolina","tag-treasurer","tag-washington-examiner"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2025\/01\/south-carolina-audit-findings.webp","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2391845","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2638"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2391845"}],"version-history":[{"count":3,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2391845\/revisions"}],"predecessor-version":[{"id":2391849,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2391845\/revisions\/2391849"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2391846"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2391845"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2391845"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2391845"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}