In what sounds more like an episode of Seinfeld than reality, the State of South Carolina recently discovered a bank account hiding $1.8 billion in state funding. This only came to light after former Comptroller General Richard Eckstrom (R) stepped down last year. According to CBS News, he left after they “started double posting money in higher education accounts, leading to a $3.5 billion error that was all on paper.”
When the money was first uncovered by Treasurer Curtis Loftis (R) it was moved and has since paid the state $200 million in interest. Since then, he has faced immense backlash for just investing the cash and not talking to the General Assembly about his discovery. As he sees things, that wasn’t in the job description. Instead, he ascertains that new Comptroller General Brian Gaines (D) is merely trying to pass the buck. He says answers about the money or how it came to be will take more than the weeks since it was discovered.
As of late, the treasurer has gone to social media to ask for prayers for the workers of his office following the news. He claims they are working harder and longer than ever before. As internal and external accountants review the banking information, state senators have told CBS their own beliefs about the idea. They think “every time the state’s books were out of whack, money was shifted from somewhere into an account that helped balance it out.”
Even Governor Henry McMaster (R-SC) isn’t too upset about the situation. While he admits this undermines the voter confidence, it’s not necessarily a bad thing to find a sudden surplus of cash. The state can now take its time deciding what will benefit the people most.
