South Carolina Treasurer Curtis Loftis faced scrutiny on Wednesday over an accounting error that led to a $1.8 billion fund discrepancy, with calls for his resignation labeled as a witch hunt. The issue, known to Loftis' office and two others for six years, involved misallocations rather than actual cash. A private forensic audit was required to rectify the situation, costing millions.
Loftis attributed the blame to retired staff members and other state agencies involved in financial oversight. However, lawmakers, particularly in the Senate, expressed doubts. Senator Larry Grooms called for Loftis' resignation, and the Senate Finance Committee passed a resolution to have a private accounting firm oversee the Treasurer's Office until confidence in the state's financial accounts is restored.
