State finance committee seeks answers on ownership of $1.8 billion – Queen City News

In a shocking turn of events, a mysterious $1.8 billion has been discovered in a South Carolina state bank account, leaving officials scrambling to uncover the truth behind its origins. The state’s Comptroller General and Treasurer’s office were called to testify in a hearing with the state’s senate finance committee, shedding light on the perplexing situation.

Treasurer Curtis Loftis and CG Brian Gaines pointed fingers at each other’s offices, claiming responsibility for the unknown funds. Loftis revealed that the $1.8 billion generated over $200 million in interest, which was subsequently spent by the general assembly after being returned to the general fund.

The finance committee raised crucial questions about the ownership of the funds, speculating that it could be federal funds, dot funds, or a trust fund. State Senator Tom Young expressed concern over the lack of clarity regarding the ownership of the massive sum.

Amidst heated exchanges and accusations, Loftis admitted that he was not seeking re-election, adding another layer of intrigue to the unfolding saga. The senate committee hearing lasted for hours, with members expressing disbelief and concern over the handling of the funds.

As the investigation continues, the state’s financial stability and credit rating hang in the balance, with Senator Grooms emphasizing the need for accountability and transparency in resolving the $1.8 billion mystery. The saga of the mysterious funds in South Carolina continues to captivate and perplex both officials and the public alike.