Nov 28 2008
State May Delay Payment on Excessive Bonus
COLUMBIA — South Carolina Treasurer Converse Chellis asked Wednesday that the Retirement System Investment Commission hold off paying a $176,500 bonus to the man chiefly responsible for making the state’s retirement investment decisions.
Chellis spokesman Scott Malyerck said Chellis, a panel member, called commission chairman James Powers and requested that Bob Borden’s bonus payment be delayed.
“It seems to be, in light of what’s occurring, an excessive package,” Malyerck said.
No kidding it’s excessive. Look, the guy may do a spectacular job at what he is hired to do, but to be doling out a $176,000 bonus to one person when the state is taking a machete to the budget at every corner defies common sense. In fact, I’m surprised someone in Columbia even picked up on it.
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