Date Published: September 21, 2006   

Patterson wins limits on investments in terrorist-linked companies

The Associated Press

State Treasurer Grady Patterson has sent a letter to a state retirement investment panel saying money from police officers, National Guard members and other contributed to the system shouldn't end up in companies or nations linked to terrorism.

Patterson was in New York Thursday when his recommendation was presented. "They were agreeable to it. They adopted it," said Frank Rainwater, deputy state treasurer.

The state's option to invest internationally shouldn't put chunks South Carolina's $26 billion in retirement money in countries or companies with terrorism ties, Patterson said in a prepared statement.

The money shouldn't end up with "groups that seek harm or ill will towards the United States and its citizens. I believe most South Carolinians agree."

Patterson's Republican opponent in the Nov. 7 election says that makes sense.

"It goes without saying that not one dime of state money should be invested in countries sponsoring terrorist organizations or their supporters," Thomas Ravenel said.

Republicans criticized the Democratic Patterson for his trip to a New York fundraiser.

Katon Dawson, the state GOP chairman, said "something about this just doesn't smell right" with Patterson at an event raising money with a company that wants to do business with the state.

Trav Robertson, Patterson's campaign manager, said that didn't make much sense. "It is extremely hypocritical for them to point fingers at anyone other than themselves" when it comes to out-of-state fundraising, he said. "They're the ones that make taking money from outside of South Carolina, OK to do."