A $485,000 public worker salary in Columbia, rage, and acceptance

Image by Flickr user aresauburn™

Politicians in Columbia are furious that the state's top investment officer just received a 37% raise to $485,000 — but no one's planning to do anything about it.

The general missive is that folks who run state pension funds just make a lot of money. The move to boost Robert Borden's salary came after Virginia tried to lure him away.

Still, that didn't stop foaming-at-the-mouth statements like the one by Rob Godfrey, Gov. Nikki Haley’s spokesman, who labeled the raise "irresponsible and unacceptable." But it seems that's not enough to provoke the governor into taking action as Godfrey said the governor made it clear "that it is not to happen again."

I'll point you to The State's report to read about the kerfuffle (read it here.)

As for Borden's track record, when he took over in 2006 it was at the head of a $25.9 billion fund that today is worth $26.1 billion — not too shabby given the market conditions. 

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