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State Treasury Prepared

South Carolina Business Review logo

During the 2008-09 financial crises our state unemployment fund went bankrupt, forcing the state to borrow money from the federal government.  We eventually paid it all back and increased our overall reserves in an effort to prevent that situation from happening again.  So here we are again, facing a potentially large increase in the number of unemployed people.

Mike Switzer interviews Curtis Loftis, state treasurer of South Carolina.

After almost 20 years, Mike Switzer retired from Wells Fargo Securities in 2001 as Senior Vice President/Investment Officer and Certified Portfolio Manager. In 1999, he and his wife, Maggie, purchased and operated for eight years the Baskin Robbins ice cream store on Forest Drive in Columbia. They grew the store from a bottom-tier operation in the Baskin Robbins franchise system to one in the top 5% nationwide within three years, tripling sales along the way. While operating the ice cream store, Mike and Maggie received patents for a portable ice cream sink and fold-down sneezeguard they invented and in 2002 started Magnolia Carts, an ice cream cart manufacturing company, which they sold in 2013.