MILLEDGEVILLE — It is with great disappointment that the majority of our elected city officials support the retaliatory actions of Mr. Barry Jarrett against Century Bank, and more specifically against Mr. Chat Daniels. Mr. Daniels simply expressed his opinion. The Union-Recorder published his comments. Now, we all have been informed that a large sum of taxpayer money was withdrawn from Century Bank and moved to Wells Fargo Advisors.
From the recent published recording, it is obvious Mr. Jarrett was supported by the majority of City Council and they all knew it would draw ire as retaliation.
I, like Mr. Daniels, share similar feelings regarding unification and I agree with him that our council is too arrogant when it comes to improving our community. Whether perceived or if real, our council does make decisions without truly understanding the ramifications in some instances.
To support my frustration, Mr. Jarrett glossed over the rate of return on the money that was transferred to Wells Fargo Advisors. Specifically, the funds that were transferred out of a money market account at Century Bank were earning .5 percent per Mr. Jarrett. Mr. Jarrett was asked what rate of return the city is now making at Wells Fargo Advisors, he replied 2.1 percent. By the comments that Mr. Jarrett answered regarding rates of return, he did not say, nor was he asked, if the new financial relationship carried the same risks. In essence was he comparing apples to apples? The simple and correct answer is no.
The risks are not the same and Mr. Jarrett failed by not voluntarily discussing the risk factors to those who asked the question. Money market funds from banks are conservative with little to no risk. Investments, as is the case with Wells Fargo Advisors, carry higher risks. This also supports my feelings that many on City Council lack the knowledge of what is good and what is not good for our community.
Was Mr. Jarrett and the majority of City Council retaliating? Absolutely! Sadly, these types of actions will always hinder economic development.