The Union Recorder


June 11, 2014

COOK: City Council behavior disappointing

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 Now, we all have been informed that a large sum of taxpayer money was withdrawn from Century Bank and moved to Wells Fargo Advisors.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.


Tripper Cook


Text Only
AP Video
US Ready to Slap New Sanctions on Russia Kerry: Not Worried About Israeli Criticism Boater Rescued From Edge of Kentucky Dam Girl Struck by Plane on Florida Beach Dies Rodents Rampant in Gardens Around Louvre House to Vote on Slimmed-down Bill for Border Looming Demand Could Undercut Flight Safety Raw: 2 Shells Hit Fuel Tank at Gaza Power Plant Raw: Massive Explosions From Airstrikes in Gaza Giant Ketchup Bottle Water Tower Up for Sale Easier Nuclear Construction Promises Fall Short Kerry: Humanitarian Cease-fire Efforts Continue Raw: Corruption Trial Begins for Former Va Gov. The Carbon Trap: US Exports Global Warming Traditional African Dishes Teach Healthy Eating
Twitter Updates
Follow us on twitter

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
NDN Video
Weird 'Wakudoki' Dance Launches Promotional Competition Chris Pratt Adorably Surprises Kids at a 'Guardians of the Galaxy' Screening Chapter Two: Designing for Naomi Watts NOW TRENDING: Peyton Manning dancing at practice "The Bachelorette" Makes Her Decision Thieves pick the wrong gas station to rob Golden Sisters on '50 Shades' trailer: 'Look At That Chest!' Staten Island Man's Emotional Dunk Over NYPD Car - @TheBuzzeronFOX GMA: Dog passes out from excitment to see owner Baseball Hall of Famers Inducted 'Hunger Games: Mockingjay Part 1' Sneak Peek Florida Keys Webcam Captures Turtles Hatching Morgan Freeman Sucks Down Helium on 'Tonight Show' Robin Wright Can Dance! (WATCH) She's Back! See Paris Hilton's New Carl's Jr. Ad Big Weekend For Atlanta Braves In Cooperstown - @TheBuzzeronFox Chapter Two: Becoming a first-time director What's Got Jack Black Freaking Out at Comic-Con? Doctors Remove 232 Teeth From Teen's Mouth Bradley Cooper Explains His Voice in 'Guardians of the Galaxy'