There is strength in diversity. You hear it from your investment people, you see it in hiring, and I wonder if the Comptroller hasn't lost something in his rush to get another headline.
Just like people, organizations have strengths and weaknesses. The Comptroller has placed all of the County's funds with one bank, one group of people, and we are now betting that they know more than any of their competition.
I do realize that the County will now get some better deals now that all our money is in one place. I hope what we gain is more than what we lost. For example, the money deposited is then loaned out. That's how banks work. That's how they make their money. The Comptroller just placed millions of dollars worth of power in the hands of a few M & T bankers.
I hope they make good community loans. Hope they don't "red line". I hope Stefan isn't getting a big campaign contribution in exchange for this.