MANSFIELD — State lawmakers have outlawed the Boycott, Divestment, and Sanction Movement, (BDS) in Ohio, but according to one faith-based Israeli advocate, the Richland County Treasurer’s office needs to get with the program.
Last year, media outlets from Latin America to the Holy Land reported on the pro-Israeli advocacy of Richland County clergy including their county’s investment of Israeli bonds. A closer look reveals the County Treasurer actually divested in Israeli bonds.
“Last week In a written follow-up to my inquiry, Treasurer Bart Hamilton told me his office never invested in Israeli bonds nor did it have an interest in doing so” says Benjamin Mutti of the Richland Community Prayer Network.
After receiving requests from forty leading clergy and from Baptists for Israel, Democrat Treasurer Bart Hamilton agreed to go thru the lengthy process of updating a thirty-year-old county investment policy with assistance from the County Prosecutor, allowing for foreign investments. Hamilton also researched the prospectus, and eventually recommended the investment of up to $200,000 in Israeli bonds to the County Investment Board in November 2017.
When the motion passed, Hamilton stated he would “let United American United Capital know about the investment after the county policy was approved by the State.” Except Bart Hamilton never did tell the investment management company to invest in the bonds.
Now after a recent revelation, Hamilton said he never intended to invest in Israeli bonds.
“Hamilton’s actions gives the appearance this whole thing was a setup. Apparently he never intended the clergy to follow up on his investment activities. The question is, was he trying to pull the wool over the clergy’s eyes?”
Benjamin Mutti
Richland COmmunity Prayer Network
“Hamilton’s actions gives the appearance this whole thing was a setup ,” says Mutti. “Apparently he never intended the clergy to follow up on his investment activities. The question is, was he trying to pull the wool over the clergy’s eyes?”
The embattled County Treasurer is in the last year of his term. Hamilton ran unopposed in 2016.
On November 6, 2019 Hamilton wrote in an email to Mutti, “I don’t feel that this is a good investment for a small county like Richland. This investment is designed more for individuals of faith and churches. “
On the other hand, on November 17, 2017 Hamilton wrote Mutti, “… We will need to send the (approved) policy to everyone we invest with for them to read, sign the acknowledgement, and send it back to us. That will probably take a couple of weeks to get everyone’s forms back…then we can do a trade for the Israeli bonds. They are available for trades on the 1st and the 15th of each month so we will do it at our earliest available time … ”
For perspective.the yield for Israeli bonds is generally higher than American bonds of the same term.
According to Fitch Ratings, “Israel benefits from high financing flexiblity. It has deep and liquid local markets, good access to international capital markets, an active diaspora bond program, and U.S. government guarantees in the event of market disruption.” In summary, Fitch affirms Israel at A+ with the outlook as “stable.”
According to Rabbi William Hallbrook, one of the clergy requesting Richland County investment in Israeli bonds, “This whole thing would go away if he (Hamilton) would just invest in the Israeli bonds like he originally recommended. I think the clergy would be willing to forgive him.”
Additionally, the State of Ohio became the largest holder of Israeli bonds for a government entity in the world when State Treasurer Josh Mandel purchased a record $ 61 million dollars’ worth of Israeli bonds. The State Treasurer’s office underscores the fact that ninety-five state, municipal, and public employee pension funds and treasury funds have invested in Israeli bonds, including: Cuyahoga ,Franklin, and Summit counties.
For moe information on Israeli bonds, click on the video below.
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