World's Biggest Hedge Fund Gets Welfare From Connecticut
Michael McDonald and Saijel Kishan write at Bloomberg:
Bridgewater Associates, the world's biggest hedge fund, intends to build a $750 million headquarters financed partly with state aid in Stamford, Connecticut, according to Governor Dannel Malloy.The company, which paid founder Raymond Dalio $3.9 billion in 2011, occupies five buildings in nearby Westport. The new headquarters is planned for Stamford's Harbor Point waterfront district, Malloy, 57, said yesterday in a statement. Bridgewater also committed to adding hundreds of jobs.
Connecticut agreed to give Bridgewater a $25 million "forgivable" 10-year loan at 1 percent interest to help finance two buildings totaling 750,000 square feet (69,700 square meters). It will also provide as much as $5 million for job training, $5 million for alternative-energy systems and $80 million in tax credits, according to the statement.
"This is stealing from the poor and middle class to make a billionaire even richer," Jonathan Pelto, a former deputy majority leader in Connecticut's House of Representatives, said by e-mail. "This isn't economic development."
via @AgainstCronyCap
Bastards. Go read the mission statement at their website. Dalio is now in violation of everything he says he stands for. Pig. I'm glad I turned down the job offer. I'm too much of a libertarian to work for him anyway.
Flynne at August 16, 2012 5:19 AM
Maybe, one blustery winter day, Mr. Dalio said to the governor, "Cripes, it's cold in Connecticut! I hear the winters are much milder in Charlotte."
But that's just a guess.
Old RPM Daddy at August 16, 2012 5:21 AM
Destiny, redux. It killed all the local malls in Syracuse, then phase 2 wiped out the parking for a few years while the city and developer bickered. In the end, they pay no taxes for ten years, and the only reason to go there, a nice Borders bookstore with a good selection of books, is gone.
MarkD at August 16, 2012 5:35 AM
Old RPM Daddy is right: there are plenty of other states that will cheerfully give a company like that a sweetheart deal of similar magnitude.
It's the way the game is played, sadly. And unless you can get 50 state constitutional amendments passed simultaneously, no political entity is going to give up a perceived advantage over their rivals.
I R A Darth Aggie at August 16, 2012 6:43 AM
"Old RPM Daddy is right:" Thanks, blind squirrel, stopped clock and all that.
"And unless you can get 50 state constitutional amendments passed simultaneously, no political entity is going to give up a perceived advantage over their rivals."
Fifty state constitutional amendments to do what, though?
Old RPM Daddy at August 16, 2012 7:28 AM
I live in Stamford. This is locally very controversial, the land they are going to build on is supposed to be used as a boat yard. It seems that the Governor's office (the Governor who was formerly the mayor of Stamford) was doing a deal with the land developer without the knowledge of the city planning commission. At least that is how it looks in today's local paper. Development on that site was halted a while ago with a court order. Lots of cronyism here in CT. Very sad state of affairs.
DebbieCT at August 16, 2012 11:57 AM
Diamond studded moochers and welfare queens.
Ken R at August 16, 2012 1:42 PM
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