Bridgewater Associates has over $130 billion under management. The founder was paid $3.9 billion last year. Yet despite this wealth Connecticut felt it wise to throw a bunch of goodies Bridgewater’s way to make sure it built its headquarters in Stamford. That the current governor of Connecticut is the former mayor of Stamford has nothing to do with this.
Also last year UBS got a $20 million “forgivable” loan to stay in Stamford.
Connecticut agreed to give Bridgewater a $25 million“forgivable” 10-year loan with interest set at 1 percent 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 urban and industrial site reinvestment tax credits, according to the statement from Malloy’s office.
“This is stealing from the poor and middle class to make a billionaire even richer,” Jonathan Pelto, a Democrat and former deputy majority leader in Connecticut’s House of Representatives, said by e-mail. “This isn’t economic development.”