Aetna assured Connecticut lawmakers that it will leave most of its employee workforce in Hartford and would only move its top executives to its new location in New York City. But even the loss of the top five executives at the insurance giant will cost Connecticut millions in lost tax revenue. The five top executives, including CEO Mark Bertolini, earned a combined $49.2 million in 2016, according to Morningstar, a stock-trading and investment research company.
In what is becoming an all-too-familiar occurrence, the CEO of a major Connecticut company issued a politely-worded piece asking state lawmakers to “take the steps necessary to support the long-term economic sustainability of the state.” Stanley Black & Decker CEO Jim Loree penned an op-ed to the Hartford Courant Friday asking lawmakers to get Connecticut’s finances under control without once again raising taxes.
Connecticut has experienced remarkably slow growth in personal income, according to a study conducted by Pew Charitable Trusts, and that slow growth may be tied to Connecticut's declining population. Two separate studies - one showing personal income growth across the states and the second showing which states gained and lost population - appear to have a lot in common.
For a minute let’s set aside Connecticut’s desperate need for a budget that gets us off the deficit rollercoaster and celebrate the legislative successes of this session. These are the kind of bills that can help turn Connecticut around. Two bills (Senate Bill 191 and House Bill 5764) cut red ...
Boston Globe columnist Shirley Leung wrote last week that Hartford's worst-kept secret was Aetna's desire to get out of Connecticut and encouraged the insurance giant to relocate to Boston. The column made big news in Connecticut but Massachusetts officials have been hoping for an Aetna move for since 2015.
As Gov. Dannel Malloy and the state bond commission raced through their votes on $350 billion in new borrowing Friday, Connecticut’s credit rating was downgraded by Fitch Ratings Agency, giving Connecticut the third worst bond rating of the 50 states. But Connecticut’s lagging economy and heavy debt burden did not prevent the bond commission from borrowing nearly $50 million to give loans and grants to companies through the Department of Economic and Community Development.