Global financial services giant UBS AG received $11.4 million in loan forgiveness from the state of Connecticut after cutting roughly 1,300 jobs, according to both a state audit and information listed on the Connecticut Open Data website. The Switzerland-based bank which logged $42.9 billion in revenue in 2019, according to ...
The Department of Economic and Community Development was cited by state auditors for forgiving or modifying state loans to companies totaling $23.6 million and awarding $16 million in excess assistance through the First Five Plus program, according to a new state audit. The audit comes as DECD Commissioner David Lehman ...
Connecticut received a “B” rating in a new report that ranks states based on the transparency of economic development incentives given to businesses to either move into, or remain, in the state. It was the third highest grade in the United States. The report issued by Frontier Group and U.S. ...
A whistleblower complaint filed by a former employee with the Department of Economic and Community Development alleges the department is keeping delinquent and unpaid loans on the books through loan modifications and additional loans in order to boost their success rate. The 2018 complaint highlights a number of delinquent loans ...