finance

State Budget
12:50 pm
Wed January 28, 2015

Gov. Malloy Makes Budget Cuts After Inconclusive Lunch Date

Governor Dannel Malloy in a WNPR file photo.
Chion Wolf WNPR

Last week, Governor Dannel P. Malloy announced cuts to social services and health care in his second round of emergency rescissions to cut down the state budget deficit.

Malloy’s office projected a $121 million deficit last week. On Monday, the non-partisan Office of Fiscal Analysis estimated the deficit is closer to $202 million.

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The Colin McEnroe Show
9:15 am
Wed January 28, 2015

Overconfidence Is Overrated

Daylian Cain is an associate professor at Yale School of Management
Chion Wolf WNPR

Here's my favorite one. Eighty-four percent of Frenchmen rate themselves as above average lovers. Ninety-three percent of young drivers in another survey said they were above average. And, 68% of the faculty at the University of Nebraska place themselves in the top 25%.

All of those numbers reflect misplaced confidence. It seems to be genetically wired into us in certain ways.

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Minnesota
1:41 pm
Fri January 16, 2015

Archdiocese Of St. Paul-Minneapolis Files Chapter 11

St. Paul-Minneapolis Archbishop John Nienstedt speaks at his office in St. Paul, Minn., in a photo taken in July. Nienstedt announced Friday that the archdiocese was filing for bankruptcy following more than a dozen claims from alleged sexual abuse victims.
Craig Lassig AP

The Archdiocese of St. Paul and Minneapolis has become the 12th U.S. diocese forced into bankruptcy by claims from alleged victims of clergy sexual abuse.

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Bond Commission
2:05 pm
Mon January 12, 2015

Gov. Malloy Ducks Bond Cap Question

Gov. Dannel Malloy in a WNPR file photo.
Credit Chion Wolf / WNPR

Governor Dannel Malloy got a hint of the tough questions he may face over paying for his transportation priorities at Monday’s bond commission meeting. But the governor said he’s not yet ready to set limits on borrowing for this year.

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Bond Commission
10:33 am
Mon January 12, 2015

State Bond Commission Approves Funding for Rail Stations

Ben Barnes.
Credit CT-N

Governor Dannel Malloy announced that $5.75 million was approved Monday by the state Bond Commission to improve railroad stations on the Hartford Line and the New Haven Line. 

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The Faith Middleton Show
10:33 am
Tue December 23, 2014

Finance: Watch Out for Capital Gains This Year

Credit Andreas Poike/flickr creative commons

The end of the year is fast approaching, and our contributors on financial matters advise us to keep a close eye on capital gains.

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Senate
4:19 am
Mon December 15, 2014

'Warning Shot': Sen. Warren On Fighting Banks, And Her Political Future

Sen. Elizabeth Warren, D-Mass. (right), a member of the Senate banking committee, and Rep. Maxine Waters, D-Calif., ranking member of the House financial services committee, express their outrage to reporters that a $1.1 trillion spending bill that was passed in Congress contains changes to the 2010 Dodd-Frank law that regulates complex financial instruments known as derivatives.
J. Scott Applewhite AP

Originally published on Tue December 16, 2014 6:20 pm

Updated at 9:30 a.m. ET

Sen. Elizabeth Warren failed to stop a change in bank regulations last weekend, but she raised her profile yet again.

The Massachusetts Democrat tells NPR that her fight over a provision in a spending bill was a "warning shot." She intends to continue her fight against what she describes as the power of Wall Street, even though that fight brought her to oppose leaders of her own party.

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Health Care Consolidation
7:32 am
Fri December 12, 2014

Tenet Withdraws Hospital Bid

Credit vichie81/iStock / Thinkstock

Texas-based Tenet Healthcare has withdrawn a bid to buy five hospitals in Connecticut, citing regulatory demands. 

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Congress
10:29 pm
Thu December 11, 2014

'Cromnibus' Spending Bill Passes, Just Hours Before Deadline

The U.S. Capitol is seen at dusk Thursday. The House approved a massive spending bill just hours before a midnight deadline to fund the federal government.
Shawn Thew EPA/Landov

Originally published on Fri December 12, 2014 8:08 am

Post updated at 9:38 p.m. ET.

A massive federal spending bill finally won the House's approval Thursday night, less than three hours before a midnight deadline that threatened a federal shutdown. The measure's fate had been in doubt after it narrowly survived a rules vote earlier in the day. The final tally was 219-206.

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Arts Funding
2:44 pm
Tue December 2, 2014

Connecticut Arts Organizations Receive NEA Grants

The Litchfield Jazz Festival is among the organizations receiving NEA grants.
Nathan Turner Litchfield Jazz Festival

Several performing arts and literary publications in Connecticut have been awarded grants from the National Endowment for the Arts, totaling $290,000.

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Connecticut Business Briefs
2:27 pm
Tue November 25, 2014

Market Rewards UTC Shakeup

Credit Oleksiy Mark/iStock / Thinkstock

United Technologies' stock has bounced back just a day after the departure of CEO Louis Chenevert. Shares in the Hartford based conglomerate ended Monday down 1.4 percent, following the shock announcement that former CFO Greg Hayes would take over the top slot. 

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Corporate Leadership
2:15 pm
Mon November 24, 2014

Mystery Surrounds UTC Change of Command

New UTC CEO Greg Hayes
Credit UTC

Investors and employees have been left baffled by the sudden resignation of Louis Chenevert, the chief executive of United Technologies. 

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State Budget
10:52 am
Mon November 24, 2014

Despite Improving Economy, State Could Face Billion-Dollar Deficit

Credit moodboard / Thinkstock

Despite an improving economy, Connecticut could be facing budget deficits of more than a billion dollars over the next three years. 

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Congressional Check-In
3:44 pm
Wed November 19, 2014

Jim Himes on Wall Street Regulation and Transportation Deficiencies

Rep. Jim Himes will represent the 4th district for his 4th term.
Chion Wolf WNPR

Connecticut's Fourth District Congressman Jim Himes was in the running to lead the Democratic Congressional Campaign Committee but lost out to New Mexico congressman Ben Ray Lujan.

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Cities
3:01 pm
Wed November 19, 2014

Group Details Burdens on Connecticut Cities

Connecticut cities in CCM's latest report.
Connecticut Conference of Municipalities

An advocacy group for Connecticut's cities and towns is calling attention to what it describes as the disproportionate burdens on poor communities. 

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Bond Commission
12:35 pm
Wed November 19, 2014

State Bond Commission Approves $5 Million for New Sandy Hook Elementary

A rendering of a new Sandy Hook Elementary School in Newtown.
Svigals & Partners

The state bond commission has approved a $5 million grant for the new Sandy Hook Elementary school. 

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Politics
3:48 am
Mon November 17, 2014

Top Spenders On Capitol Hill Pay Billions, Receive Trillions

The amount of money spent on Capitol Hill is way more than small change — but the impact of that money is a little murky. Here, the U.S. Capitol is reflected in a fountain full of coins on Election Day this year.
Mark Wilson Getty Images

Originally published on Mon November 17, 2014 3:24 pm

How much power should corporations wield in Washington? It's an enduring question — and now the Sunlight Foundation has devised a new way to gauge that power.

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Health Insurance
6:49 am
Sat November 15, 2014

They Paid How Much? How Negotiated Deals Hide Health Care's Cost

Sal Morales found an Obamacare health plan this year that costs him $145 per month — versus the $560 he'd been paying.
Courtesy of The Miami Herald

Originally published on Mon November 17, 2014 1:43 pm

As Americans begin shopping again for health insurance under the Affordable Care Act on Saturday, they'll be wrestling with premiums, deductibles, out-of-pocket costs and other vague and confusing insurance-speak.

Believe it or not, that's the easy part compared with figuring out what health care actually costs.

Sal Morales of Miami bought insurance in March during the ACA's first enrollment period on the HealthCare.gov website.

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The Colin McEnroe Show
9:50 am
Wed November 12, 2014

The Impulse Society

Roberts says the marketplace and the self are merging in ways we've never before experienced.
Credit Anthony Quintano / Creative Commons

One of the biggest American myths is limitlessness. You'd think by now we'd understand our own limitations but the American myth - and you can hear it on Rush Limbaugh every day - is one where the horizon goes on forever and more growth is always possible and any failure from Vietnam to the 2008 crash that we've ever had is just a case of failing to fully exert our exceptional American qualities. 

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Bridgeport
12:20 pm
Mon November 10, 2014

Ex-Worker at Bridgeport Housing Authority Sues, Claiming Fraud

Subsidized apartment housing in Bridgeport.
Credit City of Bridgeport

An ex-employee has sued the Bridgeport Housing Authority, claiming she was fired to cover up $2 million in fraud and mismanagement she discovered. 

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Cities
11:58 am
Fri November 7, 2014

Judge Approves Detroit's Plan To Exit Bankruptcy

Detroit emergency manager Kevyn Orr (left) speaks at a news conference in Detroit as Michigan Gov. Rick Snyder, who appointed Orr, listens. Orr's plan for the city to emerge from bankruptcy was approved by a federal judge today.
Paul Sancya AP

Originally published on Fri November 7, 2014 2:59 pm

Updated at 1:15 p.m. ET

A federal judge today gave the OK to a bankruptcy exit strategy proposed by Detroit nearly 16 months after the city asked for protection from its creditors.

At a 1 p.m. ET hearing, Judge Steven Rhodes found that the plan was fair and feasible. He's expected to issue a written ruling later.

"This city is insolvent and desperately needs to fix its future," Rhodes said.

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Economic Development
3:33 pm
Mon November 3, 2014

UBS, Connecticut Strike New Deal Over Stamford Jobs

UBS Stamford headquarters
Credit Harriet Jones

The state of Connecticut has cut a new deal with banking giant UBS, which it hopes will keep the company in Stamford for another seven years. 

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Election 2014
11:32 am
Thu October 30, 2014

Denise Nappier and Tim Herbst Face Off in Contentious Debate

As the broadcast ended, Denise Nappier and Tim Herbst continued to debate.
NBC Connecticut screenshot

Treasurer Denise Nappier met her Republican challenger on Wednesday night for their first and only debate before the November 4 election.

Nappier and Tim Herbst spent most of the 25 minutes attacking each other in the West Hartford studios of NBC Connecticut.

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The Business of Defense
3:44 pm
Wed October 29, 2014

Electric Boat Says $10 Million State Loan Guarantees 8,900 Jobs

Electric Boat president Jeffrey Geiger with state officials.
Credit Harriet Jones / WNPR

Electric Boat will use a $10 million loan from the state of Connecticut to buy and refit a building from nearby Pfizer. The Groton-based shipyard is launching a $31 million program to expand and upgrade its facilities.

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Election 2014
1:12 pm
Mon October 27, 2014

Pensions, Liability at Center of Connecticut Treasurer's Race

Denise Nappier and Tim Herbst are both campaigning for the position of Connecticut state treasurer.

Pension funds valued at $29 billion and even greater unfunded liabilities are giving Treasurer Denise Nappier and Republican challenger Tim Herbst plenty to fight about. 

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Corporate Defection
1:36 pm
Thu October 23, 2014

UBS Puts Stamford Building Up for Lease

UBS headquarters in Stamford.
Harriet Jones WNPR

UBS has put its massive, 12-acre Stamford complex up for lease, confirming rumors that it is mulling a move out of the city.

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Economic Development
2:38 pm
Tue October 21, 2014

Gov. Malloy Raises Doubts About UBS in Stamford

UBS headquarters in Stamford.
Harriet Jones WNPR

Governor Dannel Malloy says banking giant UBS may renege on its commitment to keep 2,000 jobs in Stamford. He made the remarks during an interview with the owners of the Stamford Advocate. 

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Secret Money
7:23 am
Mon October 20, 2014

This Political Ad Was Paid For By — Oh, Never Mind

Among outside groups — that is, not candidates or party committees — more than half of this cycle's political ads are financed by secret donors.
iStockphoto

Originally published on Wed October 22, 2014 6:42 pm

When you talk about "outside" money in politics, there's a good chance you'll talk about billionaire activists David and Charles Koch.

Especially if you're Harry Reid. The Senate majority leader regularly takes to the Senate floor to slam the Kochs for financing a network of conservative groups. Back in March, he said he was criticizing "two very wealthy brothers who intend to buy their own Congress, a Congress beholden to their money and bound to enact their radical philosophy."

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Technology
6:23 am
Mon October 20, 2014

Will Apple's Mobile Wallet Replace Your Leather Wallet?

Apple Pay is demonstrated at Apple headquarters in Cupertino, Calif.
Marcio Jose Sanchez AP

Originally published on Wed October 22, 2014 8:57 am

On Monday, Apple is rolling out a new way to pay: a digital wallet called Apple Pay. Millions of people with the iPhone 6 and 6 Plus will be able to tap — rather than swipe — at the register.

The move could be a major change in how we shop. Or it could end up as a blip on the map that fades away, as other "mobile wallets" have in the past.

Here are some questions you might be asking:

I have a leather wallet in my back pocket. Am I going to have it a year from now, given this mobile-wallet revolution?

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Higher Education
4:55 pm
Sun October 12, 2014

To Cut Student Debt, Florida College Cuts Off Some Student Borrowing

Students at Broward College in Fort Lauderdale, Fla., attend a debt management workshop. Broward is one of 29 colleges that no longer accepts unsubsidized student loans. The effort is part of an experiment to cut down on student loan debt and defaults.
John O'Connor WLRN

Originally published on Sun October 12, 2014 6:52 pm

To get a student loan at Broward College, one of Florida's largest community colleges, you first have to sit through a two-hour financial lesson with Kent Dunston.

It's a little like Scared Straight, the 1978 documentary designed to keep kids from ending up in prison.

Dunston's lesson, though, is about scaring students into making good financial choices. Nationwide, student loans total more than $1.2 trillion. And schools now face punishment — even closure — by the federal government if the rate is too high.

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