finance

The Wheelhouse Digest
11:37 am
Wed October 9, 2013

Foreshaw Asks for Clemency; Explosives in Fairfield; Debt Crisis

Tamara Miller, daughter of victim Joyce Amos, testifying at today's clemency hearing for Bonnie Foreshaw.
Credit CT-N

The federal shutdown has been tough on a lot of people, as was made eminently clear this morning during the Wheelhouse episode of Where We Live, when plenty of impassioned callers made their frustrated views known. Making matters a little tougher, the U.S. Treasury Department is running out of cash to pay its bills. More on that below in The Wheelhouse Digest, plus a link to watch the Bonnie Foreshaw clemency hearing live from Niantic.

Read more
Economy
5:44 am
Wed October 9, 2013

Treasury Officials Mull Credit Default Solutions

The Treasury Department says it will begin running out of money to pay its bills by Oct. 17, if the partial government shutdown isn't over by then. That prospect worries the financial markets. Treasury debt plays a fundamental role in the global economy, and economists agree that a debt default would have dire consequences. But some Republicans insist that a default doesn't have to happen.

U.S. Debt
5:48 pm
Mon October 7, 2013

In A Debt Crisis, U.S. May Have To Decide Payment Priorities

House Republicans have proposed directing the Treasury Department to pay bondholders first if there is not enough money available to pay all the nation's debts.
Carolyn Kaster AP

Originally published on Wed October 9, 2013 12:02 pm

The government is just 10 days away from defaulting on its debt. Treasury Secretary Jack Lew has said that by Oct. 17, the department will likely have less money on hand than it needs to pay all its bills.

"The reality is that if we run out of cash to pay our bills, there is no option that permits us to pay all of our bills on time, which means that a failure of Congress to act would for the first time put us in a place where we're defaulting on our obligations as a government," Lew said on NBC's Meet The Press on Sunday.

Read more
Nepotism or Desperation?
4:12 pm
Mon October 7, 2013

In Hartford, a Finger Points at City Treasurer

Hartford City Treasurer Adam Cloud (L) and Mayor Pedro Segarra (R).
Credit City of Hartford

In Hartford, a dispute over $600,000 of insurance payments has led to a state investigation and questions about city Treasurer Adam Cloud. But the treasurer says the mayor is out to get him.

Read more
Yale University
8:18 am
Tue October 1, 2013

Yale Receives Largest Gift in School History

Connecticut Hall at Yale University in New Haven.
Credit Ragesoss / Wikimedia Commons

Yale University received a $250 million gift from 1954 graduate Charles B. Johnson, the largest gift in the school's history. “This is an extraordinary commitment from one of Yale’s most loyal alumni,” Yale President Peter Salovey said. “It builds on Charlie’s long history of generosity to Yale."

Read more
Government Shutdown
3:24 pm
Mon September 30, 2013

The Looming Shutdown: Senate Rejects Second House Measure

Speaker of the House John Boehner, a Republican from Ohio, arrives for a Republican Conference meeting at the U.S. Capitol on Friday in Washington, D.C.
Chip Somodevilla Getty Images

Originally published on Mon September 30, 2013 11:56 pm

Not even an hour after the House voted in favor of a bill that would avert a shutdown of the federal government, but also delay a key part of President Obama's Affordable Care Act, the Senate rejected it with a vote of 54-46.

With less than an hour before the government runs out of authority to spend money, the ball is now back in the court of Speaker John Boehner in the House.

Read more
Bridgeport
11:37 am
Mon September 30, 2013

Malloy Defends Borrowing for Bass Pro Shops

Governor Malloy on Friday after a Bond Commission meeting.
Credit Jeff Cohen / WNPR

Governor Dannel Malloy on Friday defended state borrowing that will help finance the opening of Bass Pro Shops at Steelpointe Harbor in Bridgeport. The state will invest more than $30 million to bring the sporting goods retailer to anchor the long-delayed commercial development.

Read more
Government Shutdown
9:44 am
Mon September 30, 2013

Connecticut Braces for a Failed Budget Deal

Credit Chion Wolf / WNPR

Connecticut's budget office is working with state agencies to prepare for a possible shutdown of the federal government. In a letter last week to agency heads, Office of Policy and Management Secretary Benjamin Barnes said if Congress fails to reach a budget deal, there could be "significant impact" on staff and programs that rely on federal funding.

Read more
Sandy Relief
10:46 am
Sun September 29, 2013

Malloy Announces Online Sandy Relief Application for Small Businesses

Cosey Beach in East Haven, Connecticut, on October 28, 2012.
Credit Jan Ellen Spiegel

Governor Dannel Malloy pointed small businesses in Connecticut who were affected by Superstorm Sandy to a new state website, Connecticut Recovers, to apply for a share of $10.5 million in federal grants. The site is intended to streamline the process of filing for relief.

Read more
The Wheelhouse Digest
11:32 am
Thu September 26, 2013

Lembo's Fiscal Review; Wind Turbine Ban Extended; Hemp Bake Sale Denied

Kevin Lembo.
Credit Chion Wolf / WNPR

Connecticut is doing a little bit better getting ready for rainy days, we learned from Kevin Lembo this week, but when there's fair weather, the state legislature made sure we won't be generating energy from wind turbines anytime soon. Read about that and more in today's Wheelhouse Digest... where UConn has us thinking about the legality of digesting hemp brownies.

Read more
Ponzi Schemes
11:46 am
Wed September 25, 2013

Feeder Fund Investors May Get Madoff Payout

Bernard Madoff's 2009 mug shot.
Credit US Department of Justice

People who lost money in the Bernard Madoff Ponzi scheme after investing in feeder funds could get a share in more than $2 billion recovered by the government. So far, feeder fund investors have been shut out of compensation.

Read more
Government Shutdown
6:03 am
Wed September 25, 2013

Your Government Shutdown Questions, Answered

If Congress can't come to an agreement to fund the government, there will be a shutdown on Oct. 1.
J. Scott Applewhite AP

Originally published on Mon September 30, 2013 9:29 pm

There's a showdown underway in Congress.

The Republican-controlled House has voted to keep the government running only if the Affordable Care Act is defunded, and the Democratic-controlled Senate isn't likely to go along with that plan. If the two sides can't resolve their differences by Oct. 1, the U.S. government will shut down.

We asked you what you wanted to know about the potential government shutdown, and journalists from NPR's Washington Desk tracked down the answers:

Read more
Health Care
9:08 am
Thu September 19, 2013

Health Care Costs Are Projected To Outpace Economic Growth

Increased use of generic drugs caused a slight drop in the price of prescription drugs in 2012.
iStockphoto.com

Originally published on Thu September 19, 2013 9:43 am

The nation's health spending will bump up next year as the Affordable Care Act expands insurance coverage to more Americans, and then will grow by an average of 6.2 percent a year over the next decade, according to projections by government actuaries.

That estimate is lower than the typical annual increases before the recession hit. Still, the actuaries forecast that in a decade the health care segment of the nation's economy will be larger than it is today, amounting to a fifth of the gross domestic product in 2022.

Read more
Economy
6:12 pm
Wed September 18, 2013

The Fed's Surprising Decision: Should You Cheer Or Boo?

Federal Reserve Chairman Ben Bernanke arrives to speak at a news conference Wednesday in Washington, D.C. The Fed cut its economic growth forecasts and said it would keep buying bonds in a bid to keep interest rates down.
Mark Wilson Getty Images

If you are trying to buy a home, you just got good news: The Federal Reserve said Wednesday it is not going to try to drive up long-term interest rates just yet.

Stock investors are happy for you. They like cheap mortgages too because a robust housing market creates jobs. To celebrate, they bought more shares, sending the Dow Jones industrial average up 147.21 to an all-time high of 15,676.94.

Read more
News
4:17 pm
Wed September 18, 2013

Governor Malloy Announces Grant Money for School Security

Gov. Malloy announced on Wednesday $5 Million for 169 schools in CT to improve school safety.
Credit Christine Stuart / CT News Junkie

Governor Dannel Malloy announced today that 169 Connecticut schools will share $5 million in grants to upgrade school security infrastructure. The governor promised more grant money is on the way.

The competitive grants were part of the Gun Violence Prevention and Safety Act. The $5 million of state bond money will go to school districts that plan to upgrade or already upgraded their security infrastructure in the wake of the Sandy Hook tragedy.

Read more
Bridgeport
3:40 pm
Tue September 17, 2013

Community's Bank Depositors to Receive Checks

The Community's Bank in Bridgeport went into receivership.
Credit <a href="http://www.nbcconnecticut.com/news/local/Bridgeport-Bank-Shuttered-223691121.html" target=new>NBC Connecticut</a>

Customers who had money in The Community's Bank in Bridgeport should receive their insured deposits back this week after the bank failed and was put into receivership. It's the first bank failure in Connecticut in more than a decade.

Read more
Economy
1:17 pm
Mon September 16, 2013

Emerging Market Currency Crisis: Local Impact

Credit Sujata Srinivasan

With U.S. economic growth inching upward, the Federal Reserve’s announcement in May that it might taper off quantitative easing – initiated to boost domestic growth – is sending emerging economies into a tailspin. Global economies are so inter-connected with the U.S. through trade and investment channels that the currencies of Brazil, Indonesia, South Africa and Mexico all fell. But the Indian currency was especially sensitive, falling to its lowest in 20 years.

Read more
Education Funding
8:56 am
Mon September 16, 2013

Lawsuit Challenges Education Funding in Connecticut

Chion Wolf WNPR

A Hartford judge will hear arguments this morning in a landmark education lawsuit that challenges the way Connecticut funds its public schools.

The state attorney general’s office wants the judge to dismiss the case, which was brought in 2005 by the Connecticut Coalition for Justice in Education Funding.

CCJEF is a statewide coalition of municipalities, local boards of education, unions, and education advocates who say the way the state finances local public schools denies many students their constitutional right to an equitable and adequate education.

Read more
Politics
5:30 pm
Sun September 15, 2013

Summers Pulls Out Of Running To Be Federal Reserve Chief

Citing what he calls an "acrimonious" confirmation process, Lawrence Summers called President Obama to tell him of his decision not to seek the job of Federal Reserve Chairman Sunday.
AFP AFP/Getty Images

Originally published on Mon September 16, 2013 11:01 am

Larry Summers has removed his name from the running to be the next chairman of the Federal Reserve. The former Treasury secretary informed President Obama of his decision in a phone call Sunday. The withdrawal was first reported by The Wall Street Journal.

Read more
Wall Street
10:32 am
Fri September 13, 2013

Creating Smarter Financial Regulation

This Joseph Keppler illustration from 1901 shows that Wall Street bubbles are nothing new

Yale’s School of Management wants the nation’s regulators to learn the lessons of the financial crisis, and they’re designing a new program to help them do it. When Wall Street hit the skids in 2008, it was Main Street that largely paid the price. Andrew Metrick, professor of finance at the Yale School of Management, says one reason is that regulators weren’t looking in all the right places in the years before the crash.

Read more
The Wheelhouse Digest
10:32 am
Fri September 13, 2013

Jersey In Flames; Malloy Mellows; More Hartford Shakeups

Here's how things looked around 7:30 p.m. from the intersection of Stockton and Ocean in Seaside Park.
Credit Photo by Justin Auciello

On Wednesdays on Where We Livewe try to tackle as much of the news you need to know now as we possibly can. But it's a long, long week, don't ya know. So, the Wheelhouse Digest was created to let you see what we're looking at, talking about and shaking our heads over in the newsroom on those other days. 

Let's get to it. It's Friday the 13th, and I'd like to crawl back under my desk and hide.

Read more
Connecticut's Flagship
7:46 am
Fri September 13, 2013

Amistad America: State Funds Used Appropriately

Freedom Schooner Amistad is Connecticut's flagship.
Ed G (Flickr Creative Commons)

The executive director of Amistad America Inc., a New Haven-based non-profit, asserts that all money it has received from the state has been used appropriately. Amistad America owns and operates the Freedom Schooner Amistad, and recently lost its non-profit status after falling behind in filing federal tax returns.

Read more
Politics
6:33 am
Fri September 13, 2013

Congress Searches For A Shutdown-Free Future

House Speaker John Boehner tried to sound optimistic Thursday that his Republican conference would find a way to avoid a government shutdown.
J. Scott Applewhite AP

There's a lot of searching on Capitol Hill but no discovery yet of a way to avoid a federal government shutdown at the start of next month.

Speaker John Boehner and Majority Leader Eric Cantor are searching for enough House GOP votes for a spending bill that could pass in the Democratic-controlled Senate and keep the government open past Sept. 30.

Tea Party-affiliated lawmakers are searching for a way to repeal the Affordable Care Act with the help of the Democratic-controlled Senate and President Obama.

Read more
Economy
3:43 am
Thu September 12, 2013

Tired Of Inequality? One Economist Says It'll Only Get Worse

Economist Tyler Cowen believes that income inequality in America is only increasing. His new book is called Average Is Over: Powering America Beyond the Age of the Great Stagnation.
Szasz-Fabian Ilka Erika iStockphoto.com

Originally published on Thu September 12, 2013 9:57 am

Economist Tyler Cowen has some advice for what to do about America's income inequality: Get used to it. In his latest book, Average Is Over, Cowen lays out his prediction for where the U.S. economy is heading, like it or not:

"I think we'll see a thinning out of the middle class," he tells NPR's Steve Inskeep. "We'll see a lot of individuals rising up to much greater wealth. And we'll also see more individuals clustering in a kind of lower-middle class existence."

Read more
Budget
5:05 pm
Wed September 11, 2013

ConnSCU Facing Multi-Million Dollar Deficit

The Connecticut State Colleges and Universities System is facing a significant budget deficit this fiscal year, and ConnSCU officials are hoping the state will step in and pick up most the tab.

ConnSCU governs 12 Connecticut's Community Colleges; Central, Eastern, Western and Southern Connecticut State Universities, and Charter Oak State College. The projected $18 to $20 million budget gap accounts for about two percent of ConnSCU's overall budget.

Read more
Budget
12:37 pm
Wed September 11, 2013

Maybe 'Muddling Through' Isn't That Bad For The Economy

Originally published on Wed September 11, 2013 5:15 pm

When the global financial system started to collapse five years ago, leaders from the Treasury Department, Congress and the Federal Reserve jumped up and started running.

Like men on a burning wooden bridge, they raced along, making crazy-fast decisions. They seized Fannie Mae and Freddie Mac, bailed out big banks, saved automakers, slashed interest rates and funded a massive infrastructure-building project to stimulate growth.

But that was then.

Read more
Health Care
10:28 am
Tue September 10, 2013

Why More Expensive Insurance Can Pay Off

Hey, put that away. You've got the platinum plan.
iStockphoto.com

Originally published on Tue September 10, 2013 1:26 pm

One of the most far-reaching provisions of the federal health overhaul prohibits insurers from refusing to cover people who are sick or charging them more for policies.

Still, for people with serious medical conditions, the online health insurance marketplaces present new wrinkles that could have significant financial impact.

Read more
News
3:47 pm
Fri September 6, 2013

UConn President Herbst Defends Hartford Plan, Salaries

Susan Herbst and John Dankosky speak with UConn students after today's Where We Live broadcast.
Credit Heather Brandon

University of Connecticut President Susan Herbst is defending raises that were recently awarded to two dozen top school administrators. The pay hikes, which range from $10,000 to more than $25,000, have raised eyebrows. They come at a time when the state is struggling to balance its budget.

Herbst said administrators’ salaries need to be competitive in a national labor market. "We have a study of what these different positions--deans, vice presidents--make around the country," she said on WNPR's Where We Live, "and I stay within that range to make sure our salaries are normative. But I will tell you that I will only hire great people." 

Read more
Where We Live
2:01 pm
Tue September 3, 2013

The Student Loan Crisis and the High Cost of College

Student loan debt is topping $1.2 trillion dollars and 13% of students defaulting on their loans.
Credit DonkeyHotey on Flickr Creative Common

In August, President Obama signed a bill preventing the doubling of interest rates on federal student loans for those entering college this year. Students borrowing the maximum amount this year will save about $4,600 in extra interest...but it’s a temporary fix.

Read more
News
1:03 pm
Thu August 22, 2013

President Unveils Plan To Boost College Affordability

President Obama speaks on education at University at Buffalo, State University of New York, on Thursday.
Jewel Samad AFP/Getty Images

Originally published on Thu August 22, 2013 7:25 pm

Saying a college education is the "surest path to the middle class," President Obama announced a plan Thursday to allocate federal aid to colleges and universities based in part on their affordability.

Read more

Pages