finance

Pretty soon, going to community college in Tennessee may become absolutely free. Republican Gov. Bill Haslam unveiled the proposal in his annual State of the State address this week.

Haslam is trying to lift Tennessee's ranking as one of the least-educated states. Less than a third of residents have even a two-year degree. But a community college free-for-all has been tried elsewhere, though not sustained, and there's always a nagging question.

"So I know you're wondering," Haslam said. "How do we pay for this?"

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Our financial analysts look at protecting and growing your money.

On this fresh edition of The Faith Middleton Show, the markets have been dropping despite some good economic news. Are investors truly spooked or taking profits? What's going on? Are we in for one of those rocky years in the market, and if so, our guests take your calls and talk about protecting and growing your money.

Diane Orson / WNPR

A recently-released report by the U.S. Government Accountability Office found that as college tuition costs soared between 2007 and 2012, demand for federal student loans increased more than 300 percent.

The Connecticut Department of Children and Families held a full-day forum on Wednesday about domestic minor sex trafficking. The aim was to raise awareness of the issue and to strengthen partnerships across the state to combat the victimization of children. Keynote speaker Audrey Morrissey shared her experience as a survivor of the commercial sex industry, and discussed her work teaching young girls how to avoid her fate.

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The price of college textbooks has increased 82 percent over the past decade, according to a new study that looks at alternatives to the traditional college textbook.

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Last year, The Pew Charitable Trusts studied fiscal data from the 50 states to see how each could survive on its respective reserve fund. The results were diverse, depending largely on each state’s population and resources.

For Connecticut, the study’s outcome did not look promising. New England’s Constitution State was found to have one of the lowest-ranking reserve funds in the nation. Alaska, on the other hand, came out on top. But why?

The Pew Charitable Trusts

Last year, The Pew Charitable Trusts analyzed the fiscal data for all 50 states. They used several markers to rank the states, including the amount of money in reserve funds, sometimes known as rainy day funds. Connecticut’s rainy day fund is among the lowest in the nation. The highest? Alaska.

This hour, we find out how states like Alaska got so far ahead, while Connecticut fell so far behind.

Mike Priggins and Kyle Reyes / under30ceo.com

Earl O'Garro, the embattled insurance broker who is at the heart of a federal criminal probe, is due in state court Thursday on charges that he failed to pay his workers.

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A Hartford Superior Court judge has denied a request by the state to delay the start of a landmark education lawsuit that challenges the way Connecticut funds its public schools. The attorney general’s office had filed motions aimed at postponing the start of the trial until October 2015. Now, the case is set to begin later this year. 

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It's been two years since the in-state tuition law went into effect. It benefits students without legal status who have graduated from a Connecticut high school. The young people who fought for the in-state tuition law for undocumented students are launching a new campaign. Their new goal is to help these students access financial aid.  

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Total Mortgage Services has announced a deal with the state of Connecticut to expand its headquarters in Milford. The company said it will create 140 new jobs in the town, doubling its Connecticut workforce over five years.

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The State Bond Commission, along with Governor Dannel Malloy, held a meeting on Thursday. One of the items was a request from the Department of Social Services for just under $6 million to provide grants-in-aid to eight social service providers. An additional request was made for $3 million toward grants-in-aid to non-profits in Stamford, Pomfret, and Branford. 

Chion Wolf / WNPR

It’s been one month since State Comptroller Kevin Lembo announced the expansion of Open Connecticut -- an online source for state finances -- to include financial information for Connecticut’s quasi-public agencies and federal programs.

Chion Wolf / WNPR

Established in 1965, the Connecticut Health and Educational Facilities Authority has earned its title as the oldest quasi-public agency in our state. Now, it’s one of eleven quasi-public entities in Connecticut, agencies like Connecticut Innovations, Inc.; the Connecticut Development Authority; the Connecticut Lottery Corporation; and the Connecticut Resources Recovery Authority -- to name a few. 

Connecticut officials are campaigning for the extension of a federal tax provision that expired at the end of last year. It's the tax relief provided for distressed families that have to sell their homes at a loss, or who go through a foreclosure.

After striking a deal with federal prosecutors, JPMorgan Chase has agreed to pay $1.7 billion to the victims of Bernard Madoff's multibillion-dollar Ponzi scheme.

The bank will be criminally charged with two violations of the Bank Secrecy Act and will admit to the violations. But under the agreement, the bank will receive a deferred prosecution.

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Jury selection begins on Tuesday in the trial of Matthew Martoma, a manager for SAC Capital, who's accused of insider trading. It's the latest court action in an investigation of the Connecticut-based hedge fund that has lasted for several years.

The Senate has voted to approve the nomination of Janet Yellen as the next leader of the U.S. Federal Reserve. With Monday's vote, Yellen, 67, will become the first woman to serve as America's banking chief, heading an institution that was established in 1913.

Update at 6:31 p.m. ET: Some Senators Left Out

Fortnight Journal

It turns out that Earl O’Garro, the man at the center of the federal grand jury investigation in Hartford, owes the state a lot more money than we first thought.

Catie Talarski

We're broadcasting live from Wesleyan University, where the Connecticut Humanities Council is kicking off a day-long look at the past, present, and future of work life in Connecticut.

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Manufacturers who want to solve technical problems or use new advanced processes are being offered state assistance. The Connecticut Center for Advanced Technology in East Hartford is looking for up to five small or mid-sized companies for its Manufacturing Technical Assistance Program

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More than 14,000 Connecticut residents may have had their personal information compromised in a data breach from JP Morgan Chase. 

Fortnight Journal

The line of people who want their money from Earl O'Garro continues to grow.

O'Garro is the man at the center of a federal grand jury investigation looking into $670,000 in missing taxpayer money. The city of Hartford paid him to pay its insurance bills, and he apparently never did.  

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Republicans in the legislature are accusing the Malloy administration of sugar-coating the state's financial picture. The administration conceded in its annual budget forecast that the state is heading for a deficit after next year's elections. But its estimate of the budget gap was about half of that projected by the non-partisan Office of Fiscal Analysis

State and federal regulators have hailed Tuesday's $13 billion settlement with JPMorgan Chase & Co. over faulty mortgage assets it sold in the years leading up to the financial crisis as a big victory for the judicial system.

But like other big settlements to emerge from the financial crisis, the deal leaves unclear just what the bank did wrong.

In an agreement settling many U.S. claims over its sale of troubled mortgages, JPMorgan Chase will pay a record $13 billion, in a deal announced by the Justice Department Tuesday. The plan includes a $4 billion payment for consumer relief, along with a payment to investors of more than $6 billion and a large fine.

The latest updates on this story are at the bottom of this post. We've also added a few key points to the main post.

Chion Wolf / WNPR

The Department of Revenue Services said it collected almost $180 million in back taxes through a two-month-long amnesty program. That's far in excess of the $35 million it set as a goal at the beginning of the amnesty.

JPMorgan Chase & Co. will pay $4 billion to consumers who were hurt by faulty mortgage underwriting, part of a larger $13 billion deal to settle the bank's liability in the collapse of toxic securities during the housing crisis.

The deal is expected to be announced this week.

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It’s been a rough season for corporations on Wall Street. On Sunday, JPMorgan Chase reached a tentative $4.5 billion settlement over mortgage-backed securities they sold, leading up to the financial crisis. This, on top of a $13 billion settlement with the Justice Department. These big financial hits are happening along with questions about the company’s relationship with the daughter of the former Chinese prime minister

Fortnight Journal

Earl O'Garro has lost his state insurance license, and his company has lost its license, too.  The state said O'Garro never responded to an extensive eleven-count complaint filed against him last month. As a result, the state has revoked the licenses he and his company held to sell insurance.

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