finance

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.

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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.

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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.

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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.

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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.

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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."

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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.

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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.

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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.

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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." 

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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.

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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.

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Cons
4:41 pm
Mon August 19, 2013

How a Few Barbershop Clippings Conned America Out of Millions

Con man Philip Musica.

While you probably never give a second thought to the clippings scattered about when you get a haircut, Philip Musica turned this trash into cash. Millions of dollars of cash. 

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The Colin McEnroe Show
2:53 pm
Mon August 19, 2013

Before Bernie Madoff, Philip Musica Conned (and Captivated) a Nation

http://www.thehallofinfamy.org/

We're fascinated by Bernie Madoff and Frank Abagnale, larger than life con men who somehow got perfectly sane and intelligent people to trust them when there was ample reason not to.

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Nickel and Diming
1:23 pm
Wed August 14, 2013

Anyone Remember the Bottle Bill?

The state Supreme Court has overturned a $6 million award to beer and soda distributors who sued the state.

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News
6:03 am
Thu August 8, 2013

Government Shutdown? Odds Are Uncomfortably High

Protesters urging a government shutdown and spending cuts demonstrate in front of the U.S. Capitol in 2011.
Jewel Samad AFP/Getty Images

It's going to be another ugly fall in Washington.

The federal government runs out of money on Oct. 1, unless spending authority is granted to agencies for the new fiscal year. If Congress can't pass its spending bills by then, most of the government will shut down.

It's no empty threat. Many who watch the budget process closely think there's a very good chance that's exactly what's going to happen.

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Here & Now
2:49 pm
Tue July 30, 2013

Obama Proposes Cuts In Corporate Tax Rates

Originally published on Tue July 30, 2013 3:44 pm

U.S. home prices continue to surge. The Standard & Poor’s/Case-Shiller index out today shows a 12 percent increase in May compared to a year ago.

Low interest rates and an improving job market are boosting demand for homes and driving prices up.

President Obama is out with a plan that he says will improve the job market even more. The president is touring an Amazon distribution center in Chattanooga, Tenn. to announce a so-called “grand bargain” to overhaul the corporate tax system.

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News
4:28 pm
Fri July 26, 2013

Hedge Fund Pleads Not Guilty To Fraud Charges

General Council for SAC Capital Advisors LP, Peter Nussbaum exits Manhattan federal court, Friday, July 26, 2013, in New York. (Louis Lanzano/AP)

Prosecutors said a large volume of evidence including electronic messages, court-ordered wiretaps and consensual recordings is stacked against a Connecticut-based hedge fund that pleaded not guilty Friday to criminal charges accusing it of letting insider trading flourish for more than a decade.

Assistant U.S. Attorney Antonia Apps told a federal judge in Manhattan that investigators had “voluminous” evidence against SAC Capital Advisors, a Stamford, Conn.-based firm owned by billionaire Steven A. Cohen.

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Here & Now
11:56 am
Tue July 23, 2013

What Detroit Can Learn From Other Cities

Michigan Gov. Rick Snyder, right, and state-appointed emergency manager Kevyn Orr leave a news conference in Detroit after addressing the city's bankruptcy, July 19, 2013. (Carlos Osorio/AP)

Originally published on Mon July 22, 2013 6:40 pm

As officials in Detroit move forward with the city’s bankruptcy filing, what can they learn from other cities across the country that have gone down this path?

Harrisburg, Pennsylvania, filed for bankruptcy in October of 2011. There’s also San Bernadino, California; Jefferson County, Alabama; and Central Falls, Rhode Island, among others.

David Shepardson, Washington bureau chief for The Detroit News, joins us to explain how other cities have handled tough issues such as whether pensions will be paid.

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2:46 pm
Wed July 17, 2013

Incumbent Esty Takes Big Fundraising Lead

Lead in text: 
The freshman Congresswoman is getting big money from outside the state, building up an early lead over challenger Mark Greenberg.
Freshman U.S. Rep. Elizabeth Esty raised more than a quarter million dollars in the second quarter of 2013, bringing the 5th District Democrat's total campaign balance to nearly $400,000, according to her latest filing with the Federal Election Commission.
Financing Higher Education
6:19 am
Sun July 14, 2013

Three Connecticut Colleges Among The Nation's Most Expensive

The U.S. Department of Education has issued new data on the cost of college in America. Three Connecticut colleges rank among  the nation’s most expensive. 

Trinity College’s tuition is  5th highest in the nation for private, not-for-profit 4-year colleges. The sticker price at Trinity is $44,070 dollars.  Connecticut College ranks 7th .  Wesleyan University comes in a close 8th. 

The data can be found on the USDE’s website called College Scorecard, which offers students and families a variety of ways to compare the cost of college.

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Student Loans
2:42 pm
Fri June 28, 2013

Student Loan Interest Rates Set to Double on July 1

With a July 1 deadline looming, it seems unlikely that Congress will be able to stop interest rates on new federal student loans from doubling.  But there may be time to address the situation before classes begin next fall.

About 7 ½ million students nationwide pay for a portion of their college tuition through subsidized Stafford Student loans. Right now, interest rates will go from 3.4% to 6.8% on July 1st.

"There is a window of opportunity for Congress to still act."

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The Faith Middleton Show
1:55 pm
Mon June 24, 2013

Artist Vebjørn Sand, Fincancial Expert Jody King, and Wannabees

Todd Huffman Creative Commons

The backyard beekeepers now include a group of kids in Connecticut. An artist paints gorgeous, impressionistic scenes of World War II, including secret Nazi meetings that took place. There's lots of buzz about his work at the Sand Gallery in New York. And there's lots of buzz about the Connecticut Wannabess—kids into beekeeping and honey. And, if you're wondering about creating a trust and estate planning, we have a CPA who explains how it works and how you can avoid a probate mess.

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The Faith Middleton Show
1:55 pm
Mon June 24, 2013

Artist Vebjørn Sand, Fincancial Expert Jody King, and Wannabees

Todd Huffman/flickr creative commons

The backyard beekeepers now include a group of kids in Connecticut. An artist paints gorgeous, impressionistic scenes of World War II, including secret Nazi meetings that took place. There's lots of buzz about his work at the Sand Gallery in New York. And there's lots of buzz about the Connecticut Wannabess—kids into beekeeping and honey. And, if you're wondering about creating a trust and estate planning, we have a CPA who explains how it works and how you can avoid a probate mess.

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Agriculture
8:42 am
Mon June 24, 2013

Connecticut Farmers to Receive State Assistance

Melanie McCue (Flickr Creative Commons)

Connecticut is offering $5 million in emergency assistance for farmers who have been hurt by severe weather.

Governor Dannel Malloy announced yesterday that the assistance may be used to repair damaged property, replant lost crops, purchase feed, apply fertilizer and perform activities needed for recovery.

Agriculture Commissioner Steven Reviczky says the rough winter in early 2011, Hurricane Irene, the October snow storm, Superstorm Sandy, this year's blizzard, and recent rain have taken a toll on farmers.

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Stamford
4:32 pm
Thu June 20, 2013

Stamford Residents Protest Bridgewater Project

Dru Nadler

Governor Dannel Malloy is going forward with plans to move Bridgewater Associates to Stamford. But some local residents have been working hard to delay that project. They expressed their opposition in a public hearing in Stamford this week.

Governor Malloy’s plan is to give the hedge fund Bridgewater more than $100 million in tax breaks to move from its current location in Westport to Stamford.

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Conservation Fund
11:20 am
Wed June 12, 2013

Lawmakers Tap Energy Funds to Balance Budget

Energy Tomorrow, Flickr Creative Commons

Environmentalists are giving state legislators a mixed report card for the session that's just ended. They're happy with parts of the state's new energy policy. But a raid on clean energy funds is causing major concern.

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News
11:55 pm
Thu May 23, 2013

Exporters Shift Focus

Sujata Srinivasan

The great recession drove many companies to look for sales overseas. A new survey of Connecticut companies shows that half of those responding said exports helped them weather the downturn. Now, domestic markets are looking up, but those firms still want to diversify across the world. 

 

 

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Health Insurance
1:30 pm
Mon May 20, 2013

Is Connecticut in for "Rate Shock?"

Commercial insurers are very close to revealing the rates they’ll charge for healthcare plans under the new Connecticut healthcare exchange. It’s been a long, uncertain road to get here.

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Hartford
10:37 pm
Thu May 9, 2013

Caviar Takes its Toll

Hartford Mayor Pedro Segarra has made headlines recently for questionable city spending -- like dining on caviar at taxpayer expense. Now, it looks as though the city council is taking concrete action to push back. It's likely the council will reject Segarra's appointment for the city's chief operating officer.

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