Friday, 30 September 2016
Last updated 9 min ago
Aug 27 2012 | 12:05pm ET
Connecticut Gov. Dannel Malloy took to Bloomberg Television last week to defend his controversial decision to offer Bridgewater Associates $100 million in incentives to move to Stamford.
The deal has been criticized as a giveaway to a $130 billion hedge fund, and locals in Stamford are worried about the loss of a boatyard. But Malloy called the deal "a homerun for us," noting that Bridgewater would spend $750 million to build the new 750,000-square-foot campus.
"This deal will pay for itself," Malloy said. "Not overnight, but pretty close." He lauded the "really high-income jobs" that Bridgewater offers as among the factors in deciding to help them.
Malloy said the deal came about after Bridgewater, which he called "the most successful hedge fund in the world," decided to expand. And the firm, which is currently based in Westport, Conn., and has employees spread in several other offices, "wanted a closer proximity to New York."
"Where were they going to do that?" Malloy asked. "Were they going to continue to do that in Fairfield County, Conn.? Were they going to do it in Westchester? Were they going to do it in New York City? Were they going to do it in New Jersey? Ultimately, we convinced them that the best opportunity was in Stamford, Conn.," a 45-minute train ride from Grand Central Terminal.
"We're competing," he continued. "The reality is that you compete for job creation and for a long time Connecticut lost and I'm tired of that."