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EXCLUSIVE: Davis Blasts Malloy for “Bailing Out Big Wall Street Firms” at Bond Commission

April 13, 2018 By Staff
EXCLUSIVE: Davis Blasts Malloy for “Bailing Out Big Wall Street Firms” at Bond Commission

Reclaim Connecticut spoke to Davis, who on Friday was one of the few voices speaking out against further state bonding on questionable spending items.

“Once again, the Malloy administration is bailing out big Wall Street firms,” State Rep. Chris Davis (R-Ellington) said, “while people’s foundations are crumbling” and the economy is suffering.

Reclaim Connecticut spoke to Davis on Friday, following the State Bond Commission’s meeting. At the meeting, the commission approved tens of millions of taxpayer-backed dollars for bonding items. Davis was often the lone voice of dissent, along with the commission’s other Republican, State Sen. Scott Frantz (R-Greenwich).

“[The commission] did approve additional funding to Fortune 500 companies and Wall Street firms down in Greenwich, and an outsourcing firm that will be moving jobs to Hartford,” Davis said. “Payments to those companies seem questionable to me.”

Reclaim Connecticut spoke to Davis after the February Bond Commission meeting as well. Then, Davis pointed out that one approved item would subsidize “fish excrement.”

MALLOY “HAS NOT CHANGED [HIS] TUNE”

When asked about recent trends in the Bond Commission, Davis suggested “it’s more of the same.”

“We just added the 17th company to the ‘First Five’ program,” Davis said, pointing out that the program, as its name suggests, was only supposed to provide taxpayer-backed funds for five businesses.

“We continue under the Malloy administration to be bonding for millions of dollars for projects that, under great [economic] circumstances, people would be willing to fund.”

Great economic circumstances, of course, are not the case in Connecticut.

Davis accused the Malloy administration of not “chang[ing] their tune” in the face of unsustainable state spending and tax increases.

DISPLACEMENT

While expressing his concerns at the meeting about an agenda item benefiting Infosys, which is moving jobs to Hartford, Davis shared a personal story.

Davis’ father lost his tech job to outsourcing and had to train his replacement from India as a condition of his severance package.

“It is a personal story. It did happen to my father,” Davis said, when asked about the story he told. “I almost talk about it in the general terms in how it impacts all these other families … displaced by outsourcing.”

The state is giving “$14 million to this company [Infosys], that has a sordid history of abusing this system, and paying the largest settlement in United States history for abusing this system,” Davis added. “I don’t think it sends the right message to these families.”

WALL STREET

Davis also criticized a $5 million grant to IBG, an “electronic trading firm down in Greenwich.” He noted the company is “capitalized at billions of dollars,” and its CEO is a former Connecticut resident, who now lives in Florida and once was the third-richest man in Connecticut.

“To not even give them a loan,” Davis said, “we’re giving them a $5 million grant.”

At the very least, Connecticut residents upset with the state’s bonding decisions seem able to count on Davis to call out what some see as widespread waste.