Bridgewater, World's Largest Hedge Fund, Receives Aid From Conn.
Republican lawmakers are questioning why a Connecticut commission voted to give millions of dollars to the world’s largest hedge fund, when state programs that serve vulnerable residents are being cut to bridge a state budget gap.
Bridgewater Associates manages about $150 billion in investments for institutional clients. On Friday the State Bond Commission approved $22 million in loans and grants so the firm can update its offices.
State Rep. Christopher Davis (R-Ellington) voted against the grant.
“We’re using public funds in order to fund a major corporation. A major corporation that can afford to do this themselves.”
Democratic Governor Dannel Malloy said Connecticut had to make the deal because it needs to compete with other states.
“I have repeatedly said that I wish we didn’t compete that way. That dollars were not part of the competition but the reality is that they are part of the competition.”
The state’s Department of Economic and Community Development says the deal will create 750 new jobs and keep 1,400 existing jobs.