262 replies to this topic

[The Voice of Reason]

gotta post these bad news clips.

http://www.courant.c...0,7154984.story

Lincoln Financial Group is eliminating about 120 jobs nationally in its Lincoln Financial Distributors unit, including roughly 15 in Hartford, because of turmoil in the markets and economy.

Affected employees, who were notified of the layoffs this week, will be continued on the payroll for 60 days, and then severance pay will begin, Lincoln Financial spokeswoman Laurel O'Brien said Friday.


15 jobs lost downtown.
again not a big number but lots of little numbers are adding up!

BOA planning layoffs due to mergers and financial hardships
http://www.courant.c...0,2008504.story

Bank of America Corp. said Thursday it expects to eliminate 30,000 to 35,000 jobs over the next three years as it faces a deteriorating economic environment and tries to absorb Merrill Lynch & Co.

In Connecticut, the combined companies have 5,100 employees — 4,500 at Bank of America and 600 at Merrill.


none of this is news at all but in case no one has read any of this its just good to keep on the radar.

[HartfordTycoon]

Very good news for Bristol.


Courant.com
BRISTOL DEVELOPMENT
Dupont Systems Inc., Dupont Business Archives Plan Bristol Headquarters
By DON STACOM

The Hartford Courant



December 16, 2008

BRISTOL —

The city plans to give $100,000 to sister companies that will move from Southington and Cheshire into a larger headquarters in the industrial park on Halcyon Drive.

Dupont Systems Inc. and Dupont Business Archives expect to build a 30,000-square-foot records storage center and equipment distribution facility next year in Bristol and consolidate their operations in the city, said Don Dupont, founder and president of the businesses.

"I'm ecstatic," Mayor Art Ward said Monday afternoon.

The companies will bring 30 jobs to the city and could create 15 more after opening the headquarters, city officials said.

Dupont Systems sells records storage equipment and services. Dupont Business Archives runs a storage center and vault for records of hospitals, insurance companies, law firms and other businesses.

[HartfordTycoon]

Hartford Courant

Courant.com
Aetna Laying Off 1,000, Including About 375 In Connecticut
December 18, 2008

Aetna Inc. is laying off 1,000 employees companywide, including about 375 in Connecticut — nearly 5 percent of its workforce here — to protect profits in a declining economy.

Hartford-based Aetna notified affected employees Wednesday and said the job cuts will "align administrative expenses with the company's growth outlook for 2009 and redirect resources to areas with a greater potential for future growth."

The group health and life insurer has about 7,850 employees in Connecticut, excluding part-timers and including people on maternity or disability leave. A little less than half of the 375 Connecticut layoffs are in Hartford, and most of the rest are in Middletown.

The 1,000 companywide layoffs represent a little less than 3 percent of Aetna's 36,208 employees.

"These actions will reduce our operating costs and allow us to manage through the economic downturn from a position of strength," Ronald A. Williams, Aetna's chairman and chief executive, said in a prepared statement. "The fundamentals of our business are solid, and we continue to win in the marketplace.

[The Voice of Reason]

two items of interest.  I guess both potentially bad.

If PNX and or VIRTUS get bought out we could lose jobs, but then again maybe they could thrive.
Also, the 2nd story even has right in it that significant layoffs could be possible if the merger happens

http://www.courant.c...0,2427198.story

The Phoenix Cos. got the go-ahead from federal regulators Friday for a move that will cap more than seven years of turnaround efforts — the spinoff of Virtus Investment Partners Inc., its long-struggling asset management business.

Phoenix also announced that it completed the sale of Virtus' former home, 56 Prospect St. in Hartford, to Northeast Utilities for the previously undisclosed price of $8.7 million. Virtus moved recently to 100 Pearl St. in downtown Hartford.

The Securities and Exchange Commission approved a registration statement Friday for the spinoff, which will make Virtus an independent, publicly traded company.

The spinoff doesn't guarantee success for Virtus, and analysts and investors have long speculated on the potential acquisition of Virtus, Phoenix, or both after the spinoff. Virtus got a financial boost recently from Harris Bankcorp Inc., which agreed to buy $45 million of preferred stock that is convertible into Virtus common stock.

http://www.courant.c...0,1061347.story
The parent company of Farmington-based health insurer ConnectiCare — EmblemHealth Inc. in New York — is exploring a possible acquisition of Health Net's Northeast operations, which include Connecticut, a person familiar with the talks said Friday.

EmblemHealth officials met with Health Net's investment bankers earlier this month to express interest in the tri-state Northeast operations, said the person who asked not to be named. Other large insurers are believed to be considering buying all or part of Health Net.

Such an acquisition would likely result in significant job cuts in Connecticut because of redundant operations, the person familiar with the situation said. ConnectiCare has about 500 employees in the state, and Health Net had about 1,650 as of August.

[HartfordTycoon]

Hartford Courant

Courant.com
Perez Seeks $70 Million For Hartford From Obama
By JEFFREY B. COHEN

The Hartford Courant

10:55 AM EST, December 23, 2008

Hartford Mayor Eddie A. Perez said today he wants President-Elect Barack Obama to send $70 million to the capital city for "shovel ready" building projects that will bring new development and jobs to the city.

Standing outside the old, boarded up board of education building on High Street just north of downtown, Perez said he wants the money to help pay for the new, $85 million public safety complex long planned for the site.

He also wants it for school construction, energy efficiency conversions of public buildings, streetscapes, and jobs programs.

The biggest request is for the public safety complex, for which Perez wants $25 million from Obama. Without federal money, the project will still move ahead with local borrowing, city officials said. But with federal money, Perez said the job can be ready to move in 90 days. His hope is that Obama will include the city in his economic stimulus package.

[Chessplayer]

If only we had a shovel-ready transit project for Hartford - say a streetcar line down Farmington Ave.

This stimulus money should go to projects with the largest potential multiplier effects; I don't know if this public-safety complex is worthy.  Another note, the Hartford region is 1/300 of the population of the U.S. and produces 1/200 of its GDP.  It is suffering similarly high levels of unemployment as the rest of the nation and its main industries (insurance) are shaky.  Hartford and the region should be getting much more than 70 million out of a 600 billion - 1 trillion dollar plan.

[HartfordTycoon]

Chessplayer, on Dec 23 2008, 03:11 PM, said:

If only we had a shovel-ready transit project for Hartford - say a streetcar line down Farmington Ave.

This stimulus money should go to projects with the largest potential multiplier effects; I don't know if this public-safety complex is worthy.  Another note, the Hartford region is 1/300 of the population of the U.S. and produces 1/200 of its GDP.  It is suffering similarly high levels of unemployment as the rest of the nation and its main industries (insurance) are shaky.  Hartford and the region should be getting much more than 70 million out of a 600 billion - 1 trillion dollar plan.

VOR, I think the Public Safety Complex is worthy based on the geographic impact that it could potentially have on an area of the city that should be primed for development. If the public safety complex can improve the reality and perception of safety in the Downtown North area, it could certainly be a worthy investment. Also, I think this is the tip of the iceburg of what we will try to get from Washington. Hopefully we can get some funds for transit projects as well, I'm guessing that that will be in a seperate request once the administration starts getting into full gear. This sounds like an initial investment to me, with public safety and streetscape improvements getting the city more ready for it's close up.

[MadVlad]

In my mind's eye, I can see Eddie Perez and Abe Giles shoveling $70 mill in their pockets....

[HartfordTycoon]

I'm not crazy about Eddie, but I would be surprised by that level of curruption.

[mikel]

Eddie Perez has just hushed up a lot of his critics.   He just pulled out an ace with perfect timing.   Well done Mayor.

http://www.msnbc.msn.com/id/28364460/

[HartfordTycoon]

mikel, on Dec 24 2008, 10:54 PM, said:

Eddie Perez has just hushed up a lot of his critics.   He just pulled out an ace with perfect timing.   Well done Mayor.

http://www.msnbc.msn.com/id/28364460/

I think he is doing a good job with trying to get this federal funding for the city. I think that the streetscape improvements and public safety spending are just what Hartford really needs right now.

[beerbeer]

Perez is a disaster.  He has lost thousands of jobs. He is personally corrupt.  And even worse, his strong arm union tactics have aliened the business community.

Begging the federal government for money is hardly the sign of a great leader.

[grock]

A History Lesson:

Hartford voters approved construction of a public safety complex on election day 2000.  Yes, eight years ago.

The question reporters should be asking....is why it hasn't been built.    The city is eight years late in getting this project built.

The city should be focused on keeping companies in the city:   under the Perez adminstration the city has lost ING, MetLife, Mass Mutual, WFSB, ....heck even the State Republican Party moved to the burbs.

Front Street was proposed before EVergreen Walk and Blue Back Square, yet the city's slow reacting development attitude was an obstacle.

The city is losing concerts to the casinos, has more empty storefronts than full ones, and downtown lots that have been vacant for decades.

[HartfordTycoon]

Hartford Courant

Courant.com
Obama’s Recovery Plan
Lieberman: Industries In State Stand To Benefit From Stimulus Package
By LYNN DOAN

January 13, 2009

Three of Connecticut's key industries — defense, health insurance and alternative energy — stand to benefit from the massive federal stimulus package being hashed out in Congress, Sen. Joseph Lieberman told a business audience in Hartford on Monday.

The $800 billion stimulus, the centerpiece of President-elect Barack Obama's recovery plan, could include defense projects that will likely benefit East Hartford-based Pratt & Whitney and Groton-based Electric Boat and information technology work that will help health insurers, Lieberman said during the Connecticut Business and Industry Association's annual economic summit.

The package also will include "significant investments" in green energy, Lieberman said — a strong point for Connecticut, which has been described as the fuel cell capital of the world and has invested heavily in biofuels.

These industry-targeted projects are in addition to a projected $200 million in Medicaid assistance, which could help close the state's budget gap, and "hundreds of millions of dollars" in public infrastructure funding, Lieberman said.

"The aim is to be spending money that doesn't just create jobs in the short term," he said, "but hopefully is an investment that arches toward long-term recovery and growth."

By emphasizing three industries with a big presence in the state, Congress and the Obama administration could end up sending more stimulus dollars to Connecticut compared with other states, said state Rep. Demetrios Giannaros, D- Farmington, an economics professor at the University of Hartford.

"When you look at our defense and health-related business especially, we will definitely have an edge," said Giannaros, who specializes in public finance and macroeconomics. "Overall, the package is looking like it's going to be good for us."

[The Voice of Reason]

ING started layoffs today and will be pretty much done by Friday.  the paper reported what I read yesterday.  750 jobs cut. and many openings canceled.

in my little office I know of 3 that got word today.  

sad times in the Finance industry.

[HartfordTycoon]

Hartford Courant

Courant.com
Mayor Perez Outlines Request For Federal Stimulus Aid
The Hartford Courant

January 14, 2009

Mayor Eddie A. Perez reiterated his plan to ask the federal government for $70 million for "shovel ready" city projects in a speech to the MetroHartford Alliance's Rising Star Breakfast Tuesday morning.

Perez outlined a plan he announced late last year that calls for money from the federal government's stimulus plan. Perez is asking for money for various projects. Perez said he's seeking $25 million from the federal government for the largest of the proposed projects, a new public safety complex.

"Why not? Why not Hartford as a place to start?" Perez said at the alliance's meeting, held at the Connecticut Convention Center. Hartford, he said, "would be a real example for the country."

Perez also is seeking money for school construction, "greening" of city buildings and streetscapes.

[The Voice of Reason]

I am happy about the 70 million, but at the same time dissapointed by all of the projects that could potentially be sent on if better planning were in place.

for example,
the reconfiguration of any of our highways
the construction of our commuter rail
the uncovering of the hog river
construction of new state offices so that old offices can be converted to residential.
a New Arena

[HartfordTycoon]

The Voice of Reason, on Jan 14 2009, 10:39 AM, said:

I am happy about the 70 million, but at the same time dissapointed by all of the projects that could potentially be sent on if better planning were in place.

for example,
the reconfiguration of any of our highways
the construction of our commuter rail
the uncovering of the hog river
construction of new state offices so that old offices can be converted to residential.
a New Arena

The arena plan is pretty far along, considering the lack of political will at the state level to really get it built. Also, I think that Dodd and John Kerry both have some pretty big transportation bills looming that would be directly applicable to the commuter rail project(s). Planning is definitely not in place to do anything about the highway, but I think there are at least studies about the Park/Hog River issue. I think the arena and commuter rail trump these issues though, not because I don't think something should be done about the other ones but because they are much simpler and more straightforward. I have no doubt that we will see the commuter rail and I'm pretty confident that when all is said and done Hartford will get a new arena. The other issues, I really have no realistic feel for at this point.

[The Voice of Reason]

hey, I totally agree, but I guess what I was saying is that its a shame things move so slowly here.  I went to a meeting about the highway thing it seems a year ago now, and spoke, and left my e-mail address, and nothing has happened since then.  same with the hartford inniative to get young people downtown.

if there were not 6 months between each meeting and nothing done between meetings than something might get done.  like I said if there were more planning there is so much that could be done right now.

[Theophrastus Bombastus]

The Voice of Reason, on Jan 14 2009, 12:26 PM, said:

hey, I totally agree, but I guess what I was saying is that its a shame things move so slowly here.  I went to a meeting about the highway thing it seems a year ago now, and spoke, and left my e-mail address, and nothing has happened since then.  same with the hartford inniative to get young people downtown.

if there were not 6 months between each meeting and nothing done between meetings than something might get done.  like I said if there were more planning there is so much that could be done right now.

Plus, you would think that arguably 4 of the most powerful senators (Dodd, Kennedy, Kerry, [maybe-not-anymore] LIE-berman) could get together to push rail through in their states.  I guess Mass. politicians don't give a crud about Western MA.