Greater Hartford Corporate Muscle

[The Voice of Reason]

like many people here I follow business news fairly closely and thought I might make a few comments... and I suppose ill link em back to some things I posted several years back..

 

First off, Hartford did OK in the recession.  I mean of our big companies, we really didnt lose any... think of places like Seattle that lost Washington mutual or Charlotte with Wachovia.

 

We alomost lost the Hartford, and ultimately we did lose some pieces of the Hartford to competitors. but nearby competitors.

 

I think our biggest loss has been North East Utilities merging.

ONE FACT IS THAT ONCE YOU LOSE A MAJOR UTIITY... YOU CANT REALLY GET IT BACK.

so, if NU is gone to Boston as it seems they are, this is a HUGE blow for us.  there will be a slow trickle of jobs that way for a long time.

 

Lets talk gains though!!

 

most of the big insurance companies got bigger... as in much bigger.  that has to help overall 

 

also, we have some banking growth in the area

 

Stanley more than doubled in size (not sure the local impact but know alot of people who have gone to work there)

 

and for my money the grand pubah of success....

SS&C

this company has continued to grow and gobble up competitors.  this is now a 5 Billion dollar outfit... and they are buying a 2.5 billion dollar competitor.  the senior execs all made a fortune on the stock and are getting paid 5+ million these days.

 

maybe one of these guys oikes Hockey and wants to bring the Whale back?

the founder and CEO has about 100 Million in exercisable options alone right now

he has to be worth more than 200 Mill. 

 

if these guys keep growing the way they have each of the execs here will become fabulously wealthy

 

 

 

 

[beerbeer]

I wish that Hartford and especially Connecticut would embrace corporations with the respect they deserve.  United Technologies  -a top 50 Fortune 500 company- has moved many of its HQs out of state and UT itself has moved out of the city.   When the dust settles in a few years only Pratt & Whitney will be left in the state.

 

And the Courant hounds execs by publishing their salaries on the front page in an effort to build envy and hate -and drive up Democrat votes.

 

Most (All?)of these companies came or were built when Connecticut had no income tax.

 

Unless something changes the trend will continue in the wrong direction.

[JimSawhill]

True.... the companies that came here or started here came when we were pretty business friendly. Now, with tax and spenders in Hartford, the business climate is not going to change until there is a strong Republican Party.

[The Voice of Reason]

I think you guys missed the point....

 

 

SS&C has grown from nothing into a MAJOR company.  not a political statement, just a fact.

 

Sr management are all very wealthy and the company employes over 1000 locally now.

 

its a great result for the region and the kind of soccess we need to celebrate

 

check out this article from 2005

http://www.hartfordbusiness.com/article/20100531/PRINTEDITION/305319988/new-millionaires-relishing-ssc-stock

 

in 2010 when the stock was worth about 16 per share there were 83 people worth 500K and 2 dozen or more worth over a million.

 

as the article says, this represents 30K options and more

today at 62+ a share those same people are worth 1.8 Million plus.  and those 2 dosen millionairs are now multi millionairs

 

and of course the ceo as I mentioned earlier has about 100 Million in options

[beerbeer]

I think you guys missed the point....

 

 

SS&C has grown from nothing into a MAJOR company.  not a political statement, just a fact.

 

Sr management are all very wealthy and the company employes over 1000 locally now.

 

its a great result for the region and the kind of soccess we need to celebrate

 

check out this article from 2005

http://www.hartfordbusiness.com/article/20100531/PRINTEDITION/305319988/new-millionaires-relishing-ssc-stock

 

in 2010 when the stock was worth about 16 per share there were 83 people worth 500K and 2 dozen or more worth over a million.

 

as the article says, this represents 30K options and more

today at 62+ a share those same people are worth 1.8 Million plus.  and those 2 dosen millionairs are now multi millionairs

 

and of course the ceo as I mentioned earlier has about 100 Million in options

 

I got that. My point is that they will have to battle the same anti-business head winds that Connecticut throws in the path of corporations.  This is the reason that companies who grow here, leave here. And I wish that CT would be more hospitable to them.