State Treasurer Denise Nappier will review all of Connecticut’s business relationships with Wells Fargo, as the bank is mired in scandal over bogus accounts. Wells Fargo is leading a bond sale for Connecticut next month; Nappier now says she will appoint Morgan Stanley to partner in managing that sale.
Wells Fargo has been censured by the Consumer Financial Protection Bureau after admitting it collected fees illegally through millions of unauthorized accounts, and its CEO John Stumpf has had to face angry questioning from federal lawmakers over the scandal.
Hartford a "Knowledge Capital"
Hartford got plaudits in a recent report, named a Knowledge Capital of the world. The Brookings Institution’s Metropolitan Policy Program named 19 such cities, ranking Hartford alongside Zurich, Stockholm, Chicago, and Washington DC, as a highly productive center of innovation, with a talented workforce and elite research universities. Hartford ranks very highly within the category in productivity and in gross domestic product per worker.
Veteran Businesses to Get State Preference
A new law goes into effect in Connecticut this weekend that aims to boost veteran-owned businesses in the state. The legislation gives small, veteran-owned companies a price preference of up to 15 percent on orders or contracts with state agencies. The new terms will apply to businesses that have had gross revenues below $3 million in the most recent fiscal year, and are at least 51 percent owned by a veteran.