CT MIRROR: Bond panel OK’s $22M for hedge fund expansion; Lembo votes no

This article originally appeared in the Connecticut Mirror.

The State Bond Commission approved $22 million in financing Friday to help one of the nation’s largest hedge funds expand in Fairfield County.

But Democratic state Comptroller Kevin P. Lembo, a potential Democratic gubernatorial candidate in 2018, joined with a prominent Republican state representative to oppose assistance for Westport-based Bridgewater Associates.

”Despite my general reluctance about the state picking winners and losers, I have been willing to cautiously support economic assistance to private companies – but the size, scope and nature of this particular proposal stands out and meets a new threshold that compels me to vote against it,” Lembo added. “While state funding of private enterprises may sometimes be necessary — in certain cases and after careful evaluation — I believe we have an obligation as a state to focus our economic strategy and resources on investments that benefit all Connecticut businesses.”

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